WorldWideScience

Sample records for project financial analysis

  1. Financial analysis of wind power projects

    International Nuclear Information System (INIS)

    Juanico, Luis E.; Bergallo, Juan E.

    1999-01-01

    In this work a financial assessment of the economic competitiveness of wind power projects in Argentina compared with other no CO 2 emission sources, such as nuclear, was developed. Argentina has a market driven electrical grid system, and no greenhouse gas emissions penalty taxes, together with a very low natural gas cost and a sustained nuclear development program. For the financial analysis an average wind velocity source of 8 m/s, on several wind farms (from 2 machines to 60) built with new technology wind generators (750 kilowatts power, 900 dollar/kilowatt cost) operating over 20 years, was considered. The leveled cost obtained is decreasing while the number of machines is increasing, from 0,130 dollar/kilowatt-hour to 0,090 dollar/kilowatts-hour. This poor performance can be partially explained considering the higher interest rates in the argentine financial market (15%) than the ones in developed countries

  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. The analysis of financial risk management application for NPP project in Indonesia

    International Nuclear Information System (INIS)

    Imam Bastori; Moch Djoko Birmano

    2012-01-01

    NPP Project is one of full dynamic, risky and challenging business. Application of financial risk management t in Nuclear Power Plant (NPP) project becomes one alternative to be considered carefully. This paper explains an analysis to make a decision in the risk management application so that it can be applied in the NPP's construction in Indonesia. As case study, is NPP of conventional PWR type of class 1150 MWe. To calculate the economics and financing of NPP is used Spreadsheet INOVASI, further the decision of financial risk management were analyzed using a Model of Cash Flow Adjustment, which developed by Richard Fairchild. The analysis showed that the Method of Cash Flow Adjustment developed by Richard Fairchild is better than the method of NPV Adjustment on a NPP project, because it have included the aspects of financial risk management. NPP project can only be executed if the NPV 2 0 and decision to execute the financial risk management should be based on NPVrm > NPV. The application of financial risk management in NPP project is not needed if an insurance premium more expensive than all costs of financial distress, unless the insurance company can give discount of at least 20%. (author)

  4. Microcomputer model for an analysis of the financial feasibility of a mining project

    International Nuclear Information System (INIS)

    Ciruelos, J.; Duchene, M.

    1983-01-01

    The model presented permits a simulation of the predicted profitability of a mining project at the stage of feasibility studies by making use of a simple individual computer, the Apple II. The model presented can be used to treat the following three areas: definition of the mode of financing the project and calculation of the financial flows which make it possible to evaluate the profitability of this project; analysis of sensitivity, which makes it possible to determine the most critical variables for the future of the project; analysis of the risk [fr

  5. MODELLING OF FINANCIAL EFFECTIVENESS AND COMPARATIVE ANALYSIS OF PUBLIC-PRIVATE PARTNERSHIP PROJECTS AND PUBLIC PROCUREMENT

    Directory of Open Access Journals (Sweden)

    Kuznetsov Aleksey Alekseevich

    2017-10-01

    Full Text Available The article substantiates the necessity of extension and development of tools for methodological evaluation of effectiveness of public-private partnership (PPP projects both individually and in comparison of effectiveness of various mechanisms of projects realization on the example of traditional public procurement. The author proposed an original technique of modelling cash flows of private and public partners when realizing the projects based on PPP and on public procurement. The model enables us promptly and with sufficient accuracy to reveal comparative advantages of project forms of PPP and public procurement, and also assess financial effectiveness of the PPP projects for each partner. The modelling is relatively straightforward and reliable. The model also enables us to evaluate public partner's expenses for availability, find the terms and thresholds for interest rates of financing attracted by the partners and for risk probabilities to ensure comparative advantage of PPP project. Proposed criteria of effectiveness are compared with methodological recommendations provided by the Ministry of Economic Development of the Russian Federation. Subject: public and private organizations, financial institutions, development institutions and their theoretical and practical techniques for effectiveness evaluation of public-private partnership (PPP projects. Complexity of effectiveness evaluation and the lack of unified and accepted methodology are among the factors that limit the development of PPP in the Russian Federation nowadays. Research objectives: development of methodological methods for assessing financial efficiency of PPP projects by creating and justifying application of new principles and methods of modelling, and also criteria for effectiveness of PPP projects both individually and in comparison with the public procurement. Materials and methods: open database of ongoing PPP projects in the Russian Federation and abroad was used. The

  6. Automotive Manufacturers' Cost/Revenue, Financial and Risk Analysis : Projected Impact of Automobile Manufacturing on the Plastics Industry

    Science.gov (United States)

    1979-08-01

    The report is part of a study to update the historical and projected cost/revenue analysis of the U.S. domestic automobile manufacturers. It includes the evaluation of the historical and projected financial data to assess the corporate financial posi...

  7. Financial analysis of wind power projects; Analisis financiero de proyectos eolicos de generacion electrica

    Energy Technology Data Exchange (ETDEWEB)

    Juanico, Luis E; Bergallo, Juan E [Comision Nacional de Energia Atomica, San Carlos de Bariloche (Argentina). Centro Atomico Bariloche

    1999-07-01

    In this work a financial assessment of the economic competitiveness of wind power projects in Argentina compared with other no CO{sub 2} emission sources, such as nuclear, was developed. Argentina has a market driven electrical grid system, and no greenhouse gas emissions penalty taxes, together with a very low natural gas cost and a sustained nuclear development program. For the financial analysis an average wind velocity source of 8 m/s, on several wind farms (from 2 machines to 60) built with new technology wind generators (750 kilowatts power, 900 dollar/kilowatt cost) operating over 20 years, was considered. The leveled cost obtained is decreasing while the number of machines is increasing, from 0,130 dollar/kilowatt-hour to 0,090 dollar/kilowatts-hour. This poor performance can be partially explained considering the higher interest rates in the argentine financial market (15%) than the ones in developed countries.

  8. Non-financial analysis in project appraisal – an empirical study

    OpenAIRE

    Moutinho, Nuno; Lopes, MDS

    2011-01-01

    Recent literature has been emphasising the need to take both financial and nonfinancial aspects into consideration when considering capital budgeting decisions. This is to be done since the early stages of project appraisal, and not only when risks become reality. We wanted to know to what extent portuguese companies are aware of the importance of non financial aspects at their project appraisal processes, and, in their practices, what exactly they are doing and considering as more or less i...

  9. ANALYSIS OF PROJECT PORTFOLIO MANAGEMENT MATURITY: THE CASE OF A SMALL FINANCIAL INSTITUTION

    Directory of Open Access Journals (Sweden)

    Karoline Doro Alves Carneiro

    2012-04-01

    Full Text Available This study explores the implementation of project portfolio management in the organizational context. The objective is to analyze the methodology of project portfolio management adopted by an organization based in the project portfolio management maturity model proposed by Rad and Levin (2006. We developed an exploratory case study in a small financial institution that experienced problems with the implementation of its methodology in project portfolio management. As a result of study, we found that the organization has maturity level 2 in portfolio project management, and that some methodology aspects are not appropriate at this level.

  10. Economic-financial analysis of 'Angra 3 Nuclear Power Plant' project

    International Nuclear Information System (INIS)

    Andrade, Ronaldo Barata de

    2005-01-01

    This paper presents an economic-financial evaluation of 'Angra 3 Nuclear Power Plant' project and estimates the lowest power tariff value at which power potentially made available may be commercialized and yet ensure the project a profitability level agreeable to the interests of economic agents and shareholders. According to the 'project evaluation' practice, Angra 3 power generation was considered separately from ELETRONUCLEAR's operating plants (Angra 1 and Angra 2), thus preventing result distortions bound to occur if the economic-financial variables of the new project were analyzed associated with financial commitments and commercialization conditions resulting from the project implementation process and the generated power commercialization conditions, respectively. For this evaluation different technical and economic scenarios were devised, and the theory of Capital Asset Pricing Model for Own Capital cost and that of Weighted Average Cost of Capital were used in addition to the forecast of the Statement of Results and Free Cash flow of Shareholders throughout the power plant life, which is the estimate basis for the lowest power tariff value and the Internal Return Rate of the project. The evaluation conclusion is that Angra 3 project is technically and economically feasible and competitive as compared to the new large power generation projects planned for power supply in Brazil in the next decade, mainly in the Southeast. (author)

  11. Financial Analysis of the Financial Institutions Sector in Kosovo

    Directory of Open Access Journals (Sweden)

    Vlora Prenaj

    2015-12-01

    Full Text Available Paper work “Financial analysis of the financial institutions sector in Kosovo” treats financial sector in Kosovo. Paper work contains the current position of the economy, economic prospects and macroeconomic projections for the financial sector in Kosovo, future potential and possibilities of financial sector in Kosovo. The main goal of this research is financial analysis of Kosovo financial institutions sector - overview of key indicators. This research evaluates the performances of commercial bank’s profitability, which have operated in the market during the period 2006-2012. This research is conducted through financial analysis coefficients: Return on Equity, Return on assets and Cost to Income. Test t-Student is used to analyze the profitability for the period 2006/2007 before the financial crisis and the period 2011/2012 after financial crisis.

  12. Financial feasibility analysis on small medium reactor nuclear power plant (SMR NPP) project in Indonesia under uncertainty

    International Nuclear Information System (INIS)

    Nuryanti; Suparman; Mochamad Nasrullah; Elok Satiti Amitayani; Wiku Lulus Widodo

    2015-01-01

    NPP SMR is one alternative to overcome the Outside Java Bali region's dependence on diesel power plant. One crucial issue in the NPP project (including SMR) would be financing, associated with the capital-intensive nature of the project. In addition, the SMR NPP project also be vulnerable in occurrence of some uncertainties. Therefore, this study aimed to analyze the financial feasibility of SMR NPP project by accommodating the possibility of the uncertainties. The methodology used is probabilistic analysis which was performed by Monte Carlo technique. This technique simulates the relationship between the uncertainty variables with financial feasibility indicators. The results showed that in probabilistic approach, SMR NPP project is considered feasible on the 'most probable value' of electricity selling price of 15 cents/kWh, indicated by positive average value of NPV (US$ 135,324,004) and the average value of both of IRRs are bigger than MARR (IRR project = 10.65 %, IRR Equity = 14.29 %, while MARR = 10 %). The probability of rejection of the SMR project was about 20 %. The three main variables that are most influential in the project were: selling price of electricity, investment cost and inflation rate. (author)

  13. 76 XBRL-Based Projects for Financial and Prudential Reporting – an Empirical Analysis in European Banking System

    Directory of Open Access Journals (Sweden)

    Cristina Stefanescu

    2014-04-01

    Full Text Available Our paper approaches the extensible economic reporting language for collecting information on business processes, namely XBRL by analyzing its implementation in the European banking environment, closely related to the adoption of International Accounting Standards and Financial Reporting (IAS/IFRS. Our research problem mainly came from the accounting development issue, which is an evolutionary process dependent upon several factors. On the other hand, improving banking supervision on information reporting is a problem that needed special attention in order to increase its efficiency and effectiveness, especially in the latest period sprinkled with various banking failures. The results of the performed analysis using various statistical tools (descriptive statistic and correlation tests reveal that the implementation of both XBRL-based projects (FINREP and COREP is independent of a fully or partially adoption of IAS/IFRS, while the financial and prudential reporting frameworks are mainly inter-related. Thus, our paper came to point out XBRL‘s major role in facilitating information communication in a homogeneous way that will allow the interchange of data between software applications, as well as the automatic analysis of financial information in a particular business field, the banking one.

  14. 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

  15. Longtan hydropower project and the financial constraints

    International Nuclear Information System (INIS)

    Ding Zhao.

    1995-01-01

    China has large untapped resources of hydropower, including such schemes as the Longtan project on the Hongshui river. Despite the attractiveness of the resource and China's need for power, development of these projects is constrained by financial problems. (Author)

  16. 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.

  17. FIDIC contracts: analysis of the impact of general and particular conditions on the financial risk management in Romanian infrastructure projects

    Directory of Open Access Journals (Sweden)

    Constanţa-Nicoleta Bodea

    2016-12-01

    Full Text Available Construction projects are characterized by risks and uncertainties mainly due to technical and economic complexity. Risk management is an important tool in making decisions involving the identification and reduction, avoidance or transfer risk and uncertainties consequences of events that occurs during project implementation. For this reason, the objective of the contract between the beneficiary and the contractor is the allocation of risk. The distribution of risk in contracts for the execution of construction works was and is an ongoing challenge faced by parties having a significant impact on the type of contract is used. On the one hand, the beneficiaries tend to transfer to the contractors as many of the project risks and uncertainties, on the other hand, the contractors look to exploit any weakness contract, so as to reduce their impact on the expected profit. One of the most important risks assumed by the contractor by signing the contract which is also increasingly common in the current economic situation is the reduced financial capacity to support the project. A purely legal or purely technical interpretation is not meant to describe the complexity of issues related to implementation of construction projects. For this reason the authors have adopted a multi-disciplinary approach, which includes the legal issues related to the nature of the contract, but also the financial and technical aspects of construction projects. The paper aims to analyze how special contract clauses can influence the implementation of construction projects and in particular the financial management of contractors. The authors propose a model for analyzing the impact of FIDIC contract conditions applied on a case study of five transport infrastructure projects.

  18. financial analysis of the company

    OpenAIRE

    Pojerová, Jana

    2008-01-01

    The main goal of this bachelor thesis called "Company Financial Analysis" is to evaluate the financial situation of ZS Kosova Hora a.s. in the years 2005 2013 using standard methods of financial analysis. To achieve this goal horizontal and vertical analyses, ratio analysis, pyramidal decomposition of the ROE indicator and solvency and bankruptcy models have been used. In all these areas the selected company has been compared with a selected sample of other agricultural enterprises and its fi...

  19. 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

  20. Participation of financial institutions in project financing of infrastructure projects

    Directory of Open Access Journals (Sweden)

    Benković Slađana

    2012-03-01

    Full Text Available Infrastructure investing makes up a significant part of the financial institutions portfolio, and contributes to creating long-term assets cash flows. In addition, infrastructure assets are relatively inelastic in demand and price, and as such the asset has a good performance during the economic downturn. Properly structured infrastructure investments contribute to the diversification of the portfolio, due to the lack of correlation with the yield on bonds, stocks and real estate, and offer good protection against inflation. Applying the concept of project financing involves the application of the most advanced financial techniques and products that are able to ensure only credible international financial institutions and companies. Paper attempts to indicate the presence of financial institutions in project financing of infrastructure, as well as the benefits of this concept in expected to finance infrastructure in Serbia.

  1. 78 FR 54949 - Major Project Financial Plan Guidance

    Science.gov (United States)

    2013-09-06

    ...'' (GA-090-751). That report recommended that Financial Plans include the cost of financing the project... Project Financial Plan Guidance AGENCY: Federal Highway Administration (FHWA), DOT. ACTION: Notice; Request for comments. SUMMARY: This notice requests comments on draft Major Project Financial Plan...

  2. Objective - oriented financial analysis introduction

    Directory of Open Access Journals (Sweden)

    Dessislava Kostova – Pickett

    2018-02-01

    Full Text Available The practice of financial analysis has been immeasurably strengthened in recent years thanks to the ongoing evolution of computerized approaches in the form of spreadsheets and computer-based financial models of different types. These devices not only relieved the analyst's computing task, but also opened up a wide range of analyzes and research into alternative sensitivity, which so far has not been possible. The main potential for object-oriented financial analysis consists in enormously expanding the analyst's capabilities through an online knowledge and information interface that has not yet been achieved through existing methods and software packages.

  3. Graduate Management Project: The Capital Equipment Acquisition Process at The Johns Hopkins Hospital Evaluating Acquisition Strategies Through Financial Analysis

    National Research Council Canada - National Science Library

    McGowan, Colleen

    1999-01-01

    .... The purpose of this paper is to first develop an equipment evaluation process at The Johns Hopkins Hospital which considers both clinical and financial factors when allocating capital dollars to acquire equipment...

  4. PATRIMONIAL ANALYSIS OF FINANCIAL STABILITY

    Directory of Open Access Journals (Sweden)

    GABRIELA CORINA SLUSARIUC

    2011-01-01

    Full Text Available Patrimonial analysis of financial stability is realized with the help of some indicator determined on the balance: working capital; required working capital and net treasury. These indicators are determined and presented in evolution at two companies with different situations, and there are given conclusions and suggestions concerning achieving and maintaining the financial equilibrium or initiating corrective measures in time, before the imbalance would take irrecoverable forms.

  5. Introduction to Financial Projection Models. Business Management Instructional Software.

    Science.gov (United States)

    Pomeroy, Robert W., III

    This guidebook and teacher's guide accompany a personal computer software program and introduce the key elements of financial projection modeling to project the financial statements of an industrial enterprise. The student will then build a model on an electronic spreadsheet. The guidebook teaches the purpose of a financial model and the steps…

  6. Financial and organizational models of NPP construction projects

    International Nuclear Information System (INIS)

    Ivanov, Timur

    2010-01-01

    The recent evolution of financial and organizational models of NPP projects can be truly reputed to open a new page of the world market of NPP construction. The definition of the concrete model is based mostly on specific cooperation backgrounds and current terms and conditions under which the particular NPP project is being evolved. In this article the most commonly known strategies and schemes of financing structuring for export NPP construction projects are scrutinized. Special attention is paid to the analysis of BOO/BOT models which are based on the public-private partnership. Most BOO/BOT projects in the power sector has Power Purchase Agreements (PPA) as an integral part of them. The PPA key principles are studied here as well. The flexibility and adaptability of the public-private partnership models for financing and organization of the NPP projects contributes substantially to the competitiveness of the NPP projects especially under current economic conditions. (orig.)

  7. The Energy Economics of Financial Structuring for Renewable Energy Projects

    Science.gov (United States)

    Rana, Vishwajeet

    2011-12-01

    This dissertation focuses on the various financial structuring options for the renewable energy sector. The projects in this sector are capital-intensive to build but have relatively low operating costs in the long run when compared to traditional energy resources. The large initial capital requirements tend to discourage investors. To encourage renewable investments the government needs to provide financial incentives. Since these projects ultimately generate returns, the government's monetary incentives go to the sponsors and tax equity investors who build and operate such projects and invest capital in them. These incentives are usually in the form of ITCs, PTCs and accelerated depreciation benefits. Also, in some parts of the world, carbon credits are another form of incentive for the sponsors and equity investors to invest in such turnkey projects. The relative importance of these various considerations, however, differs from sponsor to sponsor, investor to investor and from project to project. This study focuses mainly on the US market, the federal tax benefits and incentives provided by the government. This study focuses on the energy economics that are used for project decision-making and parties involved in the transaction as: Project Developer/Sponsor, Tax equity investor, Debt investor, Energy buyer and Tax regulator. The study fulfils the knowledge gap in the decision making process that takes advantage of tax monetization in traditional after-tax analysis for renewable energy projects if the sponsors do not have the tax capacity to realize the total benefits of the project. A case-study for a wind farm, using newly emerging financial structures, validates the hypothesis that these renewable energy sources can meet energy industry economic criteria. The case study also helps to validate the following hypotheses: a) The greater a sponsor's tax appetite, the tower the sponsor's equity dilution. b) The use of leverage increases the cost of equity financing

  8. CONSIDERATIONS OVER THE METHODOLOGY OF FINANCIAL ANALYSIS AND ITS LINKAGE WITH BANKABILITY OF EUROPEAN FUNDED INVESTMENT PROJECTS

    OpenAIRE

    TRENCA Ioan; PETRIA Nicolae; DROJ Laurentiu

    2012-01-01

    European funding is considered to be one of the hot topics in Romania and all over Eastern Europe since its novelty and its expected capacity to improve the life of the newly integrated European citizens. The linkages between the European Financial Support Programmes, the private financing performed by the banking sector and the private companies which are intending to use the structural funds to finance their investments is obvious. The present paper analyzed these linkages, creates a case s...

  9. Financial flow of Grant-oriented Projects

    Directory of Open Access Journals (Sweden)

    Nătăliţa-Mihaela Frumuşanu

    2012-06-01

    Full Text Available The present paper presents a survey of the legal stipulations and of the applicant’s guide regarding the methodology of the financial flow performance of the grant-financed projects (structural funds within a newly founded company. The opportunity and the importance of the paper is obvious, due to the fact that the grants represent an important source for the newly founded companies, especially for the coverage of the expenses afferent to the investment of equipments (assets, generally. Furthermore, the paper is very practical, marking out a case study that can constitute an example for the companies that want to access theses types of funds in order to finance certain investments.

  10. Financial Energy Conservation Projects at Independent Colleges and Universities.

    Science.gov (United States)

    Morrell, L. R.

    1981-01-01

    Factors affecting financial decisions for energy conservation projects at independent colleges and universities and methods that may be used when making a financial investment decision are examined, along with sources of funding for the projects. Projects that result in the conservation of energy resources might, in a time of extreme shortages,…

  11. Economic-financial analysis of 'Angra 3 Nuclear Power Plant' project; Analise economico-financeira do empreendimento 'Usina Nuclear Angra 3'

    Energy Technology Data Exchange (ETDEWEB)

    Andrade, Ronaldo Barata de [ELETROBRAS Termonuclear S.A. (ELETRONUCLEAR), Rio de Janeiro, RJ (Brazil)]. E-mail: rbarata@eletronuclear.gov.br

    2005-07-01

    This paper presents an economic-financial evaluation of 'Angra 3 Nuclear Power Plant' project and estimates the lowest power tariff value at which power potentially made available may be commercialized and yet ensure the project a profitability level agreeable to the interests of economic agents and shareholders. According to the 'project evaluation' practice, Angra 3 power generation was considered separately from ELETRONUCLEAR's operating plants (Angra 1 and Angra 2), thus preventing result distortions bound to occur if the economic-financial variables of the new project were analyzed associated with financial commitments and commercialization conditions resulting from the project implementation process and the generated power commercialization conditions, respectively. For this evaluation different technical and economic scenarios were devised, and the theory of Capital Asset Pricing Model for Own Capital cost and that of Weighted Average Cost of Capital were used in addition to the forecast of the Statement of Results and Free Cash flow of Shareholders throughout the power plant life, which is the estimate basis for the lowest power tariff value and the Internal Return Rate of the project. The evaluation conclusion is that Angra 3 project is technically and economically feasible and competitive as compared to the new large power generation projects planned for power supply in Brazil in the next decade, mainly in the Southeast. (author)

  12. Theory and Practice of Financial Analysis

    OpenAIRE

    Jakova, Ivana

    2009-01-01

    Analysts, managers or other business executives and students have at their disposal wide variety analytical techniques when they want to evaluate company's financial position or when they wish to better understand the financial implication of business operational activities or investment. This thesis examines the uses of financial analysis as one of the main financial assessment techniques. After describing theoretically the main tools of financial analysis, this thesis determines the practic...

  13. 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.

  14. Framework for Financial Ratio Analysis of Audited Federal Financial Reports

    Science.gov (United States)

    1999-12-01

    this period were conducted on the statistical validity of the ratio method in financial analysis. McDonald and Morris conducted a study on the... franchising operations, allowing them to lower costs and share administrative support services with other agencies. [Ref. 60:sec. 402-403] The GMRA also...Press, Washington, D.C., 1955). 21. McDonald , Bill and Morris, Michael H., "The Statistical Validity of the Ratio Method in Financial Analysis: An

  15. Mathematical programming and financial objectives for scheduling projects

    CERN Document Server

    Kimms, Alf

    2001-01-01

    Mathematical Programming and Financial Objectives for Scheduling Projects focuses on decision problems where the performance is measured in terms of money. As the title suggests, special attention is paid to financial objectives and the relationship of financial objectives to project schedules and scheduling. In addition, how schedules relate to other decisions is treated in detail. The book demonstrates that scheduling must be combined with project selection and financing, and that scheduling helps to give an answer to the planning issue of the amount of resources required for a project. The author makes clear the relevance of scheduling to cutting budget costs. The book is divided into six parts. The first part gives a brief introduction to project management. Part two examines scheduling projects in order to maximize their net present value. Part three considers capital rationing. Many decisions on selecting or rejecting a project cannot be made in isolation and multiple projects must be taken fully into a...

  16. Equitable Financial Evaluation Method for Public-Private Partnership Projects

    Institute of Scientific and Technical Information of China (English)

    KE Yongjian; LIU Xinping; WANG Shouqing

    2008-01-01

    The feasibility study of a public-private partnership (PPP) project is regarded as one of the critical factors for successful implementation,but unfortunately the common financial evaluation methods currently used only represent the benefits of the private sector.There is,therefore,an urgent need to develop an equitable financial evaluation method for PPP projects.This paper presents a comprehensive literature review that examines international practices.An equitable financial evaluation method was then developed taking into account the inherent characteristics of PPP projects using six separate indicators and Monte Carlo simulations.The result for a bridge project in Romania shows that the method combines the viewpoints of all the relevant stakeholders to achieve an equitable financial evaluation of PPP projects.

  17. SELECTION OF EFFECTIVE MODELS OF PROJECT IMPLEMENTATION IN A CHANGING FINANCIAL SITUATION

    Directory of Open Access Journals (Sweden)

    Александр Иванович МЕНЕЙЛЮК

    2015-06-01

    Full Text Available The article describes the methods of selecting effective models of construction projects of residential buildings and recommendations for its use. The technique is based on the construction of the models in the program Microsoft Project and analysis using the program COMPEX. Methods can be used not only for building projects. It is especially effective in a variable financial situation.

  18. Financial study of an integrated nuclear desalination system in Tunisia: the Tundesal Project

    International Nuclear Information System (INIS)

    Bouzguenda Benzarti, Neila; Albouy, Michel; Nisan, Simon

    2006-01-01

    This paper focuses on a case study of financing an integrated nuclear desalination system at la Skhira site in Tunisia. More specifically, it shows the financial characteristics of the study, known as the TUNDESAL project, the main financing mechanisms that can be used, and the principal actions required to attract the potential investors and lenders. The paper describes: - The specific financial considerations corresponding to the particular characteristics of nuclear desalination projects: high capital costs, high level of risks and uncertainties, relatively long construction lead times and social and environmental concerns; - The main risks involved in nuclear energy projects; - The profitability study of the TUNDESAL project with the application of the Discounted Cash Flow Analysis; - The main financing sources for the project; - The financing schemes that can be used for project implementation and comparison between these schemes in terms of benefits generated, after covering project costs and repayment of lenders and investors; - The main actions to be done for making the project financially attractive in order to gain the confidence of investors and international financial institutions (optimal allocation of project risks and uncertainties, a suitable and flexible energy and water tariffs policy). Analysis has shown that in particular conditions of Tunisia, the most attractive financial scheme could be the 'project financing + leasing'. (authors)

  19. The financial attractiveness assessment of large waste management projects registered as clean development mechanism

    International Nuclear Information System (INIS)

    Bufoni, André Luiz; Oliveira, Luciano Basto; Rosa, Luiz Pinguelli

    2015-01-01

    Highlights: • Projects are not financially attractive without registration as CDMs. • WM benchmarks and indicators are converging and reducing in variance. • A sensitivity analysis reveal that revenue has more of an effect on the financial results. • Results indicate that an extensive database would reduce WM project risk and capital costs. • Disclosure standards would make information more comparable worldwide. - Abstract: This study illustrates the financial analyses for demonstration and assessment of additionality presented in the project design (PDD) and enclosed documents of the 431 large Clean Development Mechanisms (CDM) classified as the ‘waste handling and disposal sector’ (13) over the past ten years (2004–2014). The expected certified emissions reductions (CER) of these projects total 63.54 million metric tons of CO 2 eq, where eight countries account for 311 projects and 43.36 million metric tons. All of the projects declare themselves ‘not financially attractive’ without CER with an estimated sum of negative results of approximately a half billion US$. The results indicate that WM benchmarks and indicators are converging and reducing in variance, and the sensitivity analysis reveals that revenues have a greater effect on the financial results. This work concludes that an extensive financial database with simple standards for disclosure would greatly diminish statement problems and make information more comparable, reducing the risk and capital costs of WM projects

  20. The financial attractiveness assessment of large waste management projects registered as clean development mechanism

    Energy Technology Data Exchange (ETDEWEB)

    Bufoni, André Luiz, E-mail: bufoni@facc.ufrj.br [Energy Planning Program, Universidade Federal do Rio de Janeiro PPE/COPPE/UFRJ (Brazil); Oliveira, Luciano Basto [International Virtual Institute of Global Changes IVIG/COPPE/UFRJ (Brazil); Rosa, Luiz Pinguelli [Energy Planning Program, Universidade Federal do Rio de Janeiro PPE/COPPE/UFRJ (Brazil)

    2015-09-15

    Highlights: • Projects are not financially attractive without registration as CDMs. • WM benchmarks and indicators are converging and reducing in variance. • A sensitivity analysis reveal that revenue has more of an effect on the financial results. • Results indicate that an extensive database would reduce WM project risk and capital costs. • Disclosure standards would make information more comparable worldwide. - Abstract: This study illustrates the financial analyses for demonstration and assessment of additionality presented in the project design (PDD) and enclosed documents of the 431 large Clean Development Mechanisms (CDM) classified as the ‘waste handling and disposal sector’ (13) over the past ten years (2004–2014). The expected certified emissions reductions (CER) of these projects total 63.54 million metric tons of CO{sub 2}eq, where eight countries account for 311 projects and 43.36 million metric tons. All of the projects declare themselves ‘not financially attractive’ without CER with an estimated sum of negative results of approximately a half billion US$. The results indicate that WM benchmarks and indicators are converging and reducing in variance, and the sensitivity analysis reveals that revenues have a greater effect on the financial results. This work concludes that an extensive financial database with simple standards for disclosure would greatly diminish statement problems and make information more comparable, reducing the risk and capital costs of WM projects.

  1. Generic Lean Six Sigma project definitions in financial services

    NARCIS (Netherlands)

    de Koning, H.; de Mast, J.; Does, R.J.M.M.; Vermaat, T.; Simons, S.

    2008-01-01

    Lean Six Sigma (LSS) is applied in financial service organizations to improve operational efficiency and effectiveness. LSS prescribes that these improvements are designed and implemented by projects. The purpose of this article is to facilitate the process of defining LSS projects in finance,

  2. Financial risks in major investment projects

    International Nuclear Information System (INIS)

    Segelod, Esbjoern

    2006-01-01

    We have probably all read about large projects which proved far more expensive than anticipated, projects such as the Channel tunnel which cost 80% more than planned, and the oil pipeline between the oil field in Prudhoe Bay in Northern Alaska and the oil terminal in Vadez in the south which overran its budget by 1,000%. The purpose of this paper is to summarise our knowledge of the risk of cost escalation. Which projects are more likely than others to be hit by cost escalation, and why

  3. 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.

  4. Financial Ratio Analysis Comes to Nonprofits.

    Science.gov (United States)

    Chabotar, Kent John

    1989-01-01

    To evaluate their financial health, a growing number of colleges, universities, and other nonprofit organizations are using financial ratio analysis, a technique used in business. The strengths and weaknesses of ratio analysis are assessed and suggestions are made on how nonprofits can use it most effectively. (Author/MLW)

  5. Improving Financial Awareness among College Students: Assessment of a Financial Management Project

    Science.gov (United States)

    Palmer, Lance; Bliss, Donna L.; Goetz, Joseph W.; Moorman, Diann

    2010-01-01

    The effect of a financial management intervention on college students' financial behavior was examined. The intervention strategy, a form of expenditure tracking, focused on consciousness-raising and was implemented among 170 undergraduate students. Qualitative analysis of participants' self-reflection papers revealed that awareness of spending…

  6. 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.

  7. 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.

  8. Using Ratio Analysis to Evaluate Financial Performance.

    Science.gov (United States)

    Minter, John; And Others

    1982-01-01

    The ways in which ratio analysis can help in long-range planning, budgeting, and asset management to strengthen financial performance and help avoid financial difficulties are explained. Types of ratios considered include balance sheet ratios, net operating ratios, and contribution and demand ratios. (MSE)

  9. Financial Statement Analysis for Colleges and Universities.

    Science.gov (United States)

    Woelfel, Charles J.

    1987-01-01

    Presents ratio analysis of financial statements as a tool applicable for use by nonprofit institutions for evaluation of financial and operational performance of an institution. It can be used as a screening, forecasting, diagnostic, and evaluative tool for administration and governance. (MD)

  10. Financial analysis as a tool for asset and capital management

    OpenAIRE

    BLAŽKOVÁ, Andrea

    2010-01-01

    This thesis deals with general characteristics of financial analysis, the importance of financial analysis for financial management, an expression of financial ratios, including their systems, economic value added, and some bankruptcy and creditworthy models. The analytical section of the thesis applies selected financial indicators to interpret the financial situation of the constructional company Hochtief CZ.

  11. European financial support and succesful road PPP Projects

    Energy Technology Data Exchange (ETDEWEB)

    Garrido Maza, G.

    2016-07-01

    The EU has been promoting the use of PPPs in order to accelerate the development of the Trans-European Transport Network (TEN-T) for ensuring economic, social and territorial cohesion and increasing accessibility throughout the Union. To encourage the use of PPPs, the European Commission has put several financing mechanisms at the disposal of the Member States, including a series of innovative financial instruments developed along with the European Investment Bank. The Bank has in turn played a major role in the promotion and financing of PPPs across the EU. The paper undertakes a review of the main financial instruments developed by the EU that are available to PPPs so as to determinate to what extent the European financial support has been channelled to road projects under that scheme in Spain. On the basis of the results obtained, a multiple regression model has been developed to analyse whether the PPP projects which enjoyed the financial support of the European Union tend to be significantly more successful from an economic point of view. The paper concludes that there is a positive correlation between receiving European financial support and the success of the PPP road projects. (Author)

  12. Framework for Financial Ratio Analysis of Audited Federal Financial Reports

    National Research Council Canada - National Science Library

    Brady, Richard

    1999-01-01

    .... 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...

  13. Financial Analysis Report: Malaysia Airlines 2007 - 2011

    OpenAIRE

    Gilbert O'Neil Mushure

    2014-01-01

    This work is an analysis of the annual reports of Malaysia Airlines Berhad from 2007 to 2011. Profitability analysis was done on the financial statements of the company from 2007 to 2011. Cash and working capital management analysis were done on the financial statements of 2010 and 2011. It was found that Malaysia Airlines Berhad was constantly suffering from high costs of operations which resulted in consecutive negative gross profit over the years.Net profit remained positive only as a resu...

  14. Comprehensive assessment of firm financial performance using financial ratios and linguistic analysis of annual reports

    OpenAIRE

    Renáta Myšková; Petr Hájek

    2017-01-01

    Indicators of financial performance, especially financial ratio analysis, have become important financial decision-support information used by firm management and other stakeholders to assess financial stability and growth potential. However, additional information may be hidden in management communication. The article deals with the analysis of the annual reports of U.S. firms from both points of view, a financial one based on a set of financial ratios, and a linguistic one based on the anal...

  15. 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...

  16. SEGMENT OF FINANCIAL CORPORATIONS AS AN OBJECT OF FINANCIAL AND STATISTICAL ANALYSIS

    OpenAIRE

    Marat F. Mazitov

    2013-01-01

    The article is devoted to the study specific features of the formation and change of economic assets of financial corporations as an object of management and financial analysis. He author identifies the features and gives the classification of institutional units belonging to the sector of financial corporations from the viewpoint of assessment and financial analysis of the flows, reflecting change of their assets.

  17. Ratio analysis specifics of the family dairies' financial statements

    OpenAIRE

    Mitrović Aleksandra; Knežević Snežana; Veličković Milica

    2015-01-01

    The subject of this paper is the evaluation of the financial analysis specifics of the dairy enterprises with a focus on the implementation of the ratio analysis of financial statements. The ratio analysis is a central part of financial analysis, since it is based on investigating the relationship between logically related items in the financial statements to assess the financial position of the observed enterprise and its earning capacity. Speaking about the reporting of financial performanc...

  18. Risk management, financial evaluation and funding for wastewater and stormwater reuse projects.

    Science.gov (United States)

    Furlong, Casey; De Silva, Saman; Gan, Kein; Guthrie, Lachlan; Considine, Robert

    2017-04-15

    This paper has considered risk management, financial evaluation and funding in seven Australian wastewater and stormwater reuse projects. From the investigated case studies it can be seen that responsible parties have generally been well equipped to identify potential risks. In relation to financial evaluation methods some serious discrepancies, such as time periods for analysis, and how stormwater benefits are valued, have been identified. Most of the projects have required external, often National Government, funding to proceed. As National funding is likely to become less common in the future, future reuse projects may need to be funded internally by the water industry. In order to enable this the authors propose that the industry requires (1) a standard project evaluation process, and (2) an infrastructure funders' forum (or committee) with representation from both utilities and regulators, in order to compare and prioritise future reuse projects against each other. Copyright © 2017 Elsevier Ltd. All rights reserved.

  19. Risk Assessment in Financial Feasibility of Tanker Project Using Monte Carlo Simulation

    Directory of Open Access Journals (Sweden)

    Muhammad Badrus Zaman

    2017-09-01

    Full Text Available Every ship project would not be apart from risk and uncertainty issues. The inappropriate risk assessment process would have long-term impact, such as financial loss. Thus, risk and uncertainties analysis would be a very important process in financial feasibility determination of the project. This study analyzes the financial feasibility of 17,500 LTDW tanker project. Risk and uncertainty are two differentiated terminologies in this study, where risk focuses on operational risk due to shipbuilding process nonconformity to shipowner finance, while uncertainty focuses on variable costs that affect project cash flows. There are three funding scenarios in this study, where the percentage of funding with own capital and bank loan in scenario 1 is 100% : 0%, scenario 2 is 75% : 25%, and scenario 3 is 50% : 50%. Monte Carlo simulation method was applied to simulate the acceptance criteria, such as net present value (NPV, internal rate of return (IRR, payback period (PP, and profitability index (PI. The results of simulation show that 17,500 LTDW tanker project funding by scenario 1, 2 and 3 are feasible to run, where probability of each acceptance criteria was greater than 50%. Charter rate being the most sensitive uncertainty over project's financial feasibility parameters.

  20. Stochastic Analysis with Financial Applications

    CERN Document Server

    Kohatsu-Higa, Arturo; Sheu, Shuenn-Jyi

    2011-01-01

    Stochastic analysis has a variety of applications to biological systems as well as physical and engineering problems, and its applications to finance and insurance have bloomed exponentially in recent times. The goal of this book is to present a broad overview of the range of applications of stochastic analysis and some of its recent theoretical developments. This includes numerical simulation, error analysis, parameter estimation, as well as control and robustness properties for stochastic equations. This book also covers the areas of backward stochastic differential equations via the (non-li

  1. Analysis of Financial Position Based on the Balance Sheet

    OpenAIRE

    Spineanu-Georgescu Luciana

    2011-01-01

    Analysis of financial position based on the balance sheet is mainly aimed at assessing the extent to which financial structure chosen by the firm, namely, financial resources, covering the needs reflected in the balance sheet financed. This is done through an analysis known as horizontal analysis balance sheet financial imbalances.

  2. Economic and Financial Analysis Tools | Energy Analysis | NREL

    Science.gov (United States)

    Economic and Financial Analysis Tools Economic and Financial Analysis Tools Use these economic and . Job and Economic Development Impact (JEDI) Model Use these easy-to-use, spreadsheet-based tools to analyze the economic impacts of constructing and operating power generation and biofuel plants at the

  3. Financial analysis for the infusion alliance.

    Science.gov (United States)

    Perucca, Roxanne

    2010-01-01

    Providing high-quality, cost-efficient care is a major strategic initiative of every health care organization. Today's health care environment is transparent; very competitive; and focused upon providing exceptional service, safety, and quality. Establishing an infusion alliance facilitates the achievement of organizational strategic initiatives, that is, increases patient throughput, decreases length of stay, prevents the occurrence of infusion-related complications, enhances customer satisfaction, and provides greater cost-efficiency. This article will discuss how to develop a financial analysis that promotes value and enhances the financial outcomes of an infusion alliance.

  4. Financial structure of Korea Gas Corporation's LNG projects

    International Nuclear Information System (INIS)

    Jeongsoo Ko

    1991-01-01

    When an Indonesian LNG tanker arrived in Korea for the first time in October 1986, Korea became the seventh LNG-consuming nation in the world. The imported LNG has contributed greatly to solving pollution problems and ensuring a stable supply of energy to Korea through the diversification of energy sources. So far, the LNG supply has been confined to the Metropolitan area. The Korea Gas Corporation now plans to expand the LNG supply to cover the entire nation. This paper introduces the experience and future plan of Korea's LNG projects with a special reference to their financial structure

  5. Framework for Financial Ratio Analysis of Audited Federal Financial Reports

    National Research Council Canada - National Science Library

    Brady, Richard

    1999-01-01

    .... The disclosure of this type of information, it was believed, would enable decision-makers to understand the financial implications of budgetary, policy and program issues and provide an analytical...

  6. Financial Ratio Analysis of Audited Federal Financial Statements

    National Research Council Canada - National Science Library

    Kenney, Shane

    2000-01-01

    .... The purpose of these statements is to fully reveal federal entities' financial position, in the hope of enabling a better understanding of these federal entities, and to assist in resource management...

  7. Sustainable model for financial viability of decentralized biomass gasifier based power projects

    International Nuclear Information System (INIS)

    Palit, Debajit; Malhotra, Ramit; Kumar, Atul

    2011-01-01

    This paper made a modest attempt for designing a sustainable model for financial viability of biomass gasifier power projects for enhancing electricity access in India and other developing countries. For long term sustainability of distributed generation projects in remote rural areas, viability from both project implementing agency (PIA) and the end-users need to be ensured. The minimum required prices of electricity from both PIA and end-user perspective have been estimated. While for PIA the cost recovery is the key for viability, the affordability to pay the electricity cost is crucial for the end users. Analysis carried out in this paper on the basis of data obtained from operational projects implemented in India reveal that it is essential to operate the system at a higher capacity utilization factor. While this can be achieved though creating convergence with locally relevant economic activity, it is also observed that micro-enterprises cannot pay beyond a certain price of electricity to keep it sustainable. This paper sets forth a case for developing a regulatory mechanism to extend the tariff fixation for the projects and providing cross-subsidies to ensure long term sustainability of off-grid project. - Highlights: → We design sustainable financial model for viability of biomass gasifier projects. → Analysis based on field data obtained from operational projects in India. Estimated electricity pricing from both implementing agency and end-users perspective. → A regulatory mechanism for tariff fixation and cross subsidization is recommended.

  8. 42 CFR 137.353 - What is contained in a construction project financial report?

    Science.gov (United States)

    2010-10-01

    ... financial report? 137.353 Section 137.353 Public Health PUBLIC HEALTH SERVICE, DEPARTMENT OF HEALTH AND... § 137.353 What is contained in a construction project financial report? Construction project financial reports contain information regarding the amount of funds expended during the reporting period, and...

  9. 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.

  10. Photovoltaic projects for decentralized power supply in India: A financial evaluation

    International Nuclear Information System (INIS)

    Nouni, M.R.; Mullick, S.C.; Kandpal, T.C.

    2006-01-01

    The present study concentrates on photovoltaic (PV) projects for providing decentralized power supply in remote locations in India. Results of a techno-economic evaluation are presented. Some PV projects in the capacity range 1-110 kW p , that have either been implemented or are under implementation, have been considered. An analysis of the capital cost of the PV projects and sub-systems has been undertaken. Levelized unit cost of electricity (LUCE) has been estimated for eighteen select locations situated in different geographical regions of the country. The LUCE is found to vary in the range of Rs. 28.31-59.16/kW h (US$ 0.65-1.35/k Wh) for PV projects in the capacity range 1-25 kW p . In view of high unit cost of electricity from PV projects, need for financial incentives has been examined from the perspective of users. A sensitivity analysis has also been undertaken

  11. Latent class models in financial data analysis

    Directory of Open Access Journals (Sweden)

    Attilio Gardini

    2007-10-01

    Full Text Available This paper deals with optimal international portfolio choice by developing a latent class approach based on the distinction between international and non-international investors. On the basis of micro data, we analyze the effects of many social, demographic, economic and financial characteristics on the probability to be an international investor. Traditional measures of equity home bias do not allow for the existence of international investment rationing operators. On the contrary, by resorting to latent class analysis it is possible to detect the unobservable distinction between international investors and investors who are precluded from operating into international financial markets and, therefore, to evaluate the role of these unobservable constraints on equity home bias.

  12. Dos and Don'ts in Designing an Annual Financial Report Project: "A Teacher's Perspective"

    Science.gov (United States)

    Dockter, DuWayne L.

    2013-01-01

    The principle purpose of this article serves a number of purposes. Among them, it provides instructors with a tested financial statement report project. It also helps students to develop higher-level learning skills. In addition, the project provides an opportunity for students to apply their basic accounting knowledge to the analysis and use of…

  13. THE FINANCIAL TOOLS FOR COVER POLITICAL RISKS IN PROJECT FINANCE

    Directory of Open Access Journals (Sweden)

    S. Naumenkova

    2016-10-01

    Full Text Available This article examines the risk-mitigation in public-private partnership. Today Ukraine is ranked as "CRT-5 country" and has high levels of economic and political risk. Political risk grows steadily because of financial and political instability in Ukraine. We conclude that investors continue to rank political risk as a key obstacle to long-term investing. The tools for cover many types of political risks such as war, terrorism, civil disturbance, breach of contract, export or operating license cancellation, currency inconvertibility and transfer restriction, change of laws and regulations etc. are described by authors. We focus on the advantages of World Bank Group Guarantee products. The guarantee instruments of the three WBG institutions for cover political risks under different circumstances are the most suitable for public-private partnership in Ukraine. In this article the political risk-mitigation with IBRD Partial Risk Guarantee put forward by authors for PPP projects in Ukraine.

  14. The Regression Analysis of Individual Financial Performance: Evidence from Croatia

    OpenAIRE

    Bahovec, Vlasta; Barbić, Dajana; Palić, Irena

    2017-01-01

    Background: A large body of empirical literature indicates that gender and financial literacy are significant determinants of individual financial performance. Objectives: The purpose of this paper is to recognize the impact of the variable financial literacy and the variable gender on the variation of the financial performance using the regression analysis. Methods/Approach: The survey was conducted using the systematically chosen random sample of Croatian financial consumers. The cross sect...

  15. Large scale waste combustion projects. A study of financial structures and sensitivities

    International Nuclear Information System (INIS)

    Brandler, A.

    1993-01-01

    The principal objective of the study was to determine the key contractual and financial aspects of large scale energy-from-waste projects, and to provide the necessary background information on financing to appreciate the approach lenders take when they consider financing waste combustion projects. An integral part of the study has been the preparation of a detailed financial model, incorporating all major financing parameters, to assess the economic and financial viability of typical waste combustion projects. (author)

  16. The corporate impact of addressing social issues: a financial case study of a project in Peru.

    Science.gov (United States)

    Dabbs, Alan; Bateson, Matthew

    2002-05-01

    Large, multinational resource development projects can affect many aspects, including social, economic and ecological realities, in the regions where they operate. Social and environmental issues that are usually ignored in such projects are increasingly affecting the financial future of multinational corporations in negative ways. In this article, we advance the argument that corporations can successfully manage these issues and that if they choose to view these management efforts as an investment rather than an expense, they may well acquire a competitive advantage over companies that do not. We describe as a case study the Camisea natural gas and condensates development project in Peru, operated by Shell Prospecting and Development Peru (SPDP). Camisea is one of the first projects anywhere in the world to conduct a detailed analysis of key industry-related social issues and the processes, required investment and financial impact of managing them. The Camisea example supports the argument that addressing social and environmental concerns makes financial sense. In present value terms, the benefit of managing these concerns was expected to surpass the cost investment by approximately US$50 million.

  17. 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.

  18. Financial-Ratio Analysis and Medical School Management.

    Science.gov (United States)

    Eastaugh, Steven R.

    1980-01-01

    The value of a uniform program of financial assistance to medical education and research is questioned. Medical schools have an uneven ability to compensate for declining federal capitation and research grants. Financial-ratio analysis and cluster analysis are utilized to suggest four adaptive responses to future financial pressures. (Author/MLW)

  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. Ratio analysis specifics of the family dairies' financial statements

    Directory of Open Access Journals (Sweden)

    Mitrović Aleksandra

    2015-01-01

    Full Text Available The subject of this paper is the evaluation of the financial analysis specifics of the dairy enterprises with a focus on the implementation of the ratio analysis of financial statements. The ratio analysis is a central part of financial analysis, since it is based on investigating the relationship between logically related items in the financial statements to assess the financial position of the observed enterprise and its earning capacity. Speaking about the reporting of financial performance in family dairies, the basis is created for displaying techniques of financial analysis, with a special indication on the specifics of their application in agricultural enterprises focusing on companies engaged in dairying. Applied in the paper is ratio analysis on the example of a dairy enterprise, i.e. a family dairy operating in Serbia. The ratio indicators are the basis for identifying relationships based on which by comparing the actual performance and certain business standards differences or variations are identified.

  1. Optimizing the financial structure and maximizing the future value of your generation project

    International Nuclear Information System (INIS)

    Arulampalam, G.; Letellier, M.

    2004-01-01

    This paper discusses ways of optimizing the financial structure and maximizing the future value of an electric power generation project. It outlines the project structure, the sponsor objectives, project finance lending criteria, project timeline, risk mitigation, bank and institutional financing, sponsor's role, impact of financing choices on project value, and impact of penalties and derivative products

  2. Independent management and financial review, Yucca Mountain Project, Nevada. Final report, Appendix

    International Nuclear Information System (INIS)

    1995-01-01

    The Nuclear Waste Policy Act of 1982 (Public Law 97-425), as amended by Public Law 100-203, December 22, 1987, established the Office of Civilian Radioactive Waste Management (OCRWM) within the Department of Energy (DOE), and directed the Office to investigate a site at Yucca Mountain, Nevada, to determine if this site is suitable for the construction of a repository for the disposal of high level nuclear waste. Work on site characterization has been under way for several years. Thus far, about $1.47 billion have been spent on Yucca Mountain programs. This work has been funded by Congressional appropriations from a Nuclear Waste Fund to which contributions have been made by electric utility ratepayers through electric utilities generating power from nuclear power stations. The Secretary of Energy and the Governor of the State of Nevada have appointed one person each to a panel to oversee an objective, independent financial and management evaluation of the Yucca Mountain Project. The Requirements for the work will include an analysis of (1) the Yucca Mountain financial and, contract management techniques and controls; (2) Project schedules and credibility of the proposed milestones; (3) Project organizational effectiveness and internal planning processes, and (4) adequacy of funding levels and funding priorities, including the cost of infrastructure and scientific studies. The recipient will provide monthly progress report and the following reports/documents will be presented as deliverables under the contract: (1) Financial and Contract Management Preliminary Report; (2) Project Scheduling Preliminary Report; (3)Project Organizational Effectiveness Preliminary Report; (4) Project Funding Levels and Funding Priorities Preliminary Report; and (5) Final Report

  3. Independent management and financial review, Yucca Mountain Project, Nevada. Final report, Appendix

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-07-15

    The Nuclear Waste Policy Act of 1982 (Public Law 97-425), as amended by Public Law 100-203, December 22, 1987, established the Office of Civilian Radioactive Waste Management (OCRWM) within the Department of Energy (DOE), and directed the Office to investigate a site at Yucca Mountain, Nevada, to determine if this site is suitable for the construction of a repository for the disposal of high level nuclear waste. Work on site characterization has been under way for several years. Thus far, about $1.47 billion have been spent on Yucca Mountain programs. This work has been funded by Congressional appropriations from a Nuclear Waste Fund to which contributions have been made by electric utility ratepayers through electric utilities generating power from nuclear power stations. The Secretary of Energy and the Governor of the State of Nevada have appointed one person each to a panel to oversee an objective, independent financial and management evaluation of the Yucca Mountain Project. The Requirements for the work will include an analysis of (1) the Yucca Mountain financial and, contract management techniques and controls; (2) Project schedules and credibility of the proposed milestones; (3) Project organizational effectiveness and internal planning processes, and (4) adequacy of funding levels and funding priorities, including the cost of infrastructure and scientific studies. The recipient will provide monthly progress report and the following reports/documents will be presented as deliverables under the contract: (1) Financial and Contract Management Preliminary Report; (2) Project Scheduling Preliminary Report; (3)Project Organizational Effectiveness Preliminary Report; (4) Project Funding Levels and Funding Priorities Preliminary Report; and (5) Final Report.

  4. Strategic financial analysis: the CFO's role in strategic planning.

    Science.gov (United States)

    Litos, D M

    1985-03-01

    Strategic financial analysis, the financial information support system for the strategic planning process, provides information vital to maintaining a healthy bottom line. This article, the third in HCSM's series on the organizational components of strategic planning, reviews the role of the chief financial officer in determining which programs and services will best meet the future needs of the institution.

  5. 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...

  6. Russian Language Analysis Project

    Science.gov (United States)

    Serianni, Barbara; Rethwisch, Carolyn

    2011-01-01

    This paper is the result of a language analysis research project focused on the Russian Language. The study included a diverse literature review that included published materials as well as online sources in addition to an interview with a native Russian speaker residing in the United States. Areas of study include the origin and history of the…

  7. 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.

  8. 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.

  9. GASB's New Financial Reporting Model: Implementation Project for School Districts.

    Science.gov (United States)

    Bean, David; Glick, Paul

    1999-01-01

    In June 1999, the Governmental Accounting Standards Board (GASB) issued its statement on the structure of the basic financial reporting model for state and local governments. Explains the new financial reporting model and reviews the implementation issues that school districts will need to address. (MLF)

  10. Financial Management in the Strategic Systems Project Office.

    Science.gov (United States)

    SSPO, the largest program office in the Navy and in existence for over 20 years, has perfected time tested financial management procedures which may...serve as a model for the student of program management. This report presents an overview of the SSPO financial management concepts and general

  11. Fraud diamond: Detection analysis on the fraudulent financial reporting

    Directory of Open Access Journals (Sweden)

    Stefani Lily Indarto

    2016-11-01

    Full Text Available The accounting scandal became one of the reasons for analyzing financial statements in order to minimize fraud against the financial reporting. Therefore, companies use the services of a public accountant to audit the financial statements of companies that are expected to limit the fraudulent practices that increase the public’s confidence in the company’s financial statements. This study aims to detect fraud by using analysis of fraud diamond . This study takes banking companies listed on the Indonesian Stock Exchange in 2009-2014, with a total sample of 149 banks. Based on the results the external pressure, financial stability and capability have influence on fraudulent financial reporting. While target financial, ineffective monitoring and rationalization does not affect the fraudulent financial reporting

  12. HSAPS market analysis project

    Energy Technology Data Exchange (ETDEWEB)

    Gloeckner, Ronny; Aaberg, Rolf Jarle

    2006-12-15

    The H-SAPS (Hydrogen Stand-Alone Power System) project, an EU project within the ALTENER programme in the period 2002-2004, was initiated to determine the potential for the introduction of environmentally benign hydrogen technology in what is believed to be a near-term market, namely stand-alone power systems (SAPS). The objective of the project was to examine the technological, political, social and economical factors affecting the emergence of hydrogen technology in the stand-alone power system market today and in the future. The scope of the project was limited to small and medium sized stand-alone power systems, up to a few hundred kilowatts (kW) power rating and based on renewable energy as the primary energy source. The work was divided into five phases: (1) Inception, (2) Data collection and analysis, (3) Market analysis and barrier removal, (4) Dissemination, and (5) Final report. Separate reports were written on these topics, and later summarised this final report. The H-SAPS-project identified the following critical technical barriers (in prioritized order): (1) High costs of both electrolyser and fuel cell solutions, (2) Short lifetime warranties and little lifetime experience for PEM electrolysers and PEM fuel cells, (3) Low energy efficiency of the hydrogen energy system (critical for small systems), and (4) The need to develop easy-to-use and energy efficient gas and electricity control systems. One of the main conclusions from the project is that there is a need to focus on interim solutions, based on conventional energy technologies (e.g., internal combustion engines instead of fuel cells), in order for H-SAPS to compete in the near-term SAPS-market (author) (ml)

  13. HSAPS market analysis project

    International Nuclear Information System (INIS)

    Gloeckner, Ronny; Aaberg, Rolf Jarle

    2006-12-01

    The H-SAPS (Hydrogen Stand-Alone Power System) project, an EU project within the ALTENER programme in the period 2002-2004, was initiated to determine the potential for the introduction of environmentally benign hydrogen technology in what is believed to be a near-term market, namely stand-alone power systems (SAPS). The objective of the project was to examine the technological, political, social and economical factors affecting the emergence of hydrogen technology in the stand-alone power system market today and in the future. The scope of the project was limited to small and medium sized stand-alone power systems, up to a few hundred kilowatts (kW) power rating and based on renewable energy as the primary energy source. The work was divided into five phases: (1) Inception, (2) Data collection and analysis, (3) Market analysis and barrier removal, (4) Dissemination, and (5) Final report. Separate reports were written on these topics, and later summarised this final report. The H-SAPS-project identified the following critical technical barriers (in prioritized order): (1) High costs of both electrolyser and fuel cell solutions, (2) Short lifetime warranties and little lifetime experience for PEM electrolysers and PEM fuel cells, (3) Low energy efficiency of the hydrogen energy system (critical for small systems), and (4) The need to develop easy-to-use and energy efficient gas and electricity control systems. One of the main conclusions from the project is that there is a need to focus on interim solutions, based on conventional energy technologies (e.g., internal combustion engines instead of fuel cells), in order for H-SAPS to compete in the near-term SAPS-market (author) (ml)

  14. Estimating the financial risks of Andropogon gayanus to greenhouse gas abatement projects in northern Australia

    Science.gov (United States)

    Adams, Vanessa M.; Setterfield, Samantha A.

    2013-06-01

    Financial mechanisms such as offsets are one strategy to abate greenhouse gas emissions, and the carbon market is expanding with a growing demand for offset products. However, in the case of carbon offsets, if the carbon is released due to intentional or unintentional reversal through environmental events such as fire, the financial liability to replace lost offsets will likely fall on the provider. This liability may have implications for future participation in programmes, but common strategies such as buffer pool and insurance products can be used to minimize this liability. In order for these strategies to be effective, an understanding of the spatial and temporal distributions of expected reversals is needed. We use the case study of savanna burning, an approved greenhouse gas abatement methodology under the Carbon Farming Initiative in Australia, to examine potential risks to carbon markets in northern Australia and quantify the financial risks. We focus our analysis on the threat of Andropogon gayanus (gamba grass) to savanna burning due to its documented impacts of increased fuel loads and altered fire regimes. We assess the spatial and financial extent to which gamba grass poses a risk to savanna burning programmes in northern Australia. We find that 75% of the eligible area for savanna burning is spatially coincident with the high suitability range for gamba grass. Our analysis demonstrates that the presence of gamba grass seriously impacts the financial viability of savanna burning projects. For example, in order to recuperate the annual costs of controlling 1 ha of gamba grass infestation, 290 ha of land must be enrolled in annual carbon abatement credits. Our results show an immediate need to contain gamba grass to its current extent to avoid future spread into large expanses of land, which are currently profitable for savanna burning.

  15. Estimating the financial risks of Andropogon gayanus to greenhouse gas abatement projects in northern Australia

    International Nuclear Information System (INIS)

    Adams, Vanessa M; Setterfield, Samantha A

    2013-01-01

    Financial mechanisms such as offsets are one strategy to abate greenhouse gas emissions, and the carbon market is expanding with a growing demand for offset products. However, in the case of carbon offsets, if the carbon is released due to intentional or unintentional reversal through environmental events such as fire, the financial liability to replace lost offsets will likely fall on the provider. This liability may have implications for future participation in programmes, but common strategies such as buffer pool and insurance products can be used to minimize this liability. In order for these strategies to be effective, an understanding of the spatial and temporal distributions of expected reversals is needed. We use the case study of savanna burning, an approved greenhouse gas abatement methodology under the Carbon Farming Initiative in Australia, to examine potential risks to carbon markets in northern Australia and quantify the financial risks. We focus our analysis on the threat of Andropogon gayanus (gamba grass) to savanna burning due to its documented impacts of increased fuel loads and altered fire regimes. We assess the spatial and financial extent to which gamba grass poses a risk to savanna burning programmes in northern Australia. We find that 75% of the eligible area for savanna burning is spatially coincident with the high suitability range for gamba grass. Our analysis demonstrates that the presence of gamba grass seriously impacts the financial viability of savanna burning projects. For example, in order to recuperate the annual costs of controlling 1 ha of gamba grass infestation, 290 ha of land must be enrolled in annual carbon abatement credits. Our results show an immediate need to contain gamba grass to its current extent to avoid future spread into large expanses of land, which are currently profitable for savanna burning. (letter)

  16. Financial Ratio Analysis using ARMS Data

    OpenAIRE

    Ahrendsen, Bruce L.; Katchova, Ani L.

    2012-01-01

    The purpose of this research is to evaluate the financial performance measures calculated and reported by Economic Resource Service (ERS) from ARMS data. The evaluation includes the calculation method and the underlying assumptions used in obtaining the reported values. The financial measures calculated and reported are compared with those recommended by the Farm Financial Standards Council (FFSC). The underlying assumptions are identified by analyzing the software code used in calculating th...

  17. Working capital management in the process of financial support of investment and construction projects and of the construction material industry

    Science.gov (United States)

    Danilochkina, Nadezhda; Lukmanova, Inessa; Roshchina, Olga; Voytolovskiy, Nikolay

    2018-03-01

    The article presents the analysis of working capital in the process of financial support of high-rise construction investment projects. The factors influencing the choice of the working capital management model were analyzed, the reasons of the change in the requirement for the values of current assets in the process of construction of high-rise facilities were determined. The author has developed the scheme of interrelation between production, operational and financial activity cycles of enterprises implementing investment projects of unique buildings and structures and made a comparative description of their financing sources.

  18. Integrated Economic and Financial Analysis of China’s Sponge City Program for Water-resilient Urban Development

    Directory of Open Access Journals (Sweden)

    Xiao Liang

    2018-03-01

    Full Text Available To improve Chinese cities’ resilience to climate change, the Sponge City Program, which was designed to tackle water pollution, storm water management, and flooding, was initiated in 2014. Being a major policy initiative, the Sponge City Program raises heated discussions among Chinese academics; however, no relevant extensive economic or financial analysis has been conducted. The research carries out an integrated economic and financial analysis on the Sponge City Program from the perspectives of two stakeholders: the government and the project manager. Different stakeholders have unique perspectives on the management of water projects. This study has two parts: economic analysis and financial analysis. The economic analysis is from the government perspective, and considers all the economic, environmental, and social effects. The financial analysis is from the project manager’s perspective, and judges the financial feasibility of projects. Changde city, one of the demo cities of Sponge City Program, is chosen for the research. The results show that from the perspective of the government, the Sponge City Program should be promoted, because most water projects are economically feasible. From the perspective of the project manager, the program should not be invested in, because the water projects are financially infeasible. A more comprehensive and integrated plan for developing and managing the water projects of the Sponge City Program is required. Otherwise, the private sector may not be interested in investing in the water projects, and the water projects may not be operational in the long term.

  19. CRITICAL ANALYSIS OF THEIR RISK FINANCIAL INSTRUMENTS

    Directory of Open Access Journals (Sweden)

    CARUNTU GENU ALEXANDRU

    2013-12-01

    Full Text Available In the last decade, accounting for financial instruments has experienced a revolution, following the publication of accounting rules on recognition and measurement of these instruments saddle. Need to develop standards for financial instruments appeared on the background of explosion using derivatives and the markets in which they are traded, and as a result of numerous financial scandals that rocked developed countries in the last decade. These were based, among other causes, improper use of derivatives and hiding their disastrous effects of poor management by keeping them off balance and failure to provide related information in the notes of the financial statements.

  20. Renewable Energy Project Financing: Impacts of the Financial Crisis and Federal Legislation

    Energy Technology Data Exchange (ETDEWEB)

    Schwabe, P.; Cory, K.; Newcomb, J.

    2009-07-01

    Extraordinary financial market conditions have disrupted the flows of equity and debt investment into U.S. renewable energy (RE) projects since the fourth quarter of 2008. The pace and structure of renewable energy project finance has been reshaped by a combination of forces, including the financial crisis, global economic recession, and major changes in federal legislation affecting renewable energy finance. This report explores the impacts of these key market events on renewable energy project financing and development.

  1. 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. © 2015 Wiley Publishing Asia Pty Ltd.

  2. Project evaluation: main characteristics

    OpenAIRE

    Moutinho, Nuno

    2010-01-01

    — The evaluation process of real investment projects must consider not only the traditional financial approach, but also non-financial aspects. Non financial analysis can provide additional relevant information about projects. We investigate financial and non-financial areas most relevant in project appraisal. We present main critical success factors and areas of analysis that lead to the perception of project success. Finally, companies are segmented to verify its financial and non-financial...

  3. 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

  4. 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

  5. Financial markets analysis by probabilistic fuzzy modelling

    NARCIS (Netherlands)

    Berg, van den J.; Kaymak, U.; Bergh, van den W.M.

    2003-01-01

    For 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 (TS)

  6. Financial auditing at enterprises for control of projects realized with credit fund-raising

    Science.gov (United States)

    Lukmanova, Inessa

    2017-10-01

    The article analyzes methods of conducting financial audit under the construction control of projects implemented with raising credit funds in modern conditions. This work aims to improve the methodological toolkit of construction control when lending projects of the construction of transport infrastructure. The paper considers correlations of various procedures of construction control, financial audit and organizational and technical factors affecting investment and construction projects. The authors presented the logical scheme of the process of lending to legal entities and developed an algorithm of the procedure for conducting a financial audit, allowing to make possible adjustments and the right decision.

  7. 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)...

  8. Photovoltaic projects for decentralized power supply in India: A financial evaluation

    International Nuclear Information System (INIS)

    Nouni, M.R.; Mullick, S.C.; Kandpal, T.C.

    2006-01-01

    The present study concentrates on photovoltaic (PV) projects for providing decentralized power supply in remote locations in India. Results of a techno-economic evaluation are presented. Some PV projects in the capacity range 1-110 kW p , that have either been implemented or are under implementation, have been considered. An analysis of the capital cost of the PV projects and sub-systems has been undertaken. Levelized unit cost of electricity (LUCE) has been estimated for eighteen select locations situated in different geographical regions of the country. The LUCE is found to vary in the range of Rs. 28.31-59.16/kW h (US$ 0.65-1.35/k Wh) for PV projects in the capacity range 1-25 kW p . In view of high unit cost of electricity from PV projects, need for financial incentives has been examined from the perspective of users. A sensitivity analysis has also been undertaken. (Author)

  9. 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.

  10. Another Lost Decade? Effects of the Financial Crisis on Project Finance for Infrastructure

    OpenAIRE

    James Leigland; Henry Russell

    2009-01-01

    Rapid growth in project finance, driven by huge increases in liquidity, helped fuel the gains in private participation in infrastructure (PPI) in developing countries in the past decade. But when the financial crisis hit, the excess liquidity began to dry up as lenders backed away from practices that had helped generate it. The effects are already apparent in greater delays in financial cl...

  11. Analysis of Project Finance | Energy Analysis | NREL

    Science.gov (United States)

    Analysis of Project Finance Analysis of Project Finance NREL analysis helps potential renewable energy developers and investors gain insights into the complex world of project finance. Renewable energy project finance is complex, requiring knowledge of federal tax credits, state-level incentives, renewable

  12. KBS4FIA: Leveraging advanced knowledge-based systems for financial information analysis

    OpenAIRE

    García-Sánchez, Francisco; Paredes-Valverde, Mario Andrés; Valencia García, Rafael; Alcaraz Mármol, Gema; Almela Sánchez-Lafuente, Ángela

    2017-01-01

    Decision making takes place in an environment of uncertainty. Therefore, it is necessary to have information which is as accurate and complete as possible in order to minimize the risk that is inherent to the decision-making process. In the financial domain, the situation becomes even more critical due to the intrinsic complexity of the analytical tasks within this field. The main aim of the KBS4FIA project is to automate the processes associated with financial analysis by leveraging the tech...

  13. Design and implementation of a financial planning and tracking system for the Nova Project

    International Nuclear Information System (INIS)

    Holcomb, F.

    1982-01-01

    The Nova project is a 185 million dollar DOE funded project to build an experimental facility to demonstrate the thermonuclear ignition of laser fusion targets. This paper describes the design and implementation considerations for the project's computerized performance measurement financial planning and tracking system and critiques its actual operation

  14. 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.

  15. Using an Investment Project To Develop Professional Competencies in Introduction to Financial Accounting.

    Science.gov (United States)

    Dudley, Lola Woodard; Davis, Henry H.; McGrady, David G.

    2001-01-01

    A group project involves accounting students in hypothetical creation of a stock portfolio after completing financial analyses. The activity develops decision-making, critical thinking, research, communication, and finance skills. (SK)

  16. Financial Analysis on the example of Audi Group

    OpenAIRE

    Maltseva, Anna

    2015-01-01

    The aim of this master thesis is a financial analysis of Audi Group. Audi is one of the most popular brand of premium car manufacturers, which has a long history and which is a part of one of the biggest world groups in automotive industry -- Volkswagen Group. In this paper we will look into its financial reports in order to analyze its financial performance and make the conclusion in the end -- is Audi Group successful?

  17. From volatility to value: analysing and managing financial and performance risk in energy savings projects

    International Nuclear Information System (INIS)

    Mills, Evan; Kromer, Steve; Weiss, Gary; Mathew, Paul A.

    2006-01-01

    Many energy-related investments are made without a clear financial understanding of their values, risks, and volatilities. In the face of this uncertainty, the investor-such as a building owner or an energy service company-will often choose to implement only the most certain and thus limited energy-efficiency measures. Conversely, commodities traders and other sophisticated investors accustomed to evaluating investments on a value, risk, and volatility basis often overlook energy-efficiency investments because risk and volatility information are not provided. Fortunately, energy-efficiency investments easily lend themselves to such analysis using tools similar to those applied to supply side risk management. Accurate and robust analysis demands a high level of understanding of the physical aspects of energy-efficiency, which enables the translation of physical performance data into the language of investment. With a risk management analysis framework in place, the two groups-energy-efficiency experts and investment decision-makers-can exchange the information they need to expand investment in demand-side energy projects. In this article, we first present the case for financial risk analysis in energy efficiency in the buildings sector. We then describe techniques and examples of how to identify, quantify, and manage risk. Finally, we describe emerging market-based opportunities in risk management for energy efficiency

  18. ISSUES REGARDING THE FINANCIAL FLOW PROJECTIONS IN THE SELECTION OF INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    Mariana Rodica ŢÎRLEA

    2015-06-01

    Full Text Available For a company, through investment activities, it is followed to either create new abilities or expand the existing abilities, the partial or complete replacement of existing technical base or its modernization. In the condition that it is desired the creation of a technical base, the investment involves the purchase of fixed capital that can materialize in: buildings, special buildings, land, vehicles, facilities, equipment, etc. In terms of expansion and modernization, investment implies the existence of a material base on which should be intervened wholly or partly by its development or modernization. For the selection of investment projects in the context of investment strategy established at enterprise level through a Financial justification and prioritization of investments this should lead to the achievement of the objectives set at its level.

  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. Financial Development and Inclusive Growth in Nigeria: A Threshold Analysis

    Directory of Open Access Journals (Sweden)

    Taofeek Olusola Ayinde

    2016-10-01

    Full Text Available This study investigates the relationship between financial development and inclusive growth in Nigeria for the period 1980 – 2013. The technique of analysis is the quantile regression; which is to obtain a threshold for which the former impacts on the latter. The result shows a threshold level of 90th percentile. Interestingly, the study also found that the impact of financial development on inclusive growth depends on the measure of the former up to the threshold level and not beyond. Through a granger causality test, the direction of causality is through the inclusive growth rather than through financial development; through the financial deepening measure. While the study found that either a low level or high level of openness on trade and capital investment are desirable for inclusive growth in Nigeria, the results also reveal that government involvement in the workings of the Nigeria economy and financial openness are sensitive to the pattern of financial development. With financial deepening, both are negatively related to inclusive growth but positively related to inclusive growth when financial widening is considered. This suggests that government intervention in the activities of the private sector is detrimental when the latter are to drive financial development process. However, the involvement of government in ensuring the appropriate level of financial widening, through the central bank operations, produces a positive impact on growth.

  1. Financial Development and Inclusive Growth in Nigeria: A Threshold Analysis

    Directory of Open Access Journals (Sweden)

    Taofeek Olusola Ayinde

    2016-08-01

    Full Text Available This study investigates the relationship between financial development and inclusive growth in Nigeria for the period 1980 – 2013. The technique of analysis is the quantile regression; which is to obtain a threshold for which the former impacts on the latter. The result shows a threshold level of 90th percentile. Interestingly, the study also found that the impact of financial development on inclusive growth depends on the measure of the former up to the threshold level and not beyond. Through a granger causality test, the direction of causality is through the inclusive growth rather than through financial development; through the financial deepening measure. While the study found that either a low level or high level of openness on trade and capital investment are desirable for inclusive growth in Nigeria, the results also reveal that government involvement in the workings of the Nigeria economy and financial openness are sensitive to the pattern of financial development. With financial deepening, both are negatively related to inclusive growth but positively related to inclusive growth when financial widening is considered. This suggests that government intervention in the activities of the private sector is detrimental when the latter are to drive financial development process. However, the involvement of government in ensuring the appropriate level of financial widening, through the central bank operations, produces a positive impact on growth.

  2. 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.

  3. 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…

  4. Organizational analysis of construction projects

    OpenAIRE

    Hughes, Will

    1989-01-01

    This research project is about the analysis of construction project organizations. The work is based on organizational theory and is a development of Linear Responsibility Analysis (LRA). The aim is to assess the extent to which project success is affected by organizational structure. The analysis of four public sector case studies raises several issues. First is the need for a systematic model of describing and analysing construction project environments. A framework has been developed that ...

  5. FINANCIAL STUDY OF AN INVESTMENT PROJECT IN ALGERIA: CREATION OF A COMPANY WITHIN THE FRAMEWORK OF THE NATIONAL FUNDSUPPORT FOR YOUTH EMPLOYMENT (FNSEJ)

    OpenAIRE

    Dr Lyes OUABDESSELAM

    2017-01-01

    This article proposes a financial study of a project to create a commercial enterprise through the scheme proposed by the National Agency for Youth Employment Support (ANSEJ). The company is a testing and analysis laboratory. In this study we have prepared a complete financial package and we have budgeted this project over the entire amortization period of the investment credit in accordance with the timetable set by the support system for young entrepreneurs to set up a business in Algeria. ...

  6. ANALYSIS OF FINANCIAL FLOWS IN FOOD INDURSTRY ENTERPRISES

    OpenAIRE

    Iurie SPIVACENCO

    2015-01-01

    In the present study it was used the analysis of food industry and the financial flows generated by them. The analysis was based on information from the financial statements of these entities, and the study of evolution: food industry output, number of enterprises and employees in food industry, import and export of food production. Following the undertaken analysis are highlighted some shortcomings and made some concrete proposals need to be considered in the sustainable development of the f...

  7. BOT schemes as financial model of hydro power projects

    International Nuclear Information System (INIS)

    Grausam, A.

    1997-01-01

    Build-operate-transfer (BOT) schemes are the latest methods adopted in the developing infrastructure projects. This paper outlines the project financing through BOT schemes and briefly focuses on the factors particularly relevant to hydro power projects. Hydro power development provides not only the best way to produce electricity, it can also solve problems in different fields, such as navigation problems in case of run-of-the river plants, ground water management systems and flood control etc. This makes HPP projects not cheaper, but hydro energy is a clean and renewable energy and the hydro potential worldwide will play a major role to meet the increased demand in future. 5 figs

  8. Developing benefit schemes and financial compensation measures for fishermen impacted by marine renewable energy projects

    International Nuclear Information System (INIS)

    Reilly, Kieran; O’Hagan, Anne Marie; Dalton, Gordon

    2016-01-01

    Commercial fishermen are arguably the stakeholder group most likely to be directly impacted by the expansion of the marine renewable energy (MRE) sector. The potential opposition of fishermen may hinder the development of MRE projects and the provision of benefit schemes could to enhance acceptance. Benefit schemes refer to additional voluntary measures that are provided by a developer to local stakeholders. The aim of this study is to explore the issue of the provision of benefit packages to local fishing communities and financial compensation measures for fishermen who may be impacted by MRE projects. Semi-structured interviews were conducted with fourteen fishermen from three separate case study sites around the island of Ireland where MRE projects were being developed. In addition, ten company fisheries liaison officers (CFLOs) who have worked on MRE projects in the UK and Ireland were also interviewed. The interviews were analysed under the headings of local employment, benefits in kind, compensation and community funds and ownership of projects. Analysis shows that there is uncertainty among fishermen over whether they would benefit or gain employment from MRE. Provision of re-training schemes and preferential hiring practices could be used by MRE developers to reduce this uncertainty. There was also agreement between fishermen and CFLOs on the need for the provision of an evidence-base and a standard approach for the calculation of disruption payments. A formal structure for the provision of benefit schemes for fishermen would be useful. Furthermore, schemes that provide a range of benefits to fishermen and other stakeholders over the lifetime of a MRE project are more likely to be successful at enhancing acceptance. - Highlights: • There is uncertainty among fishermen over benefits from MRE projects. • Re-training is required for fishermen to avail of employment opportunities. • Evidence-base is required for calculation of disruption payments.

  9. Implications of Project-Based Funding of Research on Budgeting and Financial Management in Public Universities

    Science.gov (United States)

    Raudla, Ringa; Karo, Erkki; Valdmaa, Kaija; Kattel, Rainer

    2015-01-01

    The main goal of the paper is to explore--both theoretically and empirically--the implications of project-based research funding for budgeting and financial management at public universities. The theoretical contribution of the paper is to provide a synthesized discussion of the possible impacts of project-based funding on university financial…

  10. Sustainable model for financial viability of decentralized biomass gasifier based power projects

    NARCIS (Netherlands)

    Palit, D.; Malhotra, R.; Kumar, Atul

    2011-01-01

    This paper made a modest attempt for designing a sustainable model for financial viability of biomass gasifier power projects for enhancing electricity access in India and other developing countries. For long term sustainability of distributed generation projects in remote rural areas, viability

  11. The impacts of the 1995 financial institution environmental guidelines on power projects

    International Nuclear Information System (INIS)

    Weaver, K.L.; Schott, G.A.

    1996-01-01

    In 1995, two of the most influential international financial institutions, The World Bank and The US Export-Import Bank (Ex-Im Bank) issued new environmental guidelines. These guidelines, particularly the World Bank guidelines, are used as a benchmark for evaluating the environmental acceptability of a project by many financial institutions, project developers, private investors, the public, and many developing countries. The impact of these guidelines must be well understood by developers of power projects in order to obtain the necessary financing, in addition to attracting investors, and obtaining national approvals and general public acceptance

  12. Impact Of Monetary Policy On Financial Asset Returns: An Analysis ...

    African Journals Online (AJOL)

    Impact Of Monetary Policy On Financial Asset Returns: An Analysis Of Selected Stocks From The Nigerian Capital Market. ... Journal of Research in National Development. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current ...

  13. A financial Ratio Analysis of Commercial Bank Performance in ...

    African Journals Online (AJOL)

    A financial Ratio Analysis of Commercial Bank Performance in South Africa. ... Journal Home > Vol 2, No 1 (2010) >. Log in or ... This paper investigates the performance of South Africa's commercial banking sector for the period 2005- 2009.

  14. Financial bubbles analysis with a cross-sectional estimator

    OpenAIRE

    Abergel, Frederic; Huth, Nicolas; Toke, Ioane Muni

    2009-01-01

    We highlight a very simple statistical tool for the analysis of financial bubbles, which has already been studied in [1]. We provide extensive empirical tests of this statistical tool and investigate analytically its link with stocks correlation structure.

  15. FINANCIAL ANALYSIS FUNDAMENT FOR ASSESSMENT THE COMPANY'S VALUE

    Directory of Open Access Journals (Sweden)

    Goran Karanovic

    2010-06-01

    Full Text Available Lack of capital market development cause that calculating the value of companies in the small markets, such as the Croatian market, is carried out primarily from the analysis of financial statements. Lack of market development is evident from the unrealistic and unobjective corporate values, as result of too small volumeof securities trading in financial markets. The primary financial analysis is the basic method for estimating company value, and represents the foundation for an objective determination of cash flow components that will be discounted. Trought analysis investors are trying to answer the questions such as: status of the assets,liabilities and capital, the dynamics of business enterprises, the level of solvency and liquidity, utilization of fixed assets, contribution of fixed assets in total income, company profitability rates and investment in the company. Investors use financial analysis only as a basis and as a tool to predict the potential for creating new business value.

  16. Analysis of cryptocurrencies as standard financial instruments

    OpenAIRE

    Bartoš, Jakub

    2014-01-01

    This paper analyzes cryptocurrencies as financial instruments. Firstly, we introduced the main features of cryptocurrencies and summarized the brief history. We found out that price of the most famous cryptocurrency Bitcoin follows the hypothesis of efficient markets and it immediately react on publicly announce information. Furthermore, Bitcoin can be seen as standard economic good that is priced by interaction of supply and demand on the market. These factors can be driven by macro financia...

  17. Financial Reporting and Cost Analysis Manual for Day Care Centers, Head Start, and Other Programs.

    Science.gov (United States)

    Bedger, Jean E.; And Others

    This manual is designed to provide fundamental directions for systematic financial reporting and cost analysis for the administrators, accountants, bookkeepers, and staff of day care, Project Head Start, and other programs. The major aims of the manual are to induce day care directors to adopt uniform bookkeeping procedures and to analyze costs…

  18. 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.

  19. FINANCIAL ANALYSIS FROM AN ACCOUNTING POINT OF VIEW

    Directory of Open Access Journals (Sweden)

    Mihaela Ungureanu

    2013-03-01

    Full Text Available Despite the developments which tend to relax the relationship between financial analysis and accounting, property information provided by the latter irreplaceable render its use for diagnostic approaches financial foundation. An efficient information system can provide relevant indicators to users based on accurate and real information and financial analysis results are based on a diagnosis of return and risk. The aim of this article is to present primarily the origin and evolution of the relationship between financial analysis and accounting, and the fundamental role which accounting holds, through the information it produces, into analysts’ work. The used research method is the bibliographic one, being studied timely books and articles of the domain. Literature does not provide concrete answers to this problem, resolutions being expected especially from practitioners.

  20. Comparative Analysis of Liability Cases for Bankruptcies of Financial Institutions

    Directory of Open Access Journals (Sweden)

    Julija Kiršienė

    2017-09-01

    Full Text Available The bankruptcy of the fourth largest investment bank in the world Lehman Brothers Holdings Inc. in 2008 remains the largest bankruptcy in the history of United States. This bankruptcy is viewed as a turning point in the Global Financial Crisis. Paradoxically, even though the financial system had many safeguards (auditors, audit committees, the board of directors, credit rating agencies, government supervisors whose purpose was to inform the investing public about the actual financial situation of the institution, Lehman Brothers bankruptcy came as a shock to financial markets across the globe revealing that many of the “gatekeepers” failed. Comparative analysis of liability cases after bankruptcies of Lehman Brothers and financial institutions in Lithuania shows that contrary to Lehman’s case, the demise of financial institutions in Lithuania cannot be attributed to sub-prime mortgages caused financial crisis, real estate market fluctuations or any other external variable. Problems are related to weak supervision, inefficient regulation, and common unethical behavior in the financial sector.

  1. Financial Condition Analysis In Municipalities: A Case Of Turkey

    Directory of Open Access Journals (Sweden)

    Fatma ÖZKUL

    2017-07-01

    Full Text Available This study included the analysis of prepared comprehensive financial statements with the transitionto accrual-based accounting system from cash-based accounting system in the public institutionsin 2006. In Turkey, there is no specific method developed to the goals of public institutions. GASB 1Reporting Model, which is a model developed in the USA, and is not yet used in Turkey, has been appliedby taking financial statements data of the Istanbul Metropolitan Municipality. The study was carriedout using the institution’s balance sheets and statement of financial performance for 2006-2014.Using ratios developed in the model, the financial condition of institution was measured from fourdifferent aspects: cash solvency, budget solvency, long-term solvency, and service-level solvency, andthe results were analyzed. The purpose of the study is the implementation of financial analysis methodsto have a public sector accounting information system that will achieve a financial structure whichcan measure, evaluate and develop the financial condition of public institutions by decision-makingand that will contribute to the efficient and comprehensible use of the produced information by decision-makers in Turkey.

  2. Oil prices and financial stress: A volatility spillover analysis

    International Nuclear Information System (INIS)

    Nazlioglu, Saban; Soytas, Ugur; Gupta, Rangan

    2015-01-01

    This paper examines whether there is a volatility transmission between oil prices and financial stress by means of the volatility spillover test. We employ WTI crude oil prices and Cleveland financial stress index for the period 1991–2014 and divide the sample into pre-crisis, in-crisis, and post-crisis periods due to the downward trend in oil price in 2008. The volatility model estimations indicate that oil prices and financial stress index are dominated by long-run volatility. The volatility spillover causality test supports evidence on risk transfer from oil prices to financial stress before the crisis and from financial stress to oil prices after the crisis. The impulse response analysis shows that the volatility transmission pattern has similar dynamics before and after the crisis and is characterized by higher and long-lived effects during the crisis. Our results have implications for both policy makers and investors, and for future work. -- Highlights: •Volatility spillover between oil prices and financial stress index is examined. •Analysis is conducted for sub-periods: pre-crisis, in-crisis, and post-crisis •Oil prices spill on financial stress before the crisis, but spillover reversed after the crisis. •Volatility transmission pattern has similar dynamics before and after the crisis. •Implications for investors and policy makers are discussed

  3. VERIFICATION PROCEDURE EUROPEAN FUNDED PROJECTS THROUGH FINANCIAL AUDITS

    Directory of Open Access Journals (Sweden)

    Riana Iren RADU

    2014-06-01

    Full Text Available The work developed by the authors assumes a definite need for reflection on funding mechanisms and macroeconomic management at all levels of budget deficit, amid the economic crisis unprecedented in the recent history of Romania and the whole of Europe. In this direction, this paper attempts to highlight issues that arise in terms of absorption of European funds for economic development based on this absorption emphasizing the role of grants in the economy and the need to audit projects.

  4. Financial Condition Analysis In Municipalities: A Case Of Turkey

    OpenAIRE

    ÖZKUL, Fatma; ALKAN, Betül Şeyma

    2017-01-01

    This study included the analysis of prepared comprehensive financial statements with the transitionto accrual-based accounting system from cash-based accounting system in the public institutionsin 2006. In Turkey, there is no specific method developed to the goals of public institutions. GASB 1Reporting Model, which is a model developed in the USA, and is not yet used in Turkey, has been appliedby taking financial statements data of the Istanbul Metropolitan Municipality. The study was carrie...

  5. FINANCIAL STATEMENTS ANALYSIS AND FIRMS’ VALUATION IN VIETNAM

    OpenAIRE

    Kim, Trang Thu

    2009-01-01

    Valuation is the central focus in fundamental analysis. This dissertation considers the usefulness of financial statements in predicting market values of companies in Vietnam stock market by adopting the valuation model constructed by Chung et al., (2001). The overview of Vietnam stock market; some definitions about financial statements, valuation; description of several basis valuation models and empirical evidence including the description of valuation model developed by Chung et al., (2001...

  6. FINANCIAL INNOVATIONS IN THE STRATEGIC ANALYSIS OF BANK BUSINESS

    Directory of Open Access Journals (Sweden)

    A. N. Rasskazova

    2013-01-01

    Full Text Available In paper we identified the financial innovations in the strategic analysis of bank business. On the real data analytical research is executed and empirical proofs of practical applicability of the new financial performance, allowing to create the mechanism of strategic management by shareholder value in bank are received. The received results can be used for monitoring of acceptance of managerial decisions from the party and in interests of owners of bank

  7. 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.

  8. Evaluation and financial risk management of urban renewal projects in partnership with public and private

    Directory of Open Access Journals (Sweden)

    Ehsan Hassani

    2011-10-01

    Full Text Available Financing plays an important role for renewal of old city building is find suitable financing plan. A proper financial management in one hand has a direct relationship with project main factors such as: time, cost and quality of the project, and on the other hand, achieving project goals requires a comprehensive insight of project, stockholders as well as other relative situation in regard with the project. Considering the complication of execution such projects and the number of shareholders, one of the best attitudes towards the project management is risk management. This research is a qualitative and practical, which reviews the effects of project management factors on financial return of urban renewal sachem. The required information gained through a survey and via questionnaire and interviews with specialists. This article first describes the public private financial partnership and then, based on the results gained from a case study done on one of the renewal schemes in Mashhad metropolitan areas. Next, it identifies and evaluates of positive and negative risks, which lead to threats and opportunities will be performed and will attempt to respond the existent risks. Finally, we provide a framework for the risk assessment of the housing units.

  9. Influence to the financial situation of hospitals for projects financed from the EU structural funds

    Directory of Open Access Journals (Sweden)

    Aleksandra ŁĘGA

    2015-05-01

    Full Text Available The European Union gives many opportunities for development to member countries, including raising founds for its funds. This money could be sought in many sectors of the economy. One of them is health care. The goal of this study is to assess the impact of the financial situation of hospitals in the Kuyavian-Pomeranian for projects financed by the Structural Funds European Union (EU in programming period 2007-2013. The money from the European Regional Development Fund and European Social Fund provided an opportunity to introduce the latest technology and equipment in medical entities, as well as allowed skilled in the art. Of medicine to acquire knowledge and skills to develop their potential. The paper discusses issues related to the possibilities of support by EU funding to health care. Based on the data contained in the financial statements of an analysis of data from the balance sheet, characterized projects in hospitals as part of financing from the EU and the influence of the material in the therapeutic entities for their implementation through the analyses of correlation. The possibility of providing health services requires appropriate  regulations in law, system and organization. This is necessary in order to achieve the main goal of any entity that is take care of the welfare of the patient. Health and its protection is the highest value for the individual and for society, so Poland and the European Union is committed to the protection of the priority objective through enhanced organizational and legal actions and investments in the health sector.

  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. 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

  13. Financial Analysis of Hastily-Formed Networks

    Science.gov (United States)

    2006-09-01

    high-profile 101 Elvik Rune , “Cost-benefit analysis of ambulance and rescue helicopters in Norway...Systems Acquisition and Program Management. Rune , Elvik, “Cost-benefit analysis of ambulance and rescue helicopters in Norway: reflections on

  14. 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.

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

    NARCIS (Netherlands)

    Bumann, Silke; Hermes, Niels; Lensink, Robert

    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

  16. ANALYSIS OF FINANCE AND MARK OFF SUCCESS FINANCIAL MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Nebojša Maksimović

    2010-09-01

    Full Text Available Any sports club organization is main tool for achieving his goals. If club’s basic goal – to achieve standard business performances (work characteristics and business – mark of efficiency his organization or his organizational diagnostics, demands maintenance on economic (finance analysis. In this research, with assisted program FINMEN set an example of financial management analysis in sports organizations

  17. 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)

  18. FINANCIAL INDICATORS FOR THE ROMANIAN COMPANIES BETWEEN ELIGIBILITY AND BANKABILITY OF EU FINANCED PROJECTS

    Directory of Open Access Journals (Sweden)

    Droj Laurentiu

    2014-12-01

    Full Text Available The main goal of this research is to compare the eligibility indicators for accessing EU projects with the bankability indicators at the level of Romanian companies. This study was realized in a period when the term of bankability seems to be in the focus of the beneficiaries and management authorities for European funding, of the banking system and of the mass-media as well. This happens for the first time since the launch in 2007-2008 of the main structural EU funding programs focusing on the development of competitive SMEs, which brought significant changes in the EU funding environment. The same with the public institutions, many SMEs have applied for grants in order to finance their investments using different funding programs, especially under the European Regional Development Fund. This process to obtain European funding was a long one in term of evaluation and contracting periods. Under this context, the initial success of SMEs that have successfully applied and even managed to gain access to European funding was overshadowed by another sharper problem: lack of financial resources for co-financing to support investments or expenditures in the initial stages funding the project. This was also a big problem since the start of word financial and economic crisis. Under this context the banking sector was supposed to be heavily involved in ensuring external financing. The main difficulties in co-financing European funding projects by the banks came from the fact that the companies were requested to obtain satisfactory scores in order to qualify for the banking loans. Several indicators were used by the banking sector to analyze the creditworthiness of the applicant companies. From these indicators we selected five of them to be tested by using Student distribution modelling within the ModelRISK – VoseSoftware application over a group of 50 companies located in the North-Western region of Romania. After the model was created in this paper we

  19. Improving the usefulness of accounting data in financial analysis

    Directory of Open Access Journals (Sweden)

    A Saville

    2004-04-01

    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.

  20. Private Sector/Educator Collaboration: Project Improves Financial, Economic Literacy of America's Youth

    Science.gov (United States)

    Haynes, Deborah C.; Chinadle, Nicole

    2007-01-01

    The Family Economics and Financial Education Project (FEFE) began in 2001 at Montana State University with an annual grant from Take Charge America, Inc., a credit counseling and debt management company headquartered in Phoenix, Arizona. FEFE's mission is to provide educators with curriculum materials and training to be effective teachers of…

  1. Achieving Service-Learning Goals in a Financial Accounting Class Project

    Science.gov (United States)

    Yu, Darwin D.

    2011-01-01

    Background: A financial accounting class in a Philippine university has a service-learning group project that involves setting up a simple accounting system for microenterprises. Aims: This paper examines the extent to which service-learning goals such as course learning, teamwork, civic responsibility, and impact on the client organization are…

  2. 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.

  3. Financial Analysis of the World Top IT Companies

    Directory of Open Access Journals (Sweden)

    Cristina ROMANCIUC

    2010-01-01

    Full Text Available Financial crisis has influenced all the economiesaround the world. A similar situation happened during the ITcrash. Some, even, believe the crash of the dot-com bubblecontributed to the actual situation. The rush for financialsuccess led to a whole generation of young adults immersingthemselves in technology. Nevertheless IT has an importantinfluence on nowadays economy this is the reason of thepresent study. Here will be presented one of the world largestcompanies in IT and analyzed using few financial methods(comparative statements, ratio analysis, cash flow analysis.

  4. 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.

  5. Correlation and network analysis of global financial indices.

    Science.gov (United States)

    Kumar, Sunil; Deo, Nivedita

    2012-08-01

    Random matrix theory (RMT) and network methods are applied to investigate the correlation and network properties of 20 financial indices. The results are compared before and during the financial crisis of 2008. In the RMT method, the components of eigenvectors corresponding to the second largest eigenvalue form two clusters of indices in the positive and negative directions. The components of these two clusters switch in opposite directions during the crisis. The network analysis uses the Fruchterman-Reingold layout to find clusters in the network of indices at different thresholds. At a threshold of 0.6, before the crisis, financial indices corresponding to the Americas, Europe, and Asia-Pacific form separate clusters. On the other hand, during the crisis at the same threshold, the American and European indices combine together to form a strongly linked cluster while the Asia-Pacific indices form a separate weakly linked cluster. If the value of the threshold is further increased to 0.9 then the European indices (France, Germany, and the United Kingdom) are found to be the most tightly linked indices. The structure of the minimum spanning tree of financial indices is more starlike before the crisis and it changes to become more chainlike during the crisis. The average linkage hierarchical clustering algorithm is used to find a clearer cluster structure in the network of financial indices. The cophenetic correlation coefficients are calculated and found to increase significantly, which indicates that the hierarchy increases during the financial crisis. These results show that there is substantial change in the structure of the organization of financial indices during a financial crisis.

  6. Fiscal developments and financial stress: a threshold VAR analysis

    Czech Academy of Sciences Publication Activity Database

    Afonso, A.; Baxa, Jaromír; Slavík, M.

    2018-01-01

    Roč. 54, č. 2 (2018), s. 395-423 ISSN 0377-7332 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : Fiscal policy * Financial markets * Threshold VAR Subject RIV: AH - Economic s OBOR OECD: Applied Economic s, Econometrics Impact factor: 0.645, year: 2016 http://library.utia.cas.cz/separaty/2018/E/baxa-0488303.pdf

  7. Economic and financial evaluation of the wind power project in Northeast region, Brazil; Avaliacao economico-financeira de projeto de central eolica na regiao nordeste

    Energy Technology Data Exchange (ETDEWEB)

    Rocha, Paulo Glicio da; Lima, Maria Angela de Queiroz; Melo Junior, Adalberto de Bastos [Companhia Hidro Eletrica do Sao Francisco (DFPL/CHESF), Recife, PE (Brazil). Div. de Planejamento Economico-Financeiro], Emails: paulogr@chesf.gov.br, angelq@chesf.gov.br, adalbert@chesf.gov.br; Bezerra, Pedro; Bittencourt, Rogerio [Companhia Hidro Eletrica do Sao Francisco (DEFA/CHESF), Recife, PE (Brazil). Div. de Projetos de Fontes Alternativas], E-mails: pbezerra@chesf.gov.br, rogeriob@chesf.gov.br

    2000-07-01

    This work deals with the analysis of economic and financial feasibility of using wind power in the Northeast region for electric power production, considering the new electricity sector model. The case study presented here refers to the design of a 50 MW Wind Farm in the region, based on preliminary data from wind collected in the period from 1993 to 1995. Some programs were used to evaluate this project: ALWIN, which estimates the potential for wind energy production; NEWAVE for determination operating marginal costs and generation plants values and ANAFIN, for economic and financial evaluation of the project, using scenarios, through the deterministic and probabilistic analysis.

  8. ECONOMIC AND FINANCIAL ANALYSIS OF THE BUILDINGS REHABILITATION SOLUTIONS

    Directory of Open Access Journals (Sweden)

    STAN IVAN F.E.

    2016-07-01

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

  9. Analysis Brazilian preference shares: financial liabilities or equity instruments?

    Directory of Open Access Journals (Sweden)

    Diana Lucia de Almeida

    2016-05-01

    Full Text Available The Brazilian preference shares, in general, except when they present specific features, such as mandatory redemption and cumulative dividends, meet the accounting definition of equity instruments. However, the scientific literature believes that those shares that do not have discretion to avoid the delivery of cash must be classified as financial liabilities. In a context in which remain differences of understanding of their proper accounting treatment, the following question arises: preferred shares of Brazilian companies are being recognized in the financial statements in accordance with the theoretical and normative precepts? Thus, the aim of this study is to verify if the preference shares of Brazilian companies have been recognized in the financial statements for according to the scientific literature and accounting standards. Through content analysis, we analyzed the information of 157 companies listed on BM&FBOVESPA. The results show that 155 companies classify its preference shares as equity instruments and two as financial liabilities. These two companies, as well as 149 of those which qualify as equity instruments, are treating them properly in its accounting. The other six companies should present its preference shares as liabilities, given the absence of discretion to avoid cash delivery, feature present in financial liabilities, unlike equity instruments. It is noticed that, unlike what happens, for instance, in the US market, it is not possible to classify all Brazilian preference shares as a financial liability, since, in Brazil , they are used in different legal format of those widely found in that market. Moreover, almost all of the analyzed shares have essential features for classification as equity instruments. Hence, the importance of analysis of the economic essence of each instrument, thus, enabling the appropriate accounting treatment in the financial statements.

  10. Waste Management Project Contingency Analysis

    International Nuclear Information System (INIS)

    Edward L. Parsons, Jr.

    1999-01-01

    The purpose of this report is to provide the office of Waste Management (WM) with recommended contingency calculation procedures for typical WM projects. Typical projects were defined as conventional construction-type activities that use innovative elements when necessary to meet the project objectives. Projects involve treatment, storage, and disposal of low level, mixed low level, hazardous, transuranic, and high level waste. Cost contingencies are an essential part of Total Cost Management. A contingency is an amount added to a cost estimate to compensate for unexpected expenses resulting from incomplete design, unforeseen and unpredictable conditions, or uncertainties in the project scope (DOE 1994, AACE 1998). Contingency allowances are expressed as percentages of estimated cost and improve cost estimates by accounting for uncertainties. The contingency allowance is large at the beginning of a project because there are more uncertainties, but as a project develops, the allowance shrinks to adjust for costs already incurred. Ideally, the total estimated cost remains the same throughout a project. Project contingency reflects the degree of uncertainty caused by lack of project definition, and process contingency reflects the degree of uncertainty caused by use of new technology. Different cost estimation methods were reviewed and compared with respect to terminology, accuracy, and Cost Guide standards. The Association for the Advancement of Cost Engineering (AACE) methods for cost estimation were selected to represent best industry practice. AACE methodology for contingency analysis can be readily applied to WM Projects, accounts for uncertainties associated with different stages of a project, and considers both project and process contingencies and the stage of technical readiness. As recommended, AACE contingency allowances taper off linearly as a project nears completion

  11. CLUSTERING TECHNIQUES IN FINANCIAL DATA ANALYSIS APPLICATIONS ON THE U.S. FINANCIAL MARKET

    Directory of Open Access Journals (Sweden)

    ALEXANDRU BOGEANU

    2013-08-01

    Full Text Available In the economic and financial analysis, the need to classify companies in terms of categories, thedelimitation of which has to be clear and natural occurs frequently. The differentiation of companies bycategories is performed according to the economic and financial indicators which are associated to the above.The clustering algorithms are a very powerful tool in identifying the classes of companies based on theinformation provided by the indicators associated to them. The last decade imposed to the economic andfinancial practice the use of economic value added as an indicator of synthesis of the entire activity of acompany. Our study uses a sample of 106 companies in four different fields of activity; each company isidentified by: Economic Value Added, Net Income, Current Sales, Equity and Stock Price. Using the ascendinghierarchical classification methods and the partitioning classification methods, as well as Ward’s method and kmeansalgorithm, we identified on the considered sample an information structure consisting of 5 rating classes.

  12. 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.

  13. Identifying inaccuracy of MS Project using system analysis

    Science.gov (United States)

    Fachrurrazi; Husin, Saiful; Malahayati, Nurul; Irzaidi

    2018-05-01

    The problem encountered in project owner’s financial accounting report is the difference in total project costs of MS Project to the Indonesian Standard (Standard Indonesia Standard / Cost Estimating Standard Book of Indonesia). It is one of the MS Project problems concerning to its cost accuracy, so cost data cannot be used in an integrated way for all project components. This study focuses on finding the causes of inaccuracy of the MS Projects. The aim of this study, which is operationally, are: (i) identifying cost analysis procedures for both current methods (SNI) and MS Project; (ii) identifying cost bias in each element of the cost analysis procedure; and (iii) analysing the cost differences (cost bias) in each element to identify what the cause of inaccuracies in MS Project toward SNI is. The method in this study is comparing for both the system analysis of MS Project and SNI. The results are: (i) MS Project system in Work of Resources element has limitation for two decimal digits only, have led to its inaccuracy. Where the Work of Resources (referred to as effort) in MS Project represents multiplication between the Quantities of Activities and Requirements of resources in SNI; (ii) MS Project and SNI have differences in the costing methods (the cost estimation methods), in which the SNI uses the Quantity-Based Costing (QBC), meanwhile MS Project uses the Time-Based Costing (TBC). Based on this research, we recommend to the contractors who use SNI should make an adjustment for Work of Resources in MS Project (with correction index) so that it can be used in an integrated way to the project owner’s financial accounting system. Further research will conduct for improvement the MS Project as an integrated tool toward all part of the project participant.

  14. Financial Performance Analysis of Selected Commercial Banks in ...

    African Journals Online (AJOL)

    user

    Correspondance ..... According to BPP (2012) there are limitations of financial ratios analysis such as: .... Finally, in 2012, Nib was the leader in efficiency at RoA of 4.7%. This shows ..... strategies should be put in place to continue its growth in its earnings.

  15. A financial cost-benefit analysis of eradicating virulent footrot.

    Science.gov (United States)

    Asheim, Leif Jarle; Hopp, Petter; Grøneng, Gry M; Nafstad, Ola; Hegrenes, Agnar; Vatn, Synnøve

    2017-10-01

    In 2008, virulent footrot was detected in sheep in south-west Norway. Footrot is caused by Dichelobacter nodosus, and the outbreak was linked to live sheep imported from Denmark in 2005. A large-scale program for eradicating the disease was implemented as a joint industry and governmental driven eradication project in the years 2008-2014, and continued with surveillance and control measures by the Norwegian Food Safety Authority from 2015. The cost of the eradication program including surveillance and control measures until 2032 was assumed to reach approximately €10.8 million (NOK 90 million). A financial cost-benefit analysis, comparing costs in the eradication program with costs in two simulated scenarios, was carried out. In the scenarios, designated ModerateSpread (baseline) and SlowSpread, it was assumed that the sheep farmers would undertake some voluntary measures on their own that would slow the spread of the disease. The program obtained a positive NPV after approximately 12 years. In a stochastic analysis, the probabilities of a positive NPV were estimated to 1.000 and to 0.648 after 15 years and to 0.378 and 0.016 after ten years, for the ModerateSpread and SlowSpread scenarios respectively. A rapid start-up of the program soon after the detection of the disease was considered crucial for the economic success as the disease would have become more widespread and probably raised the costs considerably at a later start-up. Copyright © 2017 The Authors. Published by Elsevier B.V. All rights reserved.

  16. 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

  17. Government participation in mining projects: Fiscal, financial and regulatory implications for developing countries

    International Nuclear Information System (INIS)

    Padmore, G.

    1992-01-01

    Governments of developing countries may obtain ownership participation in national mining projects in the hope of receiving greater policy control over, financial rewards from, and information about such projects. These objectives could be achieved by using their sovereign authority to tax, regulate and monitor projects more effectively. The principal problem is likely to be the administrative inability fully to enjoy rights that they lawfully possess. As such projects are nearly always controlled by foreign entities, and involve the exploitation of irreplaceable mineral wealth, they may engender feelings of suspicion and hostility. Government participation may sometimes be necessary to mitigate those feelings and to lead to more stable and successful projects. If these political objectives are fully recognized, then government participation may be structured so as to minimize any detrimental effect it might have on the fiscal and financial structure of the project. It may also prove to be a vehicle for future participation by private local interests, thereby eliminating the alien enclave feature generally characteristic of such projects. (author). 9 refs

  18. Analysis of project questionnaires

    International Nuclear Information System (INIS)

    Wisbey, Simon

    2012-01-01

    In 2010, representatives of waste agencies of 12 countries (Belgium, Canada, Finland, France, Hungary, Japan, Korea, Spain, Sweden, Switzerland, United Kingdom and the USA) answered five questions related to long-term preservation of information and memory in the field of geological disposal: 1. What specific priority areas for long-term memory development have been identified in your agencies/countries? Which are the time scales of largest interest? 2. Do these priority proceed from good practice or/and from specific laws, regulations, policies exist in your country that set out requirements for long-term memory in long-term waste management? 3. How far advanced are you regarding establishing an action plan for long-term information and memory preservation in the field of geological disposal? Are you addressing the following RWMC questions: What information should be preserved? Why? Where? How should it be preserved? Which target groups? Which time horizons? 4. What suggestions do you have for possible areas of focus for RWMC? (e.g. an international project that may assist Members?) What are the untapped areas that deserve more attention? 5. Would you have studies, research, reports, policies that you might share with RWMC members? Common themes throughout the answers were the following: Long-term records should cover: Location and layout of facility, Waste characteristics, Safety assessment data, Generally limited timescales. Key issues to be addressed include: National and International archives, Archival quality media, Use of 'exclusion zones', Markers - anticipated longer lifetimes. In 2011 a supplementary questionnaire was distributed. The following, additional questions were asked: In your view, when making plans for preserving records, knowledge and memory: Who should have responsibility for what and on which time scales? Vis-a-vis question 1, are we satisfied with the current guidance? In which direction should it be improved? What should government

  19. Report from the commission about the industrial and financial project of EdF

    International Nuclear Information System (INIS)

    2004-01-01

    This report takes stock of the work carried out by the commission appointed by the French ministry of economy, finances and industry about the industrial and financial project of Electricite de France (EdF) in the framework of the liberalization of European energy markets. The report presents the conclusions of the commission about EdF's position in the new competition context, about the financial position of the group and about the foreseeable strategic options and their consequences in terms of equity fund needs. 5 appendixes present: the evolution of electricity prices, EdF and the energy policy, the electricity market and the competition in Europe, the EdF group: presentation and main adaptation stakes, the financial situation of EdF group. (J.S.)

  20. Complexity analysis based on generalized deviation for financial markets

    Science.gov (United States)

    Li, Chao; Shang, Pengjian

    2018-03-01

    In this paper, a new modified method is proposed as a measure to investigate the correlation between past price and future volatility for financial time series, known as the complexity analysis based on generalized deviation. In comparison with the former retarded volatility model, the new approach is both simple and computationally efficient. The method based on the generalized deviation function presents us an exhaustive way showing the quantization of the financial market rules. Robustness of this method is verified by numerical experiments with both artificial and financial time series. Results show that the generalized deviation complexity analysis method not only identifies the volatility of financial time series, but provides a comprehensive way distinguishing the different characteristics between stock indices and individual stocks. Exponential functions can be used to successfully fit the volatility curves and quantify the changes of complexity for stock market data. Then we study the influence for negative domain of deviation coefficient and differences during the volatile periods and calm periods. after the data analysis of the experimental model, we found that the generalized deviation model has definite advantages in exploring the relationship between the historical returns and future volatility.

  1. INNOVATIONS IN FINANCIAL ANALYTICS

    Directory of Open Access Journals (Sweden)

    T. V. Teplova

    2012-01-01

    Full Text Available In this paper as the main feature of innovation in the financial health of a company analyst view the shift to two circuits of key interests of owners of capital (financial stakeholders. Justifi ed by differences key financial systems within the contour ownership interest and the lender three projections: liquidity, the current economic efficiency and growth. In the paper as the main feature of the innovation in the analysis of the financial health of a company is considered a transition to the two circuits of the interests of the key owners of financial capital (financial stakeholders. Justifi ed differences of key financial indicator systems in the framework of the outline of the interests of the owner and the lender by three projections: liquidity, efficiency and the quality of growth. The examples of Russian companies have different interpretations of financial targets and indicators with a choice of activities.

  2. A technical and financial analysis of two recuperated, reciprocating engine driven power plants. Part 2: Financial analysis

    International Nuclear Information System (INIS)

    Orbaiz, Pedro Jose; Brear, Michael J.

    2014-01-01

    Highlights: • The financial performance of two hybrid power plants is analyzed. • Biomass and solar thermal energy are used as the renewable energy inputs. • The LCOE of both power plants is estimated using reference data. • The proposed power plants are of comparable LCOE to natural gas combined cycle. • Hybrid cycles resulted in cost-effective renewable energy generation. - Abstract: This paper is the second of a two part study that analyses the technical and financial performance of particular, recuperated engine systems. This second paper examines the financial performance of two hybrid (renewable/fossil), chemically recuperated power plants. One of these plants uses the combustion of biomass as the renewable energy input. The other assumes that solar thermal energy is used. This financial analysis estimates the so-called Levelized Cost of Electricity (LCOE) of both hybrids using reference data from several sources. Using consistent financial inputs, the LCOE of both hybrid plants is found to be comparable to the LCOE of natural gas combined cycle (NGCC) power generation. Further, the LCOE of the renewable portion of the hybrid plants’ total power output is significantly cheaper than that of all the renewable plants examined in the EPRI report, and is competitive with the fossil plants. As a result, the proposed hybrids appear to be a cost-effective form of greenhouse gas mitigation

  3. Comparative financial analysis of electricity utilities in West Africa

    International Nuclear Information System (INIS)

    Fritsch, Remi

    2011-01-01

    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.

  4. THE ANALYSIS OF FINANCIAL CRISIS EFFECTS AT THE ROMANIAN BANK

    Directory of Open Access Journals (Sweden)

    Izabella KRÁJNIK

    2010-06-01

    Full Text Available The banking incomes and costs represent an important source of information regarding the profitability of a bank. The paper aims to analyse the current financial world crisis. After describing its causes and effects, the study focuses on the crisis’ impact on the global economy; Romania is the core of this analysis, as it is a country which feels very strongly the effects of the international financial turmoil. In a banking environment such as Romania's, constantly changing and subject to the pressure of a fierce competition, all the attention of the banks management teams is oriented towards the costs and their possible reduction in regard to maximizing the profit. In this context we considered as particularly important the analysis of the bank costs within the framework of the Romanian banking system, analysis which targets their structure on one side and their evolution and efficiency on the other side.

  5. Allocating risk capital for a brownfields redevelopment project under hydrogeological and financial uncertainty.

    Science.gov (United States)

    Yu, Soonyoung; Unger, Andre J A; Parker, Beth; Kim, Taehee

    2012-06-15

    In this study, we defined risk capital as the contingency fee or insurance premium that a brownfields redeveloper needs to set aside from the sale of each house in case they need to repurchase it at a later date because the indoor air has been detrimentally affected by subsurface contamination. The likelihood that indoor air concentrations will exceed a regulatory level subject to subsurface heterogeneity and source zone location uncertainty is simulated by a physics-based hydrogeological model using Monte Carlo realizations, yielding the probability of failure. The cost of failure is the future value of the house indexed to the stochastic US National Housing index. The risk capital is essentially the probability of failure times the cost of failure with a surcharge to compensate the developer against hydrogeological and financial uncertainty, with the surcharge acting as safety loading reflecting the developers' level of risk aversion. We review five methodologies taken from the actuarial and financial literature to price the risk capital for a highly stylized brownfield redevelopment project, with each method specifically adapted to accommodate our notion of the probability of failure. The objective of this paper is to develop an actuarially consistent approach for combining the hydrogeological and financial uncertainty into a contingency fee that the brownfields developer should reserve (i.e. the risk capital) in order to hedge their risk exposure during the project. Results indicate that the price of the risk capital is much more sensitive to hydrogeological rather than financial uncertainty. We use the Capital Asset Pricing Model to estimate the risk-adjusted discount rate to depreciate all costs to present value for the brownfield redevelopment project. A key outcome of this work is that the presentation of our risk capital valuation methodology is sufficiently generalized for application to a wide variety of engineering projects. Copyright © 2012 Elsevier

  6. Modelling financial risk in open pit mine projects: Implications for strategic decision-making

    OpenAIRE

    Abdel Sabour, S.A.; Wood, G.

    2009-01-01

    Strategic decisions in the mining industry are made under multiple technical and market uncertainties. Therefore, to reach the best possible decision, based on information available, it is necessary to integrate uncertainty about the input variables and model financial risk of the project's merit measures. However, this rovides few useful insights to decision-makers unless accompanied by modeling management responses to uncertainty resolutions. It is widely acknowledged that conventional deci...

  7. Wind Power Project Repowering: Financial Feasibility, Decision Drivers, and Supply Chain Effects

    Energy Technology Data Exchange (ETDEWEB)

    Lantz, Eric [National Renewable Energy Lab. (NREL), Golden, CO (United States); Leventhal, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Baring-Gould, Ian [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2013-12-01

    As wind power facilities age, project owners are faced with plant end of life decisions. This report is intended to inform policymakers and the business community regarding the history, opportunities, and challenges associated with plant end of life actions, in particular repowering. Specifically, the report details the history of repowering, examines the plant age at which repowering becomes financially attractive, and estimates the incremental market investment and supply chain demand that might result from future U.S. repowering activities.

  8. Financial Health of the Higher Education Sector: 2015-16 Financial Results. Data Analysis. March 2017/02

    Science.gov (United States)

    Higher Education Funding Council for England, 2016

    2016-01-01

    This report provides an overview of the financial health of the Higher Education Funding Council for England (HEFCE) funded higher education sector in England. The analysis covers the financial results for 2015-16. This does not include further education or sixth-form colleges, or alternative providers of higher education.

  9. Make-up wells drilling cost in financial model for a geothermal project

    Science.gov (United States)

    Oktaviani Purwaningsih, Fitri; Husnie, Ruly; Afuar, Waldy; Abdurrahman, Gugun

    2017-12-01

    After commissioning of a power plant, geothermal reservoir will encounter pressure decline, which will affect wells productivity. Therefore, further drilling is carried out to enhance steam production. Make-up wells are production wells drilled inside an already confirmed reservoir to maintain steam production in a certain level. Based on Sanyal (2004), geothermal power cost consists of three components, those are capital cost, O&M cost and make-up drilling cost. The make-up drilling cost component is a major part of power cost which will give big influence in a whole economical value of the project. The objective of this paper it to analyse the make-up wells drilling cost component in financial model of a geothermal power project. The research will calculate make-up wells requirements, drilling costs as a function of time and how they influence the financial model and affect the power cost. The best scenario in determining make-up wells strategy in relation with the project financial model would be the result of this research.

  10. Evaluating The Financial Consequences of Different Financing Structure for Nuclear Power Project under Malaysian Market

    International Nuclear Information System (INIS)

    Muhammed Zulfakar Zolkaffly; Faisal Izwan Abdul Rashid; Siti Syarina Mat Sali; Fairuz Suzana Mohd Chachuli; Mohd Azmi Sidid Omar

    2016-01-01

    Full text: In 2010, Malaysia through the Economic Transformation Programme (ETP) has initiated an effort to explore nuclear energy as an option for electricity generation post-2020 in order to meet country's growing energy demand and diversify its energy mix. To date, Malaysia is focusing its efforts on the preparatory activities, pending to make decision to embark on nuclear power project. The development of nuclear power plants is a major undertaking for any country which that requires huge financial implications and commitments. On this note, this paper aims at evaluating the financial consequences of different financing structure for nuclear power project under Malaysian market condition, based on two key financial indicators, namely, Net Present Value (NPV) and Internal Rate of Return (IRR). The computer model FINPLAN developed by the IAEA was used to perform this study. The result shows that different financing structure significantly affect the sensitivity of NPV and IRR, that may be of interest to the investors in exploring viable financing structure for nuclear power project development. (author)

  11. Pilot Project: analysis, development and projection

    OpenAIRE

    Tapia Abril, Verónica Emilia; Chérrez Rodas, Karina; García Pesántez, Gabriela Rosana; Maldonado Marchán, María Elisa; Bustamante Montesdeoca, José Luis

    2014-01-01

    Since the introduction of ICT in architecture and teaching, pedagogies of education have faced their learning paradigms change. Institutes of higher education have folded to this motion and have undergone a process of change by implementing multimedia elements in their subjects. Through the pilot project educational videos that aim to meet the highest standards of educational videos described by Van Dam have been developed. The project expects to generate educational videos for different depa...

  12. Models of Financing and Available Financial Resources for Transport Infrastructure Projects

    Directory of Open Access Journals (Sweden)

    O. Pokorná

    2001-01-01

    Full Text Available A typical feature of transport infrastructure projects is that they are expensive and take a long time to construct. Transport infrastructure financing has traditionally lain in the public domain. A tightening of many countries' budgets in recent times has led to an exploration of alternative resources for financing transport infrastructures. A variety of models and methods can be used in transport infrastructure project financing. The selection of the appropriate model should be done taking into account not only financial resources but also the distribution of construction and operating risks and the contractual relations between the stakeholders.

  13. Does Financial Inclusion Induce Financial Stability? Evidence from Cross-country Analysis

    Directory of Open Access Journals (Sweden)

    Md. Nur Alam Siddik

    2018-04-01

    Full Text Available In recent times, financial inclusion and financial stability issue have become a priority on policy agendas across the world. However, there is relative dearth of empirical studies addressing and establishing the link between the same. This study fills this gap. Using panel data of 2001-2013, this study empirically investigated whether financial inclusion contributes to country’s financial stability, measured by Z-score. Robust results from GMM dynamic panel data estimator show that financial inclusion variables as measured by number of SME borrowers to total borrowers and ratio of outstanding SME loans to total loans have significant positive contributions to financial stability. Findings also indicate that GDP per capita, liquidity, proportion of private credit to GDP are positively and proportion of domestic credit provided to private sector and financial crisis are negatively associated with financial stability. Empirical findings of this study is of greater significance to the policymakers as it will invoke the attention of governments and policymakers to undertake such policies to accelerate financial inclusion of their countries which in turn will lead to country’s greater financial stability. This study also contributes to empirical literatures of the issue of financial inclusion and financial stability by reconfirming (or otherwise findings of previous studies.

  14. The Analysis of Human Resources Policies and Regional Financial Accounting System on Regional Government Financial Statements’ Quality

    Directory of Open Access Journals (Sweden)

    Aida Nahar

    2018-02-01

    Full Text Available Accountability of local governments in the implementation of policies should be carried out with the financial statements present the quality. Qualitative characteristics of financial statements described in PP 24/ 2005 that the qualitative characteristics of financial statements is a normative measurement that needs to be realized in the accounting information that can be fulfil its purpose. To be able to raise the normative requirements, this characteristics is absolutely necessary in order to meet the government 's financial statements desired qualities are: relevant, reliable, comparable, and understandable.The population of this research is PPK-SKPD in Karesidenan Pati. Consisting of: Regency Jepara, Kudus, Pati , Rembang, Blora, and Grobogan, totally 113 SKPD with 73 respondents with a random sampling technique . Data analysis technique used is multiple regression analysis. The results mentioned that human resource policies affect the quality of financial reporting by 4.167. Implementation of the system accounting effect on the quality of financial reporting by 3.309 % . Human resources policies and implementation of accounting systems affect the quality of financial statements. This study did not succeed accept hypothesis 5 proved that the value of t = -1.021 and p = 0.311, which means that the BPK audit does not affect the relationship between the Application System Accounting for the Quality of Regional Financial Statements.

  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. 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.

  17. Project delay analysis of HRSG

    Science.gov (United States)

    Silvianita; Novega, A. S.; Rosyid, D. M.; Suntoyo

    2017-08-01

    Completion of HRSG (Heat Recovery Steam Generator) fabrication project sometimes is not sufficient with the targeted time written on the contract. The delay on fabrication process can cause some disadvantages for fabricator, including forfeit payment, delay on HRSG construction process up until HRSG trials delay. In this paper, the author is using semi quantitative on HRSG pressure part fabrication delay with configuration plant 1 GT (Gas Turbine) + 1 HRSG + 1 STG (Steam Turbine Generator) using bow-tie analysis method. Bow-tie analysis method is a combination from FTA (Fault tree analysis) and ETA (Event tree analysis) to develop the risk matrix of HRSG. The result from FTA analysis is use as a threat for preventive measure. The result from ETA analysis is use as impact from fabrication delay.

  18. The value case methodology : A methodology aligning financial and non-financial values in large multi-stakeholder innovation projects

    NARCIS (Netherlands)

    Dittrich, K.

    2015-01-01

    Our society is increasingly confronted with the effects of the all-encompassing attention for financial results. This strong emphasis on financials makes it very difficult, if not impossible, for both enterprise and government to take other factors into account when making investment decisions. As a

  19. Financial Analysis for Phase 1 Privatization for the Tank Farm Contractor

    International Nuclear Information System (INIS)

    BASCHE, A.D.

    2000-01-01

    The purpose of the Financial Analysis for Phase 1 Privatization for the Tank Farm Contractor is to provide a third-party quantitative and qualitative cost and schedule risk analysis of HNF-1946. The purpose of this Financial Analysis for Phase 1 Privatization for the Tank Farm Contractor (TFC) is to document the results of the risk-based financial analysis of HNF-1946, Programmatic Baseline Summary for Phase 1 Privatization f o r the Tank Farm Contractor (Diediker 2000). This analysis was performed to evaluate how well the proposed baseline meets the U. S. Department of Energy, Office of River Protection (ORP) Letter OO-MSO-009, ''Contract NO. DE-AC06-99RL14047--The US Department of Energy, Office of River Protection (ORP) Mission Planning Guidance for Fiscal Year (FY) 2002--Revision 1'' (Short 2000). The letter requires a confidence level in the baseline schedule that is consistent with the Phase 1A readiness-to-proceed (RTP) assessment conducted in fiscal year (FY) 1998. Because the success of the project depends not only on the budget but also on the schedule, this risk analysis addresses both components of the baseline

  20. Economic Analysis in the System of Financial Planning of Forestry Enterprises

    Directory of Open Access Journals (Sweden)

    Ievdokymov Viktor V.

    2017-12-01

    Full Text Available The aim of the article is to develop organizational and methodological provisions of economic analysis of forestry enterprises’ financial plans as a result of financial planning. The importance of financial planning as a basis for developing managerial decisions regarding the financial potential is substantiated. The characteristic of the development stages and the importance of financial potential in countries of the world is given. The stages of forecasting as the basis of enterprises’ financial plans are considered. The composition of the subsystems, methods and functions of financial planning highlighted in the scientific literature is investigated. The place of economic analysis in financial planning and in the system of financial planning of an enterprise’s economic activity is determined. There identified the directions of information disclosure in a financial plan: formation of financial results, budget settlements, cash flow, capital investments, ratio analysis, financial status, breakdown of individual items. The prospect for further research is to determine the order of applying the analytical procedures for each of these directions of economic analysis to justify the application of the analytical procedures for assessing financial potential on the basis of financial plans of forestry enterprises. This will allow to create information space for managing the financial potential of a forestry enterprise to achieve its tactical and strategic goals.

  1. A sustainability analysis of an incineration project in Serbia.

    Science.gov (United States)

    Mikic, Miljan; Naunovic, Zorana

    2013-11-01

    The only option for municipal solid waste (MSW) treatment adopted so far in Serbia is landfilling. Similarly to other south-eastern European countries, Serbia is not recovering any energy from MSW. Fifty percent of electricity in Serbia is produced in coal-fired power plants with emission control systems dating from the 1980s. In this article, the option of MSW incineration with energy recovery is proposed and examined for the city of Novi Sad. A sustainability analysis consisting of financial, economic and sensitivity analyses was done in the form of a cost-benefit analysis following recommendations from the European Commission. Positive and negative social and environmental effects of electricity generation through incineration were valuated partly using conversion factors and shadow prices, and partly using the results of previous studies. Public aversion to MSW incineration was considered. The results showed that the incineration project would require external financial assistance, and that an increase of the electricity and/or a waste treatment fee is needed to make the project financially positive. It is also more expensive than the landfilling option. However, the economic analysis showed that society would have net benefits from an incineration project. The feed-in tariff addition of only €0.03 (KWh)(-1) to the existing electricity price, which would enable the project to make a positive contribution to economic welfare, is lower than the actual external costs of electricity generation from coal in Serbia.

  2. The Fusion of Financial Analysis and Seismology: Statistical Methods from Financial Market Analysis Applied to Earthquake Data

    Science.gov (United States)

    Ohyanagi, S.; Dileonardo, C.

    2013-12-01

    As a natural phenomenon earthquake occurrence is difficult to predict. Statistical analysis of earthquake data was performed using candlestick chart and Bollinger Band methods. These statistical methods, commonly used in the financial world to analyze market trends were tested against earthquake data. Earthquakes above Mw 4.0 located on shore of Sanriku (37.75°N ~ 41.00°N, 143.00°E ~ 144.50°E) from February 1973 to May 2013 were selected for analysis. Two specific patterns in earthquake occurrence were recognized through the analysis. One is a spread of candlestick prior to the occurrence of events greater than Mw 6.0. A second pattern shows convergence in the Bollinger Band, which implies a positive or negative change in the trend of earthquakes. Both patterns match general models for the buildup and release of strain through the earthquake cycle, and agree with both the characteristics of the candlestick chart and Bollinger Band analysis. These results show there is a high correlation between patterns in earthquake occurrence and trend analysis by these two statistical methods. The results of this study agree with the appropriateness of the application of these financial analysis methods to the analysis of earthquake occurrence.

  3. 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.

  4. Financial Analysis of National University Hospitals in Korea.

    Science.gov (United States)

    Lee, Munjae

    2015-10-01

    This paper provides information for decision making of the managers and the staff of national university hospitals. In order to conduct a financial analysis of national university hospitals, this study uses reports on the final accounts of 10 university hospitals from 2008 to 2011. The results of comparing 2008 and 2011 showed that there was a general decrease in total assets, an increase in liabilities, and a decrease in total medical revenues, with a continuous deficit in many hospitals. Moreover, as national university hospitals have low debt dependence, their management conditions generally seem satisfactory. However, some individual hospitals suffer severe financial difficulties and thus depend on short-term debts, which generally aggravate the profit and loss structure. Various indicators show that the financial state and business performance of national university hospitals have been deteriorating. These research findings will be used as important basic data for managers who make direct decisions in this uncertain business environment or by researchers who analyze the medical industry to enable informed decision-making and optimized execution. Furthermore, this study is expected to contribute to raising government awareness of the need to foster and support the national university hospital industry.

  5. Project MOHAVE data analysis plan

    International Nuclear Information System (INIS)

    Watson, J.G.; Green, M.; Hoffer, T.E.; Lawson, D.R.; Pitchford, M.; Eatough, D.J.; Farber, R.J.; Malm, W.C.; McDade, C.E.

    1993-01-01

    Project MOHAVE is intended to develop ambient and source emissions data for use with source models, receptor models, and data analysis methods in order to explain the nature and causes of visibility degradation in the Grand Canyon. Approximately 50% of the modeling and data analysis effort will be directed toward understanding the contributions from the Mohave Power Project to haze in the Grand Canyon and other nearby Class areas; the remaining resources will be used to understand the contribution from other sources. The major goals of Project MOHAVE and data analysis are: to evaluate the measurement for applicability to modeling and data analysis activities; to describe the visibility, air quality and meteorology during the field study period and to determine the degree to which these measurements represent typical visibility events at the Grand Canyon; to further develop conceptual models of physical and chemical processes which affect visibility impairment at the Grand Canyon; to estimate the contributions from different emission sources to visibility impairment at the Grand Canyon, and to quantitatively evaluate the uncertainties of those estimates; to reconcile different scientific interpretations of the same data and to present this reconciliation to decision-makers. Several different approaches will be applied. Each approach will involve explicit examination of measurement uncertainties, compliance with implicit and explicit assumptions, and representativeness of the measurements. Scientific disagreements will be sought, expressed, explained, quantified, and presented. Data which can be used to verify methods will be withheld for independent evaluation of the validity of those methods. All assumptions will be stated and evaluated against reality. Data analysis results not supporting hypotheses will be presented with those results supporting the hypotheses. Uncertainty statements will be quantitative and consistent with decision-making needs

  6. Financial Statement Analysis in Municipalities and an Application

    Directory of Open Access Journals (Sweden)

    Ali Kablan

    2013-07-01

    Full Text Available Municipalities are compelled to use their resources in a mostefficient manner in order to meet increased demand for services. The regular collection of revenues in municipalities, whilemaking expenditures in  most efficientways depend on the healthy functioning of the budget and accounting and thefinancial control system correspondingly. In is necessary for municipalities tocontinuously control the balance of incomes and expenses, determining andeliminating the negativities in this balance. For this purpose, financialanalyses and management ratios are needed. With the financial analyses made, afinancial control system may be established in a municipality and used formanagement purposes. The importance of this study is that if the organizationsand enterprises belonging to the public can apply the analysis techniques asprofoundly as the private sector organizations and enterprises, thosemunicipalities which continuously produce information through financial controlcan take corrective actions in line with such information, and by determiningout of which items the increases and decreases in revenues and expenses arisethey will take actions in order to decrease expenses and to increase revenues.In addition, it will be possible to apply financial carnets (ration cards topublic organizations and enterprises. For this purpose, sorts of financialanalyses are mentioned in the study, and an application is included in themunicipality of Beylikdüzü for analyzing financial tables in publicorganizations and enterprises which are obtained as a result of accrualsaccounting. In the application, the Balance Sheet and Table of the OperatingResults for the year 2012 are subjected to comparative statements, and topercentage and ratio analyses; and then the results are interpreted

  7. 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

  8. Student financial support. An inventory in 24 European countries. Background report for the project on portability of student financial support

    OpenAIRE

    Vossensteyn, Johan J.

    2004-01-01

    This report provides a description of the current national systems of student financial support in 24 European countries. It provides information on tuition fees, grants, scholarships, student loans, and indirect student support through students families (family allowances and tax benefits) and support in kind in the form of subsidies for travel, accommodation, student restaurants etc. It forms a background report for the study on the extent to which student financial support can be used for ...

  9. 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.

  10. Topological data analysis of financial time series: Landscapes of crashes

    Science.gov (United States)

    Gidea, Marian; Katz, Yuri

    2018-02-01

    We explore the evolution of daily returns of four major US stock market indices during the technology crash of 2000, and the financial crisis of 2007-2009. Our methodology is based on topological data analysis (TDA). We use persistence homology to detect and quantify topological patterns that appear in multidimensional time series. Using a sliding window, we extract time-dependent point cloud data sets, to which we associate a topological space. We detect transient loops that appear in this space, and we measure their persistence. This is encoded in real-valued functions referred to as a 'persistence landscapes'. We quantify the temporal changes in persistence landscapes via their Lp-norms. We test this procedure on multidimensional time series generated by various non-linear and non-equilibrium models. We find that, in the vicinity of financial meltdowns, the Lp-norms exhibit strong growth prior to the primary peak, which ascends during a crash. Remarkably, the average spectral density at low frequencies of the time series of Lp-norms of the persistence landscapes demonstrates a strong rising trend for 250 trading days prior to either dotcom crash on 03/10/2000, or to the Lehman bankruptcy on 09/15/2008. Our study suggests that TDA provides a new type of econometric analysis, which complements the standard statistical measures. The method can be used to detect early warning signals of imminent market crashes. We believe that this approach can be used beyond the analysis of financial time series presented here.

  11. Financial consumer protection and customer satisfaction. A relationship study by using factor analysis and discriminant analysis

    Directory of Open Access Journals (Sweden)

    Marimuthu SELVAKUMAR

    2015-11-01

    Full Text Available This paper tries to make an attempt to study the relationship between the financial consumer protection and customer satisfaction by using factor analysis and discriminant analysis. The main objectives of the study are to analyze the financial consumer protection in commercial banks, to examine the customer satisfaction of commercial banks and to identify the factors of financial consumer protection lead customer satisfaction. There are many research work carried out on financial consumer protection in financial literacy, but the identification of factors which lead the financial consumer protection and the relationship between financial consumer protection and the customer satisfaction is very important, Particularly for banks to improve its quality and increase the customer satisfaction. Therefore this study is carried out with the aim of identifying the factors of financial consumer protection and its influence on customer satisfaction. This study is both descriptive and analytical in nature. It covers both primary and secondary data. The primary data has been collected from the customers of commercial banks using pre-tested interview schedule and the secondary data has been collected from standard books, journals, magazines, websites and so on.

  12. A financing model to solve financial barriers for implementing green building projects.

    Science.gov (United States)

    Lee, Sanghyo; Lee, Baekrae; Kim, Juhyung; Kim, Jaejun

    2013-01-01

    Along with the growing interest in greenhouse gas reduction, the effect of greenhouse gas energy reduction from implementing green buildings is gaining attention. The government of the Republic of Korea has set green growth as its paradigm for national development, and there is a growing interest in energy saving for green buildings. However, green buildings may have financial barriers that have high initial construction costs and uncertainties about future project value. Under the circumstances, governmental support to attract private funding is necessary to implement green building projects. The objective of this study is to suggest a financing model for facilitating green building projects with a governmental guarantee based on Certified Emission Reduction (CER). In this model, the government provides a guarantee for the increased costs of a green building project in return for CER. And this study presents the validation of the model as well as feasibility for implementing green building project. In addition, the suggested model assumed governmental guarantees for the increased cost, but private guarantees seem to be feasible as well because of the promising value of the guarantee from CER. To do this, certification of Clean Development Mechanisms (CDMs) for green buildings must be obtained.

  13. A Financing Model to Solve Financial Barriers for Implementing Green Building Projects

    Science.gov (United States)

    Lee, Baekrae; Kim, Juhyung; Kim, Jaejun

    2013-01-01

    Along with the growing interest in greenhouse gas reduction, the effect of greenhouse gas energy reduction from implementing green buildings is gaining attention. The government of the Republic of Korea has set green growth as its paradigm for national development, and there is a growing interest in energy saving for green buildings. However, green buildings may have financial barriers that have high initial construction costs and uncertainties about future project value. Under the circumstances, governmental support to attract private funding is necessary to implement green building projects. The objective of this study is to suggest a financing model for facilitating green building projects with a governmental guarantee based on Certified Emission Reduction (CER). In this model, the government provides a guarantee for the increased costs of a green building project in return for CER. And this study presents the validation of the model as well as feasibility for implementing green building project. In addition, the suggested model assumed governmental guarantees for the increased cost, but private guarantees seem to be feasible as well because of the promising value of the guarantee from CER. To do this, certification of Clean Development Mechanisms (CDMs) for green buildings must be obtained. PMID:24376379

  14. 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.

  15. The proprietary hospital industry: a financial analysis 1972-1982.

    Science.gov (United States)

    Michel, A; Shaked, I; Daley, J

    1985-01-01

    This paper evaluates the performance of both specific firms within the American for-profit hospital industry and the industry as a whole. First, traditional financial analysis is used to evaluate individual publicly traded for-profit chains. Then, industry performance from 1973 to 1982 is evaluated using a set of measures based on Modern Portfolio Theory. The traditional financial analysis indicates that the industry seems increasingly profitable as well as increasingly healthy from the perspective of utilizing its assets and reducing its collection period. However, the industry's rapid growth rate has strained its ability to use additional debt funding and has created a potentially dangerous liquidity position. Measures based on Modern Portfolio Theory indicate that the average return of the industry has improved over the past 5 years. However, its risk has also increased. Nevertheless, the increase in risk is more than offset by the increased average return. In addition, recent legislation designed 'to reward the efficient' has introduced a significant degree of uncertainty into the industry's performance for the coming years. Thus, hospitals' ability to maintain the substantial profitability and rate of growth they have experienced over the past decade will depend on how well they will adapt to the changing environment.

  16. Report from the commission about the industrial and financial project of EdF; Rapport de la commission sur le projet industriel et financier d'EDF

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2004-07-01

    This report takes stock of the work carried out by the commission appointed by the French ministry of economy, finances and industry about the industrial and financial project of Electricite de France (EdF) in the framework of the liberalization of European energy markets. The report presents the conclusions of the commission about EdF's position in the new competition context, about the financial position of the group and about the foreseeable strategic options and their consequences in terms of equity fund needs. 5 appendixes present: the evolution of electricity prices, EdF and the energy policy, the electricity market and the competition in Europe, the EdF group: presentation and main adaptation stakes, the financial situation of EdF group. (J.S.)

  17. 43 CFR 404.56 - If a financial assistance agreement is entered into for a rural water supply project that...

    Science.gov (United States)

    2010-10-01

    ... entered into for a rural water supply project that benefits more than one Indian tribe, is the approval of... Lands BUREAU OF RECLAMATION, DEPARTMENT OF THE INTERIOR RECLAMATION RURAL WATER SUPPLY PROGRAM Miscellaneous § 404.56 If a financial assistance agreement is entered into for a rural water supply project that...

  18. Approaches to defining «financial potential» concept as of economic analysis object

    Directory of Open Access Journals (Sweden)

    O.M. Dzyubenkо

    2017-12-01

    Full Text Available The research analyzes the works of scientists who studied the issues of financial potential as an economic category. Due to analyzing the approaches of the scientists to the concept of "financial potential" the author identifies six approaches to the interpretation of its essence, they are: the totality of the enterprise financial resources, the sources of the enterprise economic activity financing, the enterprise economic activity development, the enterprise financial indicators, the system of enterprise financial management, the enterprise efficiency characteristics. It is established that the financial potential is the multifaceted category that characterizes the financial and economic activity of enterprises. The author's definition of the financial potential in the context of its place in the objects of economic analysis is proposed. It is established that the financial potential is the object of the enterprise economic activity management and is the subject to analytical assessments for establishing its state and directions of development.

  19. 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

  20. Analysis of financial cost models of strategic planning

    Directory of Open Access Journals (Sweden)

    Vorobev Aleksei Viacheslavovich

    2013-11-01

    Full Text Available This article analyzes the cost of financial models for strategic planning. Shows the strengths and weaknesses of the model, economic value added EVA (Economic Value Added. Necessity of further development of methods for determining financial policy priorities.

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

    International Nuclear Information System (INIS)

    Ma Shihao

    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/f β processes with possible long range correlations. Subsequently, by using the method of detrended fluctuation analysis (DFA) of the general 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.

  2. Supply Driven Financial Inclusion of India- An Interstate Analysis

    OpenAIRE

    Das, Tiken

    2015-01-01

    This paper attempts to measure and understand financial inclusion by looking at availability and accessibility elements of financial services. The study was carried out by constructing one Composite Financial Inclusion Index with different financial services indicators. One observes a lot of variation across states, for rural and urban regions. Even within a state, differences are clearly evident between rural and urban areas for the different indicators considered. The paper concludes to pro...

  3. Financial Management: Analysis of DoD's First Biennial Financial Management Improvement Plan

    National Research Council Canada - National Science Library

    1999-01-01

    ...). The plan is to be submitted not later than September 30 of each even-numbered year and is to address all aspects of financial management within DOD, including the finance systems, accounting systems...

  4. Student financial support. An inventory in 24 European countries. Background report for the project on portability of student financial support

    NARCIS (Netherlands)

    Vossensteyn, Johan J.

    2004-01-01

    This report provides a description of the current national systems of student financial support in 24 European countries. It provides information on tuition fees, grants, scholarships, student loans, and indirect student support through students families (family allowances and tax benefits) and

  5. A Self-Instructional Course in Student Financial Aid Administration. Module 8: Need Analysis. Second Edition.

    Science.gov (United States)

    Washington Consulting Group, Inc., Washington, DC.

    The eighth module in a 17-module self-instructional program on student financial aid administration (designed for novice student financial aid administrators and other personnel) focuses on need analysis. It provides an introduction to the management of federal financial aid programs authorized by the Higher Education Act Title IV. After…

  6. 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…

  7. Automated drug dispensing systems in the intensive care unit: a financial analysis.

    Science.gov (United States)

    Chapuis, Claire; Bedouch, Pierrick; Detavernier, Maxime; Durand, Michel; Francony, Gilles; Lavagne, Pierre; Foroni, Luc; Albaladejo, Pierre; Allenet, Benoit; Payen, Jean-Francois

    2015-09-09

    To evaluate the economic impact of automated-drug dispensing systems (ADS) in surgical intensive care units (ICUs). A financial analysis was conducted in three adult ICUs of one university hospital, where ADS were implemented, one in each unit, to replace the traditional floor stock system. Costs were estimated before and after implementation of the ADS on the basis of floor stock inventories, expired drugs, and time spent by nurses and pharmacy technicians on medication-related work activities. A financial analysis was conducted that included operating cash flows, investment cash flows, global cash flow and net present value. After ADS implementation, nurses spent less time on medication-related activities with an average of 14.7 hours saved per day/33 beds. Pharmacy technicians spent more time on floor-stock activities with an average of 3.5 additional hours per day across the three ICUs. The cost of drug storage was reduced by €44,298 and the cost of expired drugs was reduced by €14,772 per year across the three ICUs. Five years after the initial investment, the global cash flow was €148,229 and the net present value of the project was positive by €510,404. The financial modeling of the ADS implementation in three ICUs showed a high return on investment for the hospital. Medication-related costs and nursing time dedicated to medications are reduced with ADS.

  8. East Asia basin Analysis Project

    International Nuclear Information System (INIS)

    Terman, M.J.

    1986-01-01

    The United Nations-related Committee for Coordination of Joint Prospecting for Mineral Resources in Asian Offshore Areas (CCOP), in cooperation with the International Union of Geological Sciences and Circum-Pacific Council, is implementing the East Asia Basin Analysis Project. National and regional organizations, principally members of the ASEAN Council of Petroleum, are compiling maps at a scale of 1:2 million and stratigraphic cross sections of basins, with particular initial emphasis on defining and assessing oil and gas plays and with later analytical focus on other sedimentary minerals (e.g., coal, phosphate, evaporites, and uranium). Completion is anticipated in 1988. Two major elements of the project are being contributed from other agencies. (1) Base maps. - The US Geological Survey (USGS) has partly compiled eight sheets covering east Asia that show bathymetry, shorelines, and drainage systems. One sheet also presents topography and selected cultural features. All sheets are scheduled to be completed in 1987. (2) Geotectonic maps. - The Working Group on Studies of East Asian Tectonics and Resources (SEATAR) is now completing 10 transect studies with crustal profiles and strip maps at a scale of 1:1 million. One map for each transect shows a plate tectonic interpretation. Transect coordinators or others will be encouraged to extrapolate between the strips and complete the geotectonic interpretation (on USGS bases) in 1987. The IGCP Project 220 is also compiling on (USGS bases) the tin and tungsten granites of east Asia, emphasizing geochemical data needed to identify predictive models. Other mapping will probably follow mineral-deposit modeling workshops on ophiolotic chromite and regional symposia on oceanic massive sulfide and subvolcanic gold and base metals. Completion may be possible by 1989

  9. Methodological Approach to Company Cash Flows Target-Oriented Forecasting Based on Financial Position Analysis

    OpenAIRE

    Sergey Krylov

    2012-01-01

    The article treats a new methodological approach to the company cash flows target-oriented forecasting based on its financial position analysis. The approach is featured to be universal and presumes application of the following techniques developed by the author: financial ratio values correction techniques and correcting cash flows techniques. The financial ratio values correction technique assumes to analyze and forecast company financial position while the correcting cash flows technique i...

  10. 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.

  11. The GEOFAR Project - Geothermal Finance and Awareness in Europeans Regions - Development of new schemes to overcome non-technical barriers, focusing particularly on financial barriers

    Science.gov (United States)

    Poux, Adeline; Wendel, Marco; Jaudin, Florence; Hiegl, Mathias

    2010-05-01

    Numerous advantages of geothermal energy like its widespread distribution, a base-load power and availability higher than 90%, a small footprint and low carbon emissions, and the growing concerns about climate changes strongly promote the development of geothermal projects. Geothermal energy as a local energy source implies needs on surface to be located close to the geothermal resource. Many European regions dispose of a good geothermal potential but it is mostly not sufficiently developed due to non-technical barriers occurring at the very early stages of the project. The GEOFAR Project carried out within the framework of EU's "Intelligent Energy Europe" (IEE) program, gathers a consortium of European partners from Germany, France, Greece, Spain and Portugal. Launched in September 2008, the aim of this research project is to analyze the mentioned non-technical barriers, focusing most particularly on economic and financial aspects. Based on this analysis GEOFAR aims at developing new financial and administrative schemes to overcome the main financial barriers for deep geothermal projects (for electricity and direct use, without heat pumps). The analysis of the current situation and the future development of geothermal energy in GEOFAR target countries (Germany, France, Greece, Spain, Portugal, Slovakia, Bulgaria and Hungary) was necessary to understand and expose the diverging status of the geothermal sector and the more and less complicated situation for geothermal projects in different Europeans Regions. A deeper analysis of 40 cases studies (operating, planned and failed projects) of deep geothermal projects also contributed to this detailed view. An exhaustive analysis and description of financial mechanisms already existing in different European countries and at European level to support investors completed the research on non-technical barriers. Based on this profound analysis, the GEOFAR project has made an overview of the difficulties met by project

  12. 24 Energy production and financial analysis of photovoltaic energy ...

    African Journals Online (AJOL)

    Bernabé Marí Soucase

    A techno-economic analysis has been used for project cost control, ... First of all, we defined Cash Flow as movements of money in and out of any ... cost of electric energy in Côte d'Ivoire for the common use of families and small companies [9].

  13. Multivariate Statistical Methods as a Tool of Financial Analysis of Farm Business

    Czech Academy of Sciences Publication Activity Database

    Novák, J.; Sůvová, H.; Vondráček, Jiří

    2002-01-01

    Roč. 48, č. 1 (2002), s. 9-12 ISSN 0139-570X Institutional research plan: AV0Z1030915 Keywords : financial analysis * financial ratios * multivariate statistical methods * correlation analysis * discriminant analysis * cluster analysis Subject RIV: BB - Applied Statistics, Operational Research

  14. 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.

  15. Biomass gasifier projects for decentralized power supply in India: A financial evaluation

    International Nuclear Information System (INIS)

    Nouni, M.R.; Mullick, S.C.; Kandpal, T.C.

    2007-01-01

    Results of a techno-economic evaluation of biomass gasifier based projects for decentralized power supply for remote locations in India are presented. Contributions of different components of diesel engine generator (DG) sets, dual fuel (DF) engine generator sets and 100% producer gas (HPG) engine generator sets to their capital costs as well as to the levelized unit cost of electricity (LUCE) delivered by the same have been analyzed. LUCE delivered to the consumers has been estimated to be varying in the range of Rs. 13.14-24.49/kWh (US$ 0.30-0.55/kWh) for DF BGPP. LUCE increases significantly if BGPP is operated at part loads. Presently available 40kW capacity HPG systems in India are expected to be financially competitive with a DG set of equivalent capacity beyond a break-even diesel price of Rs. 34.70/l. It is expected to be financially more attractive than an equivalent capacity DF BGPP for diesel prices of more than Rs. 44.29/l. In certain specific conditions operating two smaller capacity systems has been found to be attractive as against a single larger capacity system

  16. Disturbance observer-based adaptive sliding mode hybrid projective synchronisation of identical fractional-order financial systems

    Science.gov (United States)

    Khan, Ayub; Tyagi, Arti

    2018-05-01

    In this paper, we have studied the hybrid projective synchronisation for incommensurate, integer and commensurate fractional-order financial systems with unknown disturbance. To tackle the problem of unknown bounded disturbance, fractional-order disturbance observer is designed to approximate the unknown disturbance. Further, we have introduced simple sliding mode surface and designed adaptive sliding mode controllers incorporating with the designed fractional-order disturbance observer to achieve a bounded hybrid projective synchronisation between two identical fractional-order financial model with different initial conditions. It is shown that the slave system with disturbance can be synchronised with the projection of the master system generated through state transformation. Simulation results are presented to ensure the validity and effectiveness of the proposed sliding mode control scheme in the presence of external bounded unknown disturbance. Also, synchronisation error for commensurate, integer and incommensurate fractional-order financial systems is studied in numerical simulation.

  17. Formation of the Project Team on Introduction of Financial Controlling into Banking Activity

    Directory of Open Access Journals (Sweden)

    Chmutova Iryna M.

    2014-01-01

    Full Text Available The article identifies order and content of stages of formation of the project team of introduction of financial controlling into banking activity. It offers a procedure of identification of the qualitative team composition, which envisages selection of candidates with the use of rules of fuzzy logical conclusion for assessing three groups of competences: personal (initiative, communication ability, creative ability, purposefulness and responsibility; common managerial (ability to work in a team, ability to manage conflicts, ability to manage, strategic thinking ability, ability to plan team work and distribute rights and obligations and co-ordinate work; special managerial (ability to justify and make decisions under conditions of uncertainty and dynamism, analytical abilities, ability to master new directions and methods of work and use them, skills and ability to form justified recommendations, special knowledge – theoretical grounds and recommendations of modern science with respect to introduction of controlling.

  18. Exploratory Modelling of Financial Reporting and Analysis Practices in Small Growth Enterprises

    OpenAIRE

    Richard G. P. McMahon; Leslie G. Davies; Nicholas M. Bluhm

    1994-01-01

    This paper reports an exploratory study of statistical modelling of historical financial reporting and analysis in a sample of small growth enterprises. The study sought to identify those factors that determine whether particular financial reporting and analysis practices are undertaken, and to represent these explanatory factors in expressions that reflect their relative and combined influence. Dichotomous logistic regression is employed to model financial analysis and polytomous logistic re...

  19. 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.

  20. Severe accident analysis code Sampson for impact project

    International Nuclear Information System (INIS)

    Hiroshi, Ujita; Takashi, Ikeda; Masanori, Naitoh

    2001-01-01

    Four years of the IMPACT project Phase 1 (1994-1997) had been completed with financial sponsorship from the Japanese government's Ministry of Economy, Trade and Industry. At the end of the phase, demonstration simulations by combinations of up to 11 analysis modules developed for severe accident analysis in the SAMPSON Code were performed and physical models in the code were verified. The SAMPSON prototype was validated by TMI-2 and Phebus-FP test analyses. Many of empirical correlation and conventional models have been replaced by mechanistic models during Phase 2 (1998-2000). New models for Accident Management evaluation have been also developed. (author)

  1. Streamlining project delivery through risk analysis.

    Science.gov (United States)

    2015-08-01

    Project delivery is a significant area of concern and is subject to several risks throughout Plan Development : Process (PDP). These risks are attributed to major areas of project development, such as environmental : analysis, right-of-way (ROW) acqu...

  2. Sustainability-Oriented Financial Resource Allocation in a Project Portfolio through Multi-Criteria Decision-Making

    Directory of Open Access Journals (Sweden)

    Nomeda Dobrovolskienė

    2016-05-01

    Full Text Available Modern portfolio theory attempts to maximize the expected return of a portfolio for a given level of portfolio risk, or equivalently minimize risk for a given level of expected return. The reality, however, shows that, when selecting projects to a portfolio and allocating resources in the portfolio, an increasing number of organizations take into account other aspects as well. As a result of the sole purpose (risk-return, it offers only a partial solution for a sustainable organization. Existing project portfolio selection and resource allocation methods and models do not consider sustainability. Therefore, the aim of this article is to develop a sustainability-oriented model of financial resource allocation in a project portfolio by integrating a composite sustainability index of a project into Markowitz’s classical risk-return scheme (mean-variance model. The model was developed by applying multi-criteria decision-making methods. The practicability of the model was tested by an empirical study in a selected construction company. The proposed sustainability-oriented financial resource allocation model could be used in allocating financial resources in any type of business. The use of the model would not only help organisations to manage risk and achieve higher return but would also allow carrying out sustainable projects, thereby promoting greater environmental responsibility and giving more consideration to the wellbeing of future generations. Moreover, the model allows quantifying the impact of the integration of sustainability into financial resource allocation on the return of a portfolio.

  3. Data Decision Analysis: Project Shoal

    Energy Technology Data Exchange (ETDEWEB)

    Forsgren, Frank; Pohll, Greg; Tracy, John

    1999-01-01

    The purpose of this study was to determine the most appropriate field activities in terms of reducing the uncertainty in the groundwater flow and transport model at the Project Shoal area. The data decision analysis relied on well-known tools of statistics and uncertainty analysis. This procedure identified nine parameters that were deemed uncertain. These included effective porosity, hydraulic head, surface recharge, hydraulic conductivity, fracture correlation scale, fracture orientation, dip angle, dissolution rate of radionuclides from the puddle glass, and the retardation coefficient, which describes the sorption characteristics. The parameter uncertainty was described by assigning prior distributions for each of these parameters. Next, the various field activities were identified that would provide additional information on these parameters. Each of the field activities was evaluated by an expert panel to estimate posterior distribution of the parameters assuming a field activity was performed. The posterior distributions describe the ability of the field activity to estimate the true value of the nine parameters. Monte Carlo techniques were used to determine the current uncertainty, the reduction of uncertainty if a single parameter was known with certainty, and the reduction of uncertainty expected from each field activity on the model predictions. The mean breakthrough time to the downgradient land withdrawal boundary and the peak concentration at the control boundary were used to evaluate the uncertainty reduction. The radionuclide 137Cs was used as the reference solute, as its migration is dependent on all of the parameters. The results indicate that the current uncertainty of the model yields a 95 percent confidence interval between 42 and 1,412 years for the mean breakthrough time and an 18 order-of-magnitude range in peak concentration. The uncertainty in effective porosity and recharge dominates the uncertainty in the model predictions, while the

  4. Barriers to innovation within large financial services firms : An in-depth study into disruptive and radical innovation projects at a bank

    NARCIS (Netherlands)

    Das, P.A.C.; Verburg, R.M.; Verbraeck, A.; Bonebakker, Lodewijk

    2017-01-01

    Purpose - Since the 2008 financial crisis, the financial industry is in need of innovation to increase stability and improve quality of services. The purpose of this paper is to explore internal barriers that influence the effectiveness of projects within large financial services firms focussing on

  5. Uncertainty, financial development and economic growth : an empirical analysis

    NARCIS (Netherlands)

    Lensink, Robert

    1999-01-01

    This paper examines whether financial sector development may partly undo growth-reducing effects of policy uncertainty. By performing a cross-country growth regression for the 1970-1995 period I find evidence that countries with a more developed financial sector are better able to nullify the

  6. 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.

  7. Financial Aid to Students in Europe: A Summary Analysis.

    Science.gov (United States)

    Vorbeck, Michael

    1983-01-01

    An outline of policies and trends in 21 European countries concerning student financial aid as a form of support for higher education includes a tuition survey, policy purposes and considerations, forms of direct and indirect aid, tax benefits, financial aid systems, and study abroad. (MSE)

  8. ANALYSIS OF THE INVESTMENT ARBITRAGE STRATEGY USING FINANCIAL MULTIPLIERS

    Directory of Open Access Journals (Sweden)

    Dmitry S. Pashkov

    2013-01-01

    Full Text Available This article describes an algorithm for stock pairs trading using financial multipliers of underlying companies. This algorithm has been tested on historical data and compared with classical Bollinger bands strategy. The results of tests were presented for two financial sectors of US stock market.

  9. Blockchain based financial case analysis and its implications

    Directory of Open Access Journals (Sweden)

    Soonduck Yoo

    2017-12-01

    Full Text Available Purpose - In Korea and abroad, this paper investigates the use of blockchains in the financial sector. This study aims to examine how blockchains are applied to the financial sector and how to respond to the Korean conditions. Design/methodology/approach - This paper investigates the movements of the financial sector and related services using the blockchain in the current market. Findings - First, as a result of examining domestic and foreign cases, it can be seen that the areas where blockchains are most actively applied in the financial sector are expanding into settlement, remittance, securities and smart contracts. Also, in Korea, many of the authentication procedures based on the equipment possessed by the consumers are used so that introduction of the blockchain in the authentication part is prominent. Second, the move to introduce a closed (private distributed ledger that does not go through the central bank is accelerating in payments between banks. Third, domestic financial institutions also need joint action by financial institutions through a blockchain consortium to apply blockchain technology to the financial sector. Fourth, consumer needs and technological developments are changing. At the same time, as the opportunity to infringe on the information held by individuals has expanded, the need for blockchain technology is strongly emerging because of the efforts of the organizations to defend it. Originality/value - This paper contributes to understanding the changes in the financial sector using the blockchain.

  10. 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…

  11. 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.

  12. 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.

  13. Financial Crisis Now Striking Home for School Districts: Project Delays, Worries About Cash Flow Result of Tight Credit Markets

    Science.gov (United States)

    Davis, Michelle R.

    2008-01-01

    This article reports that the crisis besetting U.S. and world financial markets is hitting school districts hard, as they struggle to float the bonds needed for capital projects, borrow money to ensure cash flow, and get access to investment funds locked up in troubled institutions. Some schools districts depend heavily on borrowed money to pay…

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

    Science.gov (United States)

    2016-12-01

    examples of fraud risk factors, including the opportunity for top management to commit fraud due to ineffective monitoring of management as a result of...Jefferson Davis Highway, Suite 1204, Arlington, VA 22202-4302, and to the Office of Management and Budget, Paperwork Reduction Project (0704-0188...Officer COGS Cost of Goods Sold COSO Committee of Sponsoring Organizations DOD Department of Defense FAR Federal Acquisition Regulations GAAP

  15. 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.

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

    International Nuclear Information System (INIS)

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

    2013-01-01

    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. (interdisciplinary physics and related areas of science and technology)

  17. 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.

  18. 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.

  19. Planning and Analysis of the Company’s Financial Performances by Using a Software Simulation

    Directory of Open Access Journals (Sweden)

    Meri BOSHKOSKA

    2017-06-01

    Full Text Available Information Technology includes a wide range of software solution that helps managers in decision making processes in order to increase the company's business performance. Using software solution in financial analysis is a valuable tool for managers in the financial decision making process. The objective of the study was accomplished by developing Software that easily determines the financial performances of the company through integration of the analysis of financial indicators and DuPont profitability analysis model. Through this software, managers will be able to calculate the current financial state and visually analyze how their actions will affect the financial performance of the company. This will enable them to identify the best ways to improve the financial performance of the company. The software can perform a financial analysis and give a clear, useful overview of the current business performance and can also help in planning the growth of the company. The Software can also be implemented in educational purposes for students and managers in the field of financial management.

  20. 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.

  1. Empirical fractal geometry analysis of some speculative financial bubbles

    Science.gov (United States)

    Redelico, Francisco O.; Proto, Araceli N.

    2012-11-01

    Empirical evidence of a multifractal signature during increasing of a financial bubble leading to a crash is presented. The April 2000 crash in the NASDAQ composite index and a time series from the discrete Chakrabarti-Stinchcombe model for earthquakes are analyzed using a geometric approach and some common patterns are identified. These patterns can be related the geometry of the rising period of a financial bubbles with the non-concave entropy problem.

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

    OpenAIRE

    Prudnikov A. G.; Zhurova O. I.

    2016-01-01

    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 opinio...

  3. Analysis of Installed Measures and Energy Savings for Single-Family Residential Better Buildings Projects

    Energy Technology Data Exchange (ETDEWEB)

    Heaney, M. [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Polly, B. [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

    2015-04-30

    This report presents an analysis of data for residential single-family projects reported by 37 organizations that were awarded federal financial assistance (cooperative agreements or grants) by the U.S. Department of Energy’s Better Buildings Neighborhood Program.1 The report characterizes the energy-efficiency measures installed for single-family residential projects and analyzes energy savings and savings prediction accuracy for measures installed in a subset of those projects.

  4. 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.

  5. Methodology of the Integrated Analysis of Company's Financial Status and Its Performance Results

    OpenAIRE

    Mackevičius, Jonas; Valkauskas, Romualdas

    2010-01-01

    Information about company's financial status and its performance results is very important for the objective evaluation of company's position in the market and competitive possibilities in the future. Such information is provided in the financial statement. It is important to apply and investigate this information properly. The methodology of company's financial status and performance results integrated analysis is recommended in this article. This methodology consists of these three elements...

  6. Financial Performance Analysis to Reformulate Business Strategy (Case Study: Bank Syariah Mandiri KCP XYZ)

    OpenAIRE

    Rachmadiah, Euis; Aliludin, Arson

    2013-01-01

    The purpose of this research is to analyzing Financial Performance of KCP XYZ of PT Bank Syariah Mandiri in order to reformulate business strategy and its implementation plan. The strategy formulation is conducted with evaluating its current performance as a first stage element. Financial Performance analysis by 4 financial ratios; ROA, BOPO, NCOM, FDR and 4 growth ratios; Growth of Assets, Growth of Depositor Funds, Growth of Financing and Growth of Net Earnings, is chosen to evaluate the po...

  7. Economic analysis of geothermal projects

    International Nuclear Information System (INIS)

    Allegrini, G.; Cappetti, G.

    1990-01-01

    This paper reports on the high investment costs typical of geothermal energy which necessitate careful verification of the resource before embarking on a development project. Moreover, they require the adoption of all strategies aimed at limiting investment costs and times as much as possible in order to contain the tie-up of capital in the construction activities. For this purpose a series of choices has been made regarding the constructional standardization of plants and the adoption of organizational criteria that allow cost reduction and better management of the various phases of a development project. A computer program has also been developed which makes it possible to examine the bearing the various parameters relating to the reservoir characteristics have on the cost of the kWh and to optimize resource utilization for the various activities of a development project

  8. The use of a break-even analysis: financial analysis of a fast-track program.

    Science.gov (United States)

    Saywell, R M; Cordell, W H; Nyhuis, A W; Giles, B K; Culler, S D; Woods, J R; Chu, D K; McKinzie, J P; Rodman, G H

    1995-08-01

    To calculate the financial break-even point and illustrate how changes in third-party reimbursement and eligibility could affect a program's fiscal standing. Demographic, clinical, and financial data were collected retrospectively for 446 patients treated in a fast-track program during June 1993. The fast-track program is located within the confines of the emergency medicine and trauma center at a 1,050-bed tertiary care Midwestern teaching hospital and provides urgent treatment to minimally ill patients. A financial break-even analysis was performed to determine the point where the program generated enough revenue to cover its total variable and fixed costs, both direct and indirect. Given the relatively low average collection rate (62%) and high percentage of uninsured patients (31%), the analysis showed that the program's revenues covered its direct costs but not all of the indirect costs. Examining collection rates or payer class mix without examining both costs and revenues may lead to an erroneous conclusion about a program's fiscal viability. Sensitivity analysis also shows that relatively small changes in third-party coverage or eligibility (income) requirements can have a large impact on the program's financial solvency and break-even volumes.

  9. Independent management and financial review, Yucca Mountain Project, Nevada. Final report

    International Nuclear Information System (INIS)

    1995-01-01

    The Yucca Mountain Project is one part of the Department of Energy's Office of Civilian Radioactive Waste Management Program (the Program) which was established by the Nuclear Waste Policy Act of 1982, and as amended in 1987. The Program's goal is to site the nation's first geologic repository for the permanent disposal of high-level nuclear waste, in the form of spent fuel rod assemblies, generated by the nuclear power industry and a smaller quantity of Government radioactive waste. The Program, which also encompasses the transportation system and the multipurpose canister system was not the subject of this Report. The subject of this Review was only the Yucca Mountain Project in Nevada. While the Review was directed toward the Yucca Mountain Project rather than the Program as a whole, there are certain elements of the Project which cannot be addressed except through discussion of some Program issues. An example is the Total System Life Cycle Cost addressed in Section 7 of this report. Where Program issues are discussed in this Report, the reader is reminded of the scope limitations of the National Association of Regulatory Utility Commissioners (NARUC) contract to review only the Yucca Mountain Project. The primary scope of the Review was to respond to the specific criteria contained in the NARUC scope of work. In responding to these criteria, the Review Team understood that some interested parties have expressed concern over the requirements of the Nuclear Waste Policy Act relative to the Yucca Mountain Project and the nature of activities currently being carried out by the Department of Energy at the Yucca Mountain Project site. The Review Team has attempted to analyze relevant portions of the Nuclear Waste Policy Act as Amended, but has not conducted a thorough analysis of this legislation that could lead to any specific legal conclusions about all aspects of it

  10. Independent management and financial review, Yucca Mountain Project, Nevada. Final report

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-07-15

    The Yucca Mountain Project is one part of the Department of Energy`s Office of Civilian Radioactive Waste Management Program (the Program) which was established by the Nuclear Waste Policy Act of 1982, and as amended in 1987. The Program`s goal is to site the nation`s first geologic repository for the permanent disposal of high-level nuclear waste, in the form of spent fuel rod assemblies, generated by the nuclear power industry and a smaller quantity of Government radioactive waste. The Program, which also encompasses the transportation system and the multipurpose canister system was not the subject of this Report. The subject of this Review was only the Yucca Mountain Project in Nevada. While the Review was directed toward the Yucca Mountain Project rather than the Program as a whole, there are certain elements of the Project which cannot be addressed except through discussion of some Program issues. An example is the Total System Life Cycle Cost addressed in Section 7 of this report. Where Program issues are discussed in this Report, the reader is reminded of the scope limitations of the National Association of Regulatory Utility Commissioners (NARUC) contract to review only the Yucca Mountain Project. The primary scope of the Review was to respond to the specific criteria contained in the NARUC scope of work. In responding to these criteria, the Review Team understood that some interested parties have expressed concern over the requirements of the Nuclear Waste Policy Act relative to the Yucca Mountain Project and the nature of activities currently being carried out by the Department of Energy at the Yucca Mountain Project site. The Review Team has attempted to analyze relevant portions of the Nuclear Waste Policy Act as Amended, but has not conducted a thorough analysis of this legislation that could lead to any specific legal conclusions about all aspects of it.

  11. 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

  12. FEASIBILITY AND FINANCIAL ISSUES OF CLEAN PROJECT DEVELOPMENT MECHANISM IN ARGENTINA

    Directory of Open Access Journals (Sweden)

    García Fronti, Inés

    2013-01-01

    Full Text Available The objective of the research is to determine the current status and perspectives presented in Argentina in 2011 for different stakeholders regarding the development, execution and implementation of projects of clean development mechanism (CDM under the Kioto Protocol, with emphasis on the analysis of accounting issues.In the Argentinean research there is an analysis of the accounting issues under discussion and -taking as theirtory the Brazilian study mentioned- has surveyed and interviewed stakeholders belonging to government agencies, professional bodies such as councils accounting professionals in economics from different jurisdictions, academics, consultants and companies that deal or CDM projects plan to address issues relating to general and their views on potential regulations from bodies of the accounting profession and/or governmental and motivation of business and accounting issues of CDM projects such as moments of recognition of accounting entries and the different forms of the same recognition. The results showed that knowledge on the subject of stakeholders is initial but is possible an important increase in the future, accompanied by the development in Argentina of such projects.

  13. Which territorial integration of participative renewable energies? Present status and analysis of French projects. Final report

    International Nuclear Information System (INIS)

    Devisse, Jean-Stephane; Gilbert, Olivier; Reix, Fabien; GASPARD, Albane

    2016-02-01

    This study aimed at qualifying actors involved in projects (stakeholders, motivations, who decides what and how), at identifying the available resources (technical and financial abilities, project management abilities), at describing the mobilisation work and territorial dialogue processes, and at exploring how benefit distribution contributes to territorial dynamics. This study first identified participative renewable energy projects in France. A survey by questionnaire was then performed among project holders. Six projects have also been more deeply studied (a mix of solar and photovoltaic and wind energy, two wind farms located in two different regions, a solar photovoltaic project, a hydroelectric project, and a project on biomass from forest). After the methodology, the report defines what a participative renewable energy project is, proposes an overview of these projects in 2015, present the case studies, and proposes an analysis on the different aspects of the project process

  14. Financial and tax risks at implementation of ''Chayanda- Lensk'' section of ''Sila Sibiri'' gas transportation system construction project

    International Nuclear Information System (INIS)

    Sharf, I V; Chukhareva, N V; Kuznetsova, L P

    2014-01-01

    High social and economic importance of large-scale projects on gasification of East Siberian regions of Russia and diversifying gas exports poses the problem of complex risk analysis of the project. This article discusses the various types of risks that could significantly affect the timing of the implementation and effectiveness of the project for the construction of the first line of ''Sila Sibiri'', the ''Chayanda-Lensk'' section. Special attention is paid to financial and tax aspects of the project. Graphically presented analysis of the dynamics of financial indicators reflect certain periods of effectiveness in implementing the project. Authors also discuss the possible causes and consequences of risks

  15. A study on effectiveness of project management of software development in IT vendors for financial institutions of Japan : Influence investigation in PM action

    OpenAIRE

    WATANABE, Eiichi; WATANABE, Tsunemi

    2012-01-01

    Concerning the information-system development for financial institutions, the mass media often focuses on the effectiveness and efficiency of project management of the large-scale development projects which have big social impacts. In practice, however, there are more small-scale development projects and so called enhance projects. The enhance project refers to a project of adding a function to the original product and system and/or improving its performance. The enhance project needs differe...

  16. 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.

  17. Financial time series analysis based on information categorization method

    Science.gov (United States)

    Tian, Qiang; Shang, Pengjian; Feng, Guochen

    2014-12-01

    The paper mainly applies the information categorization method to analyze the financial time series. The method is used to examine the similarity of different sequences by calculating the distances between them. We apply this method to quantify the similarity of different stock markets. And we report the results of similarity in US and Chinese stock markets in periods 1991-1998 (before the Asian currency crisis), 1999-2006 (after the Asian currency crisis and before the global financial crisis), and 2007-2013 (during and after global financial crisis) by using this method. The results show the difference of similarity between different stock markets in different time periods and the similarity of the two stock markets become larger after these two crises. Also we acquire the results of similarity of 10 stock indices in three areas; it means the method can distinguish different areas' markets from the phylogenetic trees. The results show that we can get satisfactory information from financial markets by this method. The information categorization method can not only be used in physiologic time series, but also in financial time series.

  18. 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.

  19. Financial Distress Prediction using Linear Discriminant Analysis and Support Vector Machine

    Science.gov (United States)

    Santoso, Noviyanti; Wibowo, Wahyu

    2018-03-01

    A financial difficulty is the early stages before the bankruptcy. Bankruptcies caused by the financial distress can be seen from the financial statements of the company. The ability to predict financial distress became an important research topic because it can provide early warning for the company. In addition, predicting financial distress is also beneficial for investors and creditors. This research will be made the prediction model of financial distress at industrial companies in Indonesia by comparing the performance of Linear Discriminant Analysis (LDA) and Support Vector Machine (SVM) combined with variable selection technique. The result of this research is prediction model based on hybrid Stepwise-SVM obtains better balance among fitting ability, generalization ability and model stability than the other models.

  20. 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.

  1. 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.

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

    International Nuclear Information System (INIS)

    Lu, Yunfan; Wang, Jun; Niu, Hongli

    2015-01-01

    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

  3. The Engineering Mechanism in Formation of Informational Basis of Analysis of Financial Sustainability of Enterprise

    Directory of Open Access Journals (Sweden)

    Chumak Oksana V.

    2017-12-01

    Full Text Available The article is aimed at substantiating the mechanism and instruments of financial and accountancy engineering with purpose of formation of information support of analysis of financial sustainability in the enterprise management system. The essence and preconditions of introduction of financial and accountancy engineering are disclosed. Expediency of application of the financial engineering mechanism at enterprise while analyzing financial sustainability has been substantiated. An analysis of methods of formation and use of derivative balance reports was carried out. Models of the conception of mechanisms and instruments of financial and accountancy engineering in analyzing the financial sustainability of enterprise have been suggested. A mega-accounts system in the working plan of the enterprise’s accounts has been recommended. Seven iterations have been provided, which constitute the basis of accounting-analytical support of the accountancy engineering. The information obtained on the basis of the financial and accountancy engineering mechanism allows to carry out real assessment of the enterprise’s financial sustainability.

  4. 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.

  5. Analysis of Spin Financial Market by GARCH Model

    International Nuclear Information System (INIS)

    Takaishi, Tetsuya

    2013-01-01

    A spin model is used for simulations of financial markets. To determine return volatility in the spin financial market we use the GARCH model often used for volatility estimation in empirical finance. We apply the Bayesian inference performed by the Markov Chain Monte Carlo method to the parameter estimation of the GARCH model. It is found that volatility determined by the GARCH model exhibits ''volatility clustering'' also observed in the real financial markets. Using volatility determined by the GARCH model we examine the mixture-of-distribution hypothesis (MDH) suggested for the asset return dynamics. We find that the returns standardized by volatility are approximately standard normal random variables. Moreover we find that the absolute standardized returns show no significant autocorrelation. These findings are consistent with the view of the MDH for the return dynamics

  6. 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...

  7. A BRIEF ANALYSIS OF PUBLIC SECTOR CONSOLIDATED FINANCIAL STATEMENTS RESEARCHES

    Directory of Open Access Journals (Sweden)

    Andreea CÎRSTEA

    2015-12-01

    Full Text Available The purpose of the paper is to track the evolution of this specific topic of consolidated financial statements in the public sector, in order to be able to present a global picture of the actual knowledge stage of this issue at international level. The study conducted for reaching the proposed objective is a quantitative one. We tried to find out how this issue of public sector consolidated financial statements has sparked the interest of researchers around the world and when the issue was most debated. We concluded that the research of consolidated financial statements in the public sector is in its infancy and nowadays the topic starts to be more and more in the attention of the researchers in this field.

  8. 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)

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

    International Nuclear Information System (INIS)

    Bickford, J.C.

    1998-01-01

    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

  10. FINANCIAL INDICATORS FOR THE IMPLEMENTATION OF AN EUROPEAN FUNDED INVESTMENT PROJECT UNDER SOP IEC PROGRAMME – CASE STUDY OF A ROMANIAN SME

    Directory of Open Access Journals (Sweden)

    Droj Laurentiu

    2010-07-01

    Full Text Available The European Integration came with new challenges for the Romanian enterprises especially for the SMEs, the opportunities arising from operating on the European Single Market and the possibility for accession of European Regional Development Funds. The main programme designed to offer access for small, medium and large Romanian enterprises to European funding is the Sectorial Operational Programme “Increase of Economic Competitiveness”- SOP IEC. This paper will analyze the area of intervention “D1.1. Productive and environment friendly investments and preparation for market competition in which Romanian SMEs” are competing to access European funding in order to develop their activities or to extend them into new ones. One of the main challenges for these SMEs is to generate, fulfil and to respect the financial indicators of the programme, which are part of the financial analysis of the project.

  11. Integration of Financial Markets in Post Global Financial Crises and Implications for British Financial Sector: Analysis Based on A Panel VAR Model

    OpenAIRE

    Nasir, M; Du, M

    2017-01-01

    This study analyses the dynamics of integration among global financial markets in the context of Global Financial Crisis (2008) by employing a Panel Vector Autoregressive (VAR) model on the monthly data of nine countries and three markets from Jan 2003 to Oct 2015. It was found that there has been a shift in the association among the global financial markets since Global Financial Crisis (GFC).Moreover, the British financial sectors in Post-GFC world clearly showed a change in the association...

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

    International Nuclear Information System (INIS)

    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

  13. Supplement analysis, Southpoint power project

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1999-03-16

    The Calpine Corporation applied to interconnect its proposed power plant with the Western Area Power Administration`s (Western) Parker-Davis project in western Arizona. Western, as a major electric transmission system owner is required by existing policies and regulations, to provide access to its transmission system, when requested by an eligible organization. The proposed interconnection would integrate a major source of new generation into the Parker-Davis system which would allow Calpine to supply its power to the electric wholesale market. Based on this application, Western`s proposed action is to enter into an interconnection agreement with Calpine.

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

    Directory of Open Access Journals (Sweden)

    Daniela Cristina Solomon

    2013-12-01

    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.

  15. 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.

  16. Financial Structure and Macroeconomic Volatility : a Panel Data Analysis

    NARCIS (Netherlands)

    van Bezooijen, Emiel F.S.; Bikker, J.A.|info:eu-repo/dai/nl/06912261X

    In 2015, the European Commission (EC) launched its action plan for the creation of a European Capital Markets Union. The EC aims to return the European economy to sustainable growth and to enhance its shock absorbing capacity by reducing the reliance on bank finance and stimulating financial

  17. Financial Performance Analysis of Selected Commercial Banks in ...

    African Journals Online (AJOL)

    A sample of the top seven commercial banks was selected based on the value of their total assets at the end of the 2009 financial year. These are the banks that dominate the sector with the ... Moreover, all banks were found to be unduly liquid affecting their revenue generating capacity. This is partly because of government ...

  18. Fiscal developments and financial stress: a threshold VAR analysis

    Czech Academy of Sciences Publication Activity Database

    Afonso, A.; Baxa, Jaromír; Slavík, M.

    2011-01-01

    Roč. 2011, č. 1319 (2011), s. 1-60 ISSN 1725-2806 Institutional research plan: CEZ:AV0Z10750506 Keywords : fiscal policy * financial markets * threshold VAR Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2011/E/baxa-0364091.pdf

  19. Financial implications of ventral hernia repair: a hospital cost analysis.

    Science.gov (United States)

    Reynolds, Drew; Davenport, Daniel L; Korosec, Ryan L; Roth, J Scott

    2013-01-01

    Complicated ventral hernias are often referred to tertiary care centers. Hospital costs associated with these repairs include direct costs (mesh materials, supplies, and nonsurgeon labor costs) and indirect costs (facility fees, equipment depreciation, and unallocated labor). Operative supplies represent a significant component of direct costs, especially in an era of proprietary synthetic meshes and biologic grafts. We aim to evaluate the cost-effectiveness of complex abdominal wall hernia repair at a tertiary care referral facility. Cost data on all consecutive open ventral hernia repairs (CPT codes 49560, 49561, 49565, and 49566) performed between 1 July 2008 and 31 May 2011 were analyzed. Cases were analyzed based upon hospital status (inpatient vs. outpatient) and whether the hernia repair was a primary or secondary procedure. We examined median net revenue, direct costs, contribution margin, indirect costs, and net profit/loss. Among primary hernia repairs, cost data were further analyzed based upon mesh utilization (no mesh, synthetic, or biologic). Four-hundred and fifteen patients underwent ventral hernia repair (353 inpatients and 62 outpatients); 173 inpatients underwent ventral hernia repair as the primary procedure; 180 inpatients underwent hernia repair as a secondary procedure. Median net revenue ($17,310 vs. 10,360, p costs for cases performed without mesh were $5,432; median direct costs for those using synthetic and biologic mesh were $7,590 and 16,970, respectively (p financial loss was $8,370. Outpatient ventral hernia repairs, with and without synthetic mesh, resulted in median net losses of $1,560 and 230, respectively. Ventral hernia repair is associated with overall financial losses. Inpatient synthetic mesh repairs are essentially budget neutral. Outpatient and inpatient repairs without mesh result in net financial losses. Inpatient biologic mesh repairs result in a negative contribution margin and striking net financial losses. Cost

  20. Non-Financial Reporting in Croatia: Current Trends Analysis and Future Perspectives

    Directory of Open Access Journals (Sweden)

    Adriana Galant

    2017-03-01

    Full Text Available Non-financial reporting forms part of corporate reporting. Among other, it includes disclosure of information regarding corporate social responsibility (CSR/sustainability issues and as such represent the supplement to the information provided by financial statements. Compared to the financial reporting, non-financial reporting is voluntary in majority of countries, including Croatia. Thus, companies decide on their own whether to disclose on this issue or not. Considering its voluntariness, the aim of this paper is to determine the current state of non-financial reporting in Croatia by identifying the financial characteristics of companies disclosing non-financial reports. In data analysis, the logistic regression was used. The research was conducted on a sample of Croatian publicly listed companies. Obtained results indicate that larger, more profitable and efficient companies are more probable to disclose non-financial reports, while indebtedness is not significant for it. In addition, further development of corporate social accounting is required, as well as promotion of non-financial reporting benefits.

  1. 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.

  2. Logistic regression analysis of financial literacy implications for retirement planning in Croatia

    Directory of Open Access Journals (Sweden)

    Dajana Barbić

    2016-12-01

    Full Text Available The relationship between financial literacy and financial behavior is important, as individuals are increasingly being asked to take responsibility for their financial wellbeing, especially their retirement. Analyzing of individual savings and attitudes towards retirement planning is important, as these types of investments are a way of preserving security during years of financial vulnerability. Research indicates that individuals who do not save adequately for their retirement, generally have a relatively low level of financial literacy. This research investigates the relationship between financial literacy and retirement planning in Croatia. To analyze the relationship between financial literacy and planning for retirement, maximum likelihood logistic regression analysis was used. The paper shows that those who answer financial literacy questions correctly are more likely to have a positive attitude towards retirement planning and are more likely to save for retirement, ensuring them of higher levels of financial security in retirement. The Goodness-of-Fit evaluation for the estimated logit model was performed using the Andrews and Hosmer-Lemeshow Tests.

  3. Investigation on the Efficiency of Financial Companies in Malaysia with Data Envelopment Analysis Model

    Science.gov (United States)

    Weng Siew, Lam; Kah Fai, Liew; Weng Hoe, Lam

    2018-04-01

    Financial ratio and risk are important financial indicators to evaluate the financial performance or efficiency of the companies. Therefore, financial ratio and risk factor are needed to be taken into consideration to evaluate the efficiency of the companies with Data Envelopment Analysis (DEA) model. In DEA model, the efficiency of the company is measured as the ratio of sum-weighted outputs to sum-weighted inputs. The objective of this paper is to propose a DEA model by incorporating the financial ratio and risk factor in evaluating and comparing the efficiency of the financial companies in Malaysia. In this study, the listed financial companies in Malaysia from year 2004 until 2015 are investigated. The results of this study show that AFFIN, ALLIANZ, APEX, BURSA, HLCAP, HLFG, INSAS, LPI, MNRB, OSK, PBBANK, RCECAP and TA are ranked as efficient companies. This implies that these efficient companies have utilized their resources or inputs optimally to generate the maximum outputs. This study is significant because it helps to identify the efficient financial companies as well as determine the optimal input and output weights in maximizing the efficiency of financial companies in Malaysia.

  4. Space Mission Human Reliability Analysis (HRA) Project

    Data.gov (United States)

    National Aeronautics and Space Administration — The purpose of this project is to extend current ground-based Human Reliability Analysis (HRA) techniques to a long-duration, space-based tool to more effectively...

  5. 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

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

    International Nuclear Information System (INIS)

    Mudde, P.; Abadie, A.

    2008-05-01

    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

  7. Analysis of Local Financial Management Transparency Based on Websites on Local Government in Java

    Directory of Open Access Journals (Sweden)

    Anissa Adriana

    2018-03-01

    Full Text Available The aim of this research is to analyze financial management transparency of local governments in Java using scoring and rating. The financial management transparency of the local governments is scored based on presentation of local financial information uploaded on each local government’s official website in Jawa in the fiscal years 2016.This research is a qualitative research with the object of research is all local government in Java. Data analysis in two levels, namely the transparency of local government financial management and identification of local government characteristics based on transparency of financial management. Data analysis in two levels, namely the transparency of local government financial management and identification of local government characteristics based on transparency of financial management. The results show that the Special Capital Region of Jakarta obtained the highest transparency index, at 58, 02% whereas Madiun Regency received the lowest transparency index, at 3, 40%. The average transparency index in Jawa for the fiscal years 2016 was still low, at only 19, 59%.The conclusion of this research is that Java regional governments consider the transparency of local financial management using less important websites because it is considered as a better thing not delivered to the public.

  8. Methodological Analysis of Gregarious Behaviour of Agents in the Financial Markets

    OpenAIRE

    Solodukhin Stanislav V.

    2013-01-01

    The article considers methodological approaches to analysis of gregarious behaviour of agents in the financial markets and also studies foundations of the agent modelling of decision making processes with consideration of the gregarious instinct.

  9. 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.

  10. FINANCIAL PERFORMANCE ANALYSIS BASED ON THE PROFIT AND LOSS STATEMENT

    Directory of Open Access Journals (Sweden)

    Ludmila PROFIR

    2017-07-01

    Full Text Available Financial performance is often difficult to achieve by economic entities, especially in the current economic context. Successful models of some companies constitute examples of good practice for aspirants. The profit and loss statement is part of the annual reports, is a synthesis accounting document that shows the result of the companies activity and thus measures the firm’s performance during a year. The purpose of this paper is to analyze the impact of the operating result on the financial performance through the net income. The target population of the study was the companies listed and traded on the Bucharest Stock Exchange during 2012-2016. The results of this study showed that the operating result has contributed significantly to the net income, and the companies listed and traded on the Bucharest Stock Exchange have successfully overcome the negative effects of the crisis and the recession.

  11. An Analysis of Wind Power Development in the Town of Hull, MA, Appendix 2: LaCapra Financial Study

    Energy Technology Data Exchange (ETDEWEB)

    Adams, Christopher

    2013-06-30

    The financial analysis and summary results presented in this document represent a first cut at an economic assessment of the proposed Hull Offshore Wind Project. Wind turbine price increases have outpaced the materials and labor price pressures faced by nonrenewable power plant developers due to increased demands on a limited pool of turbine manufacturers and offshore installation companies. Moreover, given the size of the proposed offshore facility, it may be difficult to contract with turbine manufacturers and/or foundation companies given the size and scope of competing worldwide demand. The results described in this report assume that such conditions will not significantly impact the prices that will have to be received from the output of the project; rather, the project size may require as a prerequisite that Hull be able to piggyback on other offshore efforts. The financial estimates provided here necessarily feature a range due to uncertainty in a number of project assumptions as well as overall uncertainty in offshore wind costs. Nevertheless, taken together, the analysis provides a ballpark revenue requirement of approximately $157/MWh for the municipal financing option, with higher estimates possible assuming escalation in costs to levels higher than assumed here.

  12. 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).

  13. Framing Financial Responsibility : An analysis of the limitations of accounting

    OpenAIRE

    Bay, Charlotta

    2011-01-01

    In organisations, accounting—understood broadly as calculative practices—is claimed to serve as a critical vehicle when introducing forms of individual financial responsibility. Whereas most prior accounting research has been preoccupied with asserting this claim, this paper opens an opportunity to examine the limitations of accounting as a technology of responsibilisation. It does so by moving the empirical focus beyond the borders of people’s work settings and into the private sphere of eve...

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

    OpenAIRE

    JELENA Toskovic; SLOBODAN Popovic; JASNA Markovic

    2015-01-01

    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 pass...

  15. Robust Regression and its Application in Financial Data Analysis

    OpenAIRE

    Mansoor Momeni; Mahmoud Dehghan Nayeri; Ali Faal Ghayoumi; Hoda Ghorbani

    2010-01-01

    This research is aimed to describe the application of robust regression and its advantages over the least square regression method in analyzing financial data. To do this, relationship between earning per share, book value of equity per share and share price as price model and earning per share, annual change of earning per share and return of stock as return model is discussed using both robust and least square regressions, and finally the outcomes are compared. Comparing the results from th...

  16. Analysis of the financial and economic activity agroturism

    OpenAIRE

    Godja (Dănilă), Daniela Ileana

    2016-01-01

    This study presents the efficiency of tourism enterprises in the market economy, which is the essential condition of its existence. For this reason, economic and financial situation of the company is the basis of tourism taking all decisions and actions that commits additional expenses. Businesses in rural areas need to face some unique conditions that are not in urban areas. For this reason a need expanding business in rural tourism which is the result of creating favorable conditions for ha...

  17. Analysis Brazilian preference shares: financial liabilities or equity instruments?

    OpenAIRE

    Diana Lucia de Almeida; Patricia de Souza Costa; Eliseu Martins

    2016-01-01

    The Brazilian preference shares, in general, except when they present specific features, such as mandatory redemption and cumulative dividends, meet the accounting definition of equity instruments. However, the scientific literature believes that those shares that do not have discretion to avoid the delivery of cash must be classified as financial liabilities. In a context in which remain differences of understanding of their proper accounting treatment, the following question arises: pre...

  18. Monetary policy implications of financial innovation: In-depth analysis

    OpenAIRE

    Bernoth, Kerstin; Gebauer, Stefan; Schäfer, Dorothea

    2017-01-01

    In this policy brief, we argue that the financial innovations triggered by the FinTech industry have the potential to affect the transmission of monetary policy as well as the informational content of important monetary indicators. The growing FinTech industry could contribute substantially to the emergence of nonbank finance as a substitute for traditional commercial bank finance. While the overall effect of nonbank finance on monetary policy transmission is not yet clear, we argue that regu...

  19. Financial analysis of large versus small nuclear power plants

    International Nuclear Information System (INIS)

    Louh, R.F.; Becker, M.; Wicks, F.

    1986-01-01

    There have been no new orders for nuclear plants and many nuclear plants under construction have been cancelled in recent years in the United States. Financing problems have been a major factor in this slow down of new nuclear plant activity. Meanwhile, the nuclear plants that have been completed have been operating cost effectively and yielding fossil fuel conservation and air quality benefits. Smaller plants have been designed in the past for the purpose of penetrating markets in developing countries and countries with relatively small utility systems. This paper examines the question of whether these smaller plants would be a viable option to large nuclear plants in the United States. Although the smaller plants are estimated to have a somewhat higher capital cost on a $/k W basis, they have the potential advantage of a lower total financial committment. The computational tools required for this evaluation are optimal generation planning and financial simulation programs and the corresponding generation and financial data bases for a variety of systems

  20. The Financial Analysis with Focus of Risks in the Banking System

    Directory of Open Access Journals (Sweden)

    Aleisky González-Duany

    2017-06-01

    Full Text Available The article consists in exposes the importance, need and convenience to develop a financial analysis with focus of risks in the banking activity to avoid damages and to take exactly and opportunity decisions. This analysis linked with bank risks will allow to the banking system measuring the efficiency in the different services that you render, detecting the different inherent risks to the financial activity with a former focus before, for the sake of giving fulfillment to the organizational goals

  1. 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.

  2. Critical evaluation of financial supporting schemes for wind-based projects: Case study Greece

    International Nuclear Information System (INIS)

    Kaldellis, J.K.

    2011-01-01

    After a long stagnating period during the second half of the 1990s, the market of wind energy in Greece was described by remarkable but unstable growth rates that resulted in the operation of 1 GW of wind power by the end of 2009. Still though, penetration of wind energy is not the one anticipated. On the other hand, national targets regarding the Renewable Energy Sources' (RES) contribution and existence of excellent wind potential areas across Greece challenge new wind energy investments. Acknowledging the unsteady development rates of wind power in Greece, efficiency of the State support mechanisms is currently investigated. Based on an analytical evaluation model, the investigation undertaken is extended to provide a detailed cost-benefit analysis of several wind energy case studies, including mainland and island applications as well as comparison with both conventional power stations and photovoltaic plants. For this purpose, the financial support provided by the State is directly compared with benefits accruing from the operation of wind parks, considering also the avoidance of social costs deriving from thermal power stations. Based on the results obtained, the beneficial characteristics of wind energy applications for the Greek society are clearly demonstrated, especially in the case of non-interconnected island grids. - Research highlights: → Since the mid-1990s, growth of wind power capacity in Greece has been unstable. → As a result, integration of wind energy is not the one anticipated. → Considering the situation, efficiency of State support mechanisms is evaluated. → An analytical cost-benefit model is developed and applied to various case studies. → Benefits from wind energy, especially in island regions, are designated.

  3. Risk disclosure in the financial statements: an analysis of the notes of portuguese non-financial corporations

    Directory of Open Access Journals (Sweden)

    Maria de Lima e Silva

    2015-09-01

    Full Text Available This study aims to analyze the risk disclosure of Portuguese non-financial corporations listed in the Lisbon Euronext in 2011 and 2012. The information characteristics disseminated in risk-related material were analyzed, considering the temporal contexto, the quantitative or qualitative nature of the information, the nature and classification of the risk disclosed. The data for this study were collected through the content analysis of the notes to the reports and accounts (consolidated accounts of the entities in the study population during 2011 and 2012, resulting in a population of 36 entities. The data were then submitted to univariate and bivariate analysis techniques, based on non-parametric tests, namely the Wilcoxon test. The results demonstrate that the qualitative disclosure of financial information is predominant, referring to the past, and classified as “good news”. The research results are intended to contribute to the understanding of the theme, like in the case of the elements in the information disclosure based on risk-related material.

  4. Financial conflicts of interest and conclusions about neuraminidase inhibitors for influenza: an analysis of systematic reviews.

    Science.gov (United States)

    Dunn, Adam G; Arachi, Diana; Hudgins, Joel; Tsafnat, Guy; Coiera, Enrico; Bourgeois, Florence T

    2014-10-07

    Industry funding and financial conflicts of interest may contribute to bias in the synthesis and interpretation of scientific evidence. To examine the association between financial conflicts of interest and characteristics of systematic reviews of neuraminidase inhibitors. Retrospective analysis. Reviews that examined the use of neuraminidase inhibitors in the prophylaxis or treatment of influenza, were published between January 2005 and May 2014, and used a systematic search protocol. Two investigators blinded to all information regarding the review authors independently assessed the presentation of evidence on the use of neuraminidase inhibitors as favorable or not favorable. Financial conflicts of interest were identified using the index reviews, other publications, and Web-based searches. Associations between financial conflicts of interest, favorability assessments, and presence of critical appraisals of evidence quality were analyzed. Twenty-six systematic reviews were identified, of which 13 examined prophylaxis and 24 examined treatment, accounting for 37 distinct assessments. Among assessments associated with a financial conflict of interest, 7 of 8 (88%) were classified as favorable, compared with 5 of 29 (17%) among those without a financial conflict of interest. Reviewers without financial conflicts of interest were more likely to include statements about the quality of the primary studies than those with financial conflicts of interest. The heterogeneity in populations and outcomes examined in the reviews precluded analysis of the contribution of selective inclusion of evidence on the discordance of the assessments made in the reviews. Many of the systematic reviews had overlapping authorship. Reviewers with financial conflicts of interest may be more likely to present evidence about neuraminidase inhibitors in a favorable manner and recommend the use of these drugs than reviewers without financial conflicts of interest. Australian National Health and

  5. The impact of financial development on carbon emissions: An empirical analysis in China

    International Nuclear Information System (INIS)

    Zhang Yuejun

    2011-01-01

    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: → This paper explores the influence of financial development on carbon emissions. → China's financial development appears to be an important driver for carbon emissions increase. → The influence of financial intermediation scale on carbon emissions outweighs that of other indicators. → China's stock market scale has relatively larger influence on carbon emissions but the influence of its efficiency is very limited. → China's FDI exerts the least influence on carbon emissions change, due to its relatively smaller volume compared with China's GDP.

  6. 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

  7. 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.

  8. The impact of financial position on investment: an analysis for non-financial corporations in the euro area

    OpenAIRE

    Carmen Martínez-Carrascal; Annalisa Ferrando

    2008-01-01

    This paper analyses the impact that firms financial position has on investment decisions using panel data from a large sample of non-financial corporations(around 120,000 firms) in six euro area countries(Belgium, Germany, France, Italy, the Netherlands and Spain). The results indicate that financial position is important to explain capital expenditures, as financial pressure appears relevant in explaining investment dynamics when it is proxied by cash flow, indebtedness and debt burden. The ...

  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. 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.

  11. 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.

  12. 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

  13. Real Options Analysis of Mining Projects

    OpenAIRE

    Rudolf Zdravlje

    2011-01-01

    When long life assets are being evaluated based on constant predictions of future variables and the assumptions of zero management flexibility, is value being missed? In project evaluation today, the most common evaluation methods that calculate a net present value are discounted cash flow (DCF) analysis, decision tree analysis and Monte Carlo simulation. A fourth method, which is beginning to gain ground in terms of its use in the mining industry, is real option analysis (ROA). ROA utilizes ...

  14. The Large Hadron Collider project: organizational and financial matters (of physics at the terascale)

    NARCIS (Netherlands)

    Engelen, J.

    2012-01-01

    n this paper, I present a view of organizational and financial matters relevant for the successful construction and operation of the experimental set-ups at the Large Hadron Collider of CERN, the European Laboratory for Particle Physics in Geneva. Construction of these experiments was particularly

  15. THE COMPANY ACCOUNTING EVALUATION – PRELIMINARY PHASE OF THE PROPER ANALYSIS OF FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Doina Pacurari

    2008-12-01

    Full Text Available The problem that the accounting information do not always reflect the economic reality may affect the analysis and forecast based on financial statements. This is due both to the accrual accounting limitations and to the fact that this type of accounting allows the result management. In spite of some disadvantages, the accrual accounting is considered superior to cash accounting in measuring the performances and determining financial position as well as in the predicting of future cash flow. In order to limit the negative effects on the results of analysis and forecast based on financial statements, the analists should evaluate the enterprise accounting and if necessary adjust the financial statements so they reflect the economic reality.

  16.  Basic assumptions and definitions in the analysis of financial leverage

    Directory of Open Access Journals (Sweden)

    Tomasz Berent

    2015-12-01

    Full Text Available The financial leverage literature has been in a state of terminological chaos for decades as evidenced, for example, by the Nobel Prize Lecture mistake on the one hand, and the global financial crisis on the other. A meaningful analysis of the leverage phenomenon calls for the formulation of a coherent set of assumptions and basic definitions. The objective of the paper is to answer this call. The paper defines leverage as a value neutral concept useful in explaining the magnification effect exerted by financial activity upon the whole spectrum of financial results. By adopting constructivism as a methodological approach, we are able to introduce various types of leverage such as capital and income, base and non-base, accounting and market value, for levels and for distances (absolute and relative, costs and simple etc. The new definitions formulated here are subsequently adopted in the analysis of the content of leverage statements used by the leading finance textbook.

  17. 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

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

    International Nuclear Information System (INIS)

    Wells, M.W.

    1998-01-01

    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

  19. Financial condition analysis ın municipalities: a case of turkey

    OpenAIRE

    ÖZKUL, Fatma; ALKAN, Betül Şeyma

    2017-01-01

    This study included the analysis of prepared comprehensive financial statements with the transition to accrual-based accounting system from cash-based accounting system in the public institutions in 2006. In Turkey, there is no specific method developed to the goals of public institutions. GASB 1 Reporting Model, which is a model developed in the USA, and is not yet used in Turkey, has been applied by taking financial statements data of the Istanbul Metropolitan Municipality. ...

  20. 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.

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

    OpenAIRE

    Suskim Riantani; Hafidz Nurzamzam

    2015-01-01

    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. M...

  2. 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...

  3. 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.

  4. Financial Analysis for Replacement of Construction Equipment in Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Ali Shash

    2012-11-01

    Full Text Available This study report results of a survey conducted in the EasternProvince of Saudi Arabia to explore the procedures and financialtechniques that large-size contractors utilise in replacingequipment. The results indicated that contractors set severalreplacement alternatives that they evaluate by using a set ofvarious qualitative and quantitative factors. The contractors’business objectives, employee safety and morale, and, contractors’image in the industry were found to be the most influentialqualitative factors affecting the decision of equipment replacement.Inflation, downtime, obsolescence, salvage value, and depreciationare among the top quantitative factors that contractors considerwhile making a decision to replace equipment. Because of theirsimplicity and practicality, the net present value, payback period,and the economic life are the most popular techniques that areutilised for analysing the financial issues of proposed replacementalternatives.

  5. 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.

  6. Financial Performance Analysis of BIST Tourism Companies with TOPSIS for 2011-2015 Period

    Directory of Open Access Journals (Sweden)

    Mahmut ERDOĞAN

    2018-01-01

    Full Text Available The main aim of this paper is to investigate of financial performance of 13 tourism firms quoted on BIST with TOPSIS method by exploitation of financial ratios for the 2011-2015 period. Basically, to determine financial power of the tourism firms financial ratios have measured and then general corporate performance scores estimated by TOPSIS method. Algorithm of the TOPSIS method is repeated and ranking orders of firms are calculated for each year. However, companies’ yearly performances are outlined and an average ranking is stated for 6 years. Lastly, tourism corporations have ranked with these scores. The result of this paper shows that financial performance of tourism companies point instability out during the all period. According to the results of analysis Net Turizm, Tekart Turizm, and Marmaris Altinyunus have the best performance in 2011 respectively, but Metemtur has the worst. On the other hand, surprisingly, Metemtur has the best financial efficiency and Martı Otel has the worst performance in 2015. However, Net Turizm and Marmaris Altinyunus have been continuing their financial stability and Metemtur is very volatile company in given term.

  7. APPLICABILITY OF A STRATEGIC MAP UNDER THE PERSPECTIVE OF CRITICAL FACTORS FOR PROJECT MANAGEMENT MATURITY AT A LARGE FINANCIAL INSTITUTION

    Directory of Open Access Journals (Sweden)

    Sady Darcy da Silva Junior

    2012-01-01

    Full Text Available Project Management and Strategic Management are two subjects of major relevance within the corporate environment, despite usually being treated separately, at organizations. However, for Westphal et al. (2008 one of the ways to link project management and strategy is through project management maturity, and to this effect, a series of actions that can be characterized as critical factors (Rabechini Jr. & Pessoa, 2005 are required. Another way of seeking this connection is by means of the strategic map concept which, according to Kaplan and Norton (2004, p.10, “represents the lost link between strategy formulation and the execution of the strategy”. In this study the purpose is to evaluate the applicability of a strategic map, from a critical factors perspective, on project management maturity, as proposed by Silva Jr. and Luciano (2010. Thus a qualitative and exploratory approach case study was conducted at a large financial institution, where three interview scripts were applied on nine professionals, whereby three were leaders, three were project managers and three, functional managers. Furthermore, a graphical representation standard was designed picturing possible situations concerning the applicability of strategic objectives of the map proposed in the case under study. As a result, an important academic contribution to the vague and scarce literature on the relationship between project management and organizational strategy was verified, in addition to mapping possibilities of improvements for the organization, which otherwise might have been impossible to identify.

  8. Competitive devaluations in currency wars: financial projections of neo-protectionism

    Directory of Open Access Journals (Sweden)

    Zoryana Lutsyshyn

    2013-08-01

    Full Text Available The article examines the nature of a currency war as signs of neoprotectionism in terms of global challenges the global monetary system which came in yet another transformation period has faced. We analyze a mechanism of performance of competitive devaluations as a tool for improving the competitiveness of national economies. It is given the author's interpretation of the financial instruments of neo-protectionism thorough a thorough study of the latter.

  9. The Analysis of Liquidity and Receivables as a Component of Corporate Financial Management

    Directory of Open Access Journals (Sweden)

    Feshchenko Oleh Р.

    2017-08-01

    Full Text Available The article is aimed at the analysis of liquidity and receivables of corporations and substantiation of proposals as to its improvement as part of the management of financial status of companies. The instruments, methodical techniques, tasks, and stages of managing the accounts receivable were generalized. It has been substantiated that, at the current stage of development of Ukraine’s economy, it appears not sufficient to apply the coefficient analysis only, there is a need to supplement it by the regression analysis of the panel data, allowing for the temporal and spatial characteristics of the sample. The development of additional indicators for the monitoring of receivables can be suggested as recommendations for the studied corporations in order to reduce future risks of non-recovery and financial deterioration. Prospect for further research is an in-depth regression analysis of the panel data in terms of the measures to refinance receivables and the financial dynamics of companies.

  10. 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.

  11. A BLUEPRINT OF RATIO ANALYSIS AS INFORMATION BASIS OF CORPORATION FINANCIAL MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Maja Andrijasevic

    2014-10-01

    Full Text Available Ratio analysis, due to its simplicity, has, for a long time, been one of the most frequently used methods of financial analysis. However, the question is how its results are a good basis for assessment of financial condition of a company by the external users of financial reports. If one takes into account numerous limitations, one can rather say that ratio analysis is a rough approximation of financial situation. What are the limitations, can they be overcome and in what way, can they, at least, be reduced, and to what extent the user has to take a reserved attitude when making business decisions on the basis of ratio analysis? The last but not the least, we should accept the fact that by insisting on financial analysis other aspects of the analyses are, in practice frequently marginalized, thus neglecting the fact that actually they themselves in the most direct manner point to the causes of potential disorders in business activities of a company.

  12. 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.

  13. Comparative life cycle assessment and financial analysis of mixed culture polyhydroxyalkanoate production.

    Science.gov (United States)

    Gurieff, Nicholas; Lant, Paul

    2007-12-01

    A life cycle assessment and financial analysis of mixed culture PHA (PHA(MC)) and biogas production was undertaken based on treating an industrial wastewater. Internal rate of return (IRR) and non-renewable CO(2)eq emissions were used to quantify financial viability and environmental impact. PHA(MC) was preferable to biogas production for treating the specified industrial effluent. PHA(MC) was also financially attractive in comparison to pure culture PHA production. Both PHA production processes had similar environmental impacts that were significantly lower than HDPE production. A large potential for optimisation exists for the PHA(MC) process as financial and environmental costs were primarily due to energy use for downstream processing. Under the conditions used in this work PHA(MC) was shown to be a viable biopolymer production process and an effective industrial wastewater treatment technology. This is the first study of its kind and provides valuable insight into the PHA(MC) process.

  14. Self-confidence in financial analysis: a study of younger and older male professional analysts.

    Science.gov (United States)

    Webster, R L; Ellis, T S

    2001-06-01

    Measures of reported self-confidence in performing financial analysis by 59 professional male analysts, 31 born between 1946 and 1964 and 28 born between 1965 and 1976, were investigated and reported. Self-confidence in one's ability is important in the securities industry because it affects recommendations and decisions to buy, sell, and hold securities. The respondents analyzed a set of multiyear corporate financial statements and reported their self-confidence in six separate financial areas. Data from the 59 male financial analysts were tallied and analyzed using both univariate and multivariate statistical tests. Rated self-confidence was not significantly different for the younger and the older men. These results are not consistent with a similar prior study of female analysts in which younger women showed significantly higher self-confidence than older women.

  15. [Analysis of financial statements of Japanese private hospitals (1982-1991)].

    Science.gov (United States)

    Matsuda, S; Murata, H

    1996-06-01

    In order to clarify the financial situation of Japanese private hospitals, the financial statements provided by the Social Welfare and Medical Service Corporation were analyzed for the period from 1982 to 1991. The results clarified the low growth rate and low profitability of the Japanese private hospitals, although their financial situation was relatively stable. However, the efficiency of cost has been stalled in recent years and profitability has been declining due to the low turnover rate of capital. According to the CVP analysis, the Profit volume ratio of the investigated hospitals has been increased to the level of 95%. This situation means that, in the current financial situation, more than half of the Japanese private hospitals will go into the red if revenue declines 5% due to some short term change in the managerial environment.

  16. Business System Planning Project, Alternatives Analysis

    International Nuclear Information System (INIS)

    EVOSEVICH, S.

    2000-01-01

    The CHG Chief Information Officer (CIO) requested a study of alternatives to the current business system computing environment. This Business Systems Planning (BSP) Project Alternatives Analysis document presents an analysis of the current Project Controls, Work Management, and Business Management systems environment and alternative solutions that support the business functions. The project team has collected requirements and priorities from stakeholders in each business area and documented them in the BSP System Requirements Specification (SRS), RPP-6297. The alternatives analysis process identifies and measures possible solutions in each of the business process areas against the requirements as documented in the SRS. The team gathered input from both internal and external sources to identify and grade the possible solutions. This document captures the results of that activity and recommends a suite of software products. This study was to select the best product based on how well the product met the requirements, not to determine the platform or hardware environment that would be used. Additional analysis documentation can be found in BSP project files

  17. 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.

  18. The Analysis of Human Resources Policies and Regional Financial Accounting System on Regional Government Financial Statements’ Quality

    OpenAIRE

    Aida Nahar; Subadriyah Subadriyah; Ali Sofwan

    2018-01-01

    Accountability of local governments in the implementation of policies should be carried out with the financial statements present the quality. Qualitative characteristics of financial statements described in PP 24/ 2005 that the qualitative characteristics of financial statements is a normative measurement that needs to be realized in the accounting information that can be fulfil its purpose. To be able to raise the normative requirements, this characteristics is absolutely necessary in order...

  19. An analysis of the agreement between financial data between the Medicare Cost Report and the audited hospital financial statement.

    Science.gov (United States)

    Chen, Li-Wu; Stoner, Julie; Makhanu, Catherine; Minikus, Kathy; Mueller, Keith J

    2004-05-01

    Very few studies have thoroughly examined the discrepancies between the financial information in the Medicare Cost Report (MCR) and that in the audited hospital financial statement (FS). Furthermore, this type of study has never been conducted for rural hospitals. In this policy brief, we present the findings from our study, which used statistical methods to examine the agreement between the MCR and the FS of a series of financial measures in rural hospitals. The results are expected to inform policy makers of the limitation inherent in using MCR data as the single source of data to examine the financial performance of rural hospitals.

  20. Project X: competitive intelligence data mining and analysis

    Science.gov (United States)

    Gilmore, John F.; Pagels, Michael A.; Palk, Justin

    2001-03-01

    Competitive Intelligence (CI) is a systematic and ethical program for gathering and analyzing information about your competitors' activities and general business trends to further your own company's goals. CI allows companies to gather extensive information on their competitors and to analyze what the competition is doing in order to maintain or gain a competitive edge. In commercial business this potentially translates into millions of dollars in annual savings or losses. The Internet provides an overwhelming portal of information for CI analysis. The problem is how a company can automate the translation of voluminous information into valuable and actionable knowledge. This paper describes Project X, an agent-based data mining system specifically developed for extracting and analyzing competitive information from the Internet. Project X gathers CI information from a variety of sources including online newspapers, corporate websites, industry sector reporting sites, speech archiving sites, video news casts, stock news sites, weather sites, and rumor sites. It uses individual industry specific (e.g., pharmaceutical, financial, aerospace, etc.) commercial sector ontologies to form the knowledge filtering and discovery structures/content required to filter and identify valuable competitive knowledge. Project X is described in detail and an example competitive intelligence case is shown demonstrating the system's performance and utility for business intelligence.

  1. 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.

  2. Assessing the Financial Value of Patient Engagement: A Quantitative Approach from CTTI's Patient Groups and Clinical Trials Project.

    Science.gov (United States)

    Levitan, Bennett; Getz, Kenneth; Eisenstein, Eric L; Goldberg, Michelle; Harker, Matthew; Hesterlee, Sharon; Patrick-Lake, Bray; Roberts, Jamie N; DiMasi, Joseph

    2018-03-01

    While patient groups, regulators, and sponsors are increasingly considering engaging with patients in the design and conduct of clinical development programs, sponsors are often reluctant to go beyond pilot programs because of uncertainty in the return on investment. We developed an approach to estimate the financial value of patient engagement. Expected net present value (ENPV) is a common technique that integrates the key business drivers of cost, time, revenue, and risk into a summary metric for project strategy and portfolio decisions. We assessed the impact of patient engagement on ENPV for a typical oncology development program entering phase 2 or phase 3. For a pre-phase 2 project, the cumulative impact of a patient engagement activity that avoids one protocol amendment and improves enrollment, adherence, and retention is an increase in net present value (NPV) of $62MM ($65MM for pre-phase 3) and an increase in ENPV of $35MM ($75MM for pre-phase 3). Compared with an investment of $100,000 in patient engagement, the NPV and ENPV increases can exceed 500-fold the investment. This ENPV increase is the equivalent of accelerating a pre-phase 2 product launch by 2½ years (1½ years for pre-phase 3). Risk-adjusted financial models can assess the impact of patient engagement. A combination of empirical data and subjective parameter estimates shows that engagement activities with the potential to avoid protocol amendments and/or improve enrollment, adherence, and retention may add considerable financial value. This approach can help sponsors assess patient engagement investment decisions.

  3. Research reactor job analysis - A project description

    International Nuclear Information System (INIS)

    Yoder, John; Bessler, Nancy J.

    1988-01-01

    Addressing the need of the improved training in nuclear industry, nuclear utilities established training program guidelines based on Performance-Based Training (PBT) concepts. The comparison of commercial nuclear power facilities with research and test reactors owned by the U.S. Department of Energy (DOE), made in an independent review of personnel selection, training, and qualification requirements for DOE-owned reactors pointed out that the complexity of the most critical tasks in research reactors is less than that in power reactors. The U.S. Department of Energy (DOE) started a project by commissioning Oak Ridge Associated Universities (ORAU) to conduct a job analysis survey of representative research reactor facilities. The output of the project consists of two publications: Volume 1 - Research Reactor Job Analysis: Overview, which contains an Introduction, Project Description, Project Methodology,, and. An Overview of Performance-Based Training (PBT); and Volume 2 - Research Reactor Job Analysis: Implementation, which contains Guidelines for Application of Preliminary Task Lists and Preliminary Task Lists for Reactor Operators and Supervisory Reactor Operators

  4. Development and implementation of a 600-MW natural gas cogeneration project - a financial case history

    International Nuclear Information System (INIS)

    Quinn, N.K.; Sherrill, R.L.

    1992-01-01

    In February 1990, General Electric Capital Corporation (GECC), through its wholly owned subsidiary, General Electric Power Funding Corporation (GEPFC), provided a number of commitments to a partnership (the Partnership) formed by a company that develops, owns, and operates cogeneration facilities to fund the development, construction, and permanent debt and equity financing of a 614 megawatt (M) cogeneration facility (the Project) to be located near a large refinery in the northeastern United States. The Project is unusual both for the magnitude of its natural gas requirements and for its contractual configuration. The Project's entire transportation needs and a substantial portion of its gas requirements will be met by a joint venture between two local gas distribution companies (the Joint Venture), one of which is a large gas-consuming utility in the eastern United States. The Project's power purchase customer, (the Utility Host), is another very large gas-consuming utility. Thus, the fuel cost recovery of the Project is determined by the Utility Host's gas costs while its actual bill for fuel will be heavily influenced by the Joint Venture's gas commodity and transportation costs. Therefore, in appraising the credit quality of the Project's proposed fuel supply arrangements, the key issue to be answered is: Are the Project's natural gas supply and transportation arrangements compatible with the fuel cost recovery provisions of the power sales agreement with the Utility Host? If so, then the sensitivity of the Project's financing to adverse gas price movements would be minimized

  5. Environmental assessment for the electric and hybrid vehicle demonstration project, performance standards and financial incentives

    Energy Technology Data Exchange (ETDEWEB)

    LaBelle, S. J.

    1978-10-01

    The assessment is concerned with the impacts of the demonstration of electric and hybrid vehicles acquired to fulfill certain requirements of the Electric and Hybrid Vehicle Research, Development, and Demonstration Act, PL 94-413 as amended. The financial incentives programs and vehicle performance standards associated with the demonstration are also covered. Not included is an assessment of the long term effects of EHV commercialization and of the research and development program being carried out simultaneously with the demonstration, also in response to PL 94-413. These federal actions will be included in a programmatic environmental assessment scheduled for completion in FY 79.

  6. Technical feasibility and financial analysis of hybrid wind-photovoltaic system with hydrogen storage for Cooma

    Energy Technology Data Exchange (ETDEWEB)

    Shakya, B.D.; Aye, L. [Melbourne Univ., Victoria (Australia). Dept. of Civil and Environmental Engineering; Musgrave, P. [Snowy Hydro Ltd., Cooma, NSW (Australia)

    2005-01-01

    The feasibility of a stand-alone hybrid wind-photovoltaic (PV) system incorporating compressed hydrogen gas storage was studied for Cooma (Australia). Cooma has an average annual solar and wind energy availability of 1784 and 932 kWh/m{sup 2}, respectively. A system with 69 kWh{sub e}/day (load) and 483 kWh{sub e}(storage) was studied. Hydrogen is generated in electrolysers using excess electricity from the system. The system components were selected according to their availability and cost. The 'discounted cash flow' method, with the 'levelized energy cost' (LEC) as a financial indicator was used for analysis. Configurations with PV% of 100, 60, 12 and zero were analysed. The lowest LEC of AU $2.52/kWh{sub e} was found for 100% PV. The cost of hydrogen generation from 100% PV was AU $692/GJ of hydrogen. Fifty-two percent of the total project costs were due to the electrolyser. Hence, a reduction in the electrolyser cost would reduce the cost of the overall system. (Author)

  7. THE ANALYSIS OF FINANCIAL EQUILIBRIUM THROUGH THE COST OF THE INVESTED CAPITAL

    Directory of Open Access Journals (Sweden)

    MELANIA ELENA MICULEAC

    2016-10-01

    Full Text Available The financial equilibrium of a company can be analyzed through the cost of the invested capital. It is the most pragmatic approach of the financial equilibrium analysis because it takes into account the cost of invested resources, their capacity to account return. I suggest a model to approach the analysis of the balanced average cost of the invested capital using the method of chain substitutions. I reached the conclusion that the main consequence of changes in the balanced average cost of the capital is on the company’s value.

  8. Analysis of the financial task generated by the construction of a nuclear power plant in Mexico

    International Nuclear Information System (INIS)

    Alonso, G.; Ramirez, R.; Palacios, J.; Delfin, A.

    2011-11-01

    The construction of new nuclear reactors requires of a high investment making them intensive projects in capital and that require as minimum of 5 years for its construction. The financial task that represents for the electric company is of vital importance, since in the case of privates in other countries prevents them of entering in this type of projects if they do not have its Government support. In the case of Mexico, being an electric company integrated vertically can have financing to carry out this investment type. In this study is analyzed the construction viability of new nuclear reactors in Mexico based on the financial task that represents for the Electric Company its construction. (Author)

  9. Standard-Setters Versus Big4 Opinion, Concerning Iasb Revision Project of the Conceptual Framework for Financial Reporting. the Case of Presentation and Disclosures Chapter

    Directory of Open Access Journals (Sweden)

    Burca Valentin

    2015-07-01

    Full Text Available On the last decades the accounting system haven‘t been able to follow the dynamics of the economic systems generated by the globalization process. In order to reduce the lag between the demand of financial information and the offer of financial information, IASB has started numerous initiatives aiming the increase on the quality of the financial information. Among the current list of current IASB major projects there is also the project of revising the actual conceptual framework for financial reporting. This study is designed to give some directions that will be considered on the exposure draft of this project, analyzing the comment letters submitted by the members of ASAF and the Big4 as well. The study reveals the increasing importance the preparers and users give to the disclosures included on the notes to the primary financial statements. Moreover, on this study we emphasize several challenges that IASB has to face on issuing the exposure draft for this important project. Some of the main challenges refer to the narrow scope of the financial statements, the criteria used on classification, aggregation and offsetting, or the use of the materiality concept

  10. The banking sector in new EU member countries: a sectoral financial flows analysis

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Kočenda, E.; Ondko, P.

    2007-01-01

    Roč. 57, 5-6 (2007), s. 200-224 ISSN 0015-1920 R&D Projects: GA MŠk LC542 Grant - others:GA ČR(CZ) GA402/06/1293 Program:GA Institutional research plan: CEZ:AV0Z70850503 Keywords : banking * financial intermediation * emerging markets Subject RIV: AH - Economics Impact factor: 0.382, year: 2007 http://journal.fsv.cuni.cz/storage/1080_fau_5_6_2007_00000000002.pdf

  11. The banking sector in new EU member countries: a sectoral financial flows analysis

    Czech Academy of Sciences Publication Activity Database

    Hanousek, J.; Kočenda, Evžen; Ondko, Peter

    2007-01-01

    Roč. 57, 5-6 (2007), s. 200-224 ISSN 0015-1920 R&D Projects: GA ČR GA402/06/1293; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : banking * financial intermediation * emerging markets Subject RIV: AH - Economics Impact factor: 0.382, year: 2007 http://journal.fsv.cuni.cz/storage/1080_fau_5_6_2007_00000000002.pdf

  12. Cost-Benefit Analysis for Investment Decisions: Chapter 16 (Cost-Benefit Analysis of Transportation Projects)

    OpenAIRE

    Glenn Jenkins; Chun-Yan Kuo; Arnold C. Harberger

    2011-01-01

    This chapter will focus on the problems of evaluating transportation projects in the context of the less-developed countries. Emphasis will be placed on highway projects, because these account for the bulk of transport investments in the developing parts of the world. If a project passes a straight financial test, based on the present value of its cash inflows and outflows, projects would only come if this financial NPV were outweighed by the present value of the project’s various externali...

  13. Impact of financial institution environmental guidelines on international power generation projects

    International Nuclear Information System (INIS)

    Macak, J.J. III; Schott, G.A.

    1995-01-01

    Where financing is concerned, two major players for US based international power projects are The World Bank and the Export-Import Bank of the US (Ex-Im Bank). The concern for environmental protection is a global issue, yet many countries still have no enforceable environmental regulations for power generation facilities. In the past, many projects were developed with little or no environmental controls. However, designing a power generation project to meet The World Bank environmental guidelines is now generally regarded as standard practice for independent power projects in the developing world (Price et al, 1994). The World Bank standards are mandatory for projects financed by The World Bank, through the International Finance Corporation (IFC), or associated programs like the Expanded Cofinancing Program of the International Bank for Reconstruction and Development (IBRD). The Ex-Im Bank has recently established new environmental procedures and guidelines that went into effect on February 1, 1995. In order to avoid a competitive disadvantage for US exporters and still provide a means for global environmental protection, Ex-Im Bank has taken a leadership role in encouraging the adoption of common environmental procedures and standards by leading export credit agencies around the world. Until such procedures are established, Ex-Im Bank is seeking to establish common lines in specific cases with the Organization for Economic Cooperation and Development (OECD) on environmental standards for appropriate projects (Ex-Im, 1994)

  14. Financial Structure Analysis of Publicly Held Lodging Companies: An International Comparison

    Directory of Open Access Journals (Sweden)

    Erdinç KARADENİZ

    2015-12-01

    Full Text Available The aim of this study is to analyze financial structure and preference of lodging companies that issues traded in European and Turkish stock markets by using ratio analysis technique. In this context, statements of financial positions of 51 lodging companies from European stock markets and 12 lodging companies from Borsa Istanbul used and calculated 10 financial structure ratios for each company between 2011-2012-2013 years. In the results of ratio analysis, it is determined that Turkish lodging companies use mainly equity while European lodging companies prefer liabilities and debt to finance their activities. In respect to maturity of liabilities it is determined that European lodging companies prefer long term debt while Turkish lodging companies use short term liabilities. Finally, it is determined that European lodging companies use leasing but no Turkish lodging companies to choose leasing.

  15. 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.

  16. ANALYSIS OF THE DEVELOPMENT DIRECTIONS OF THE BANKING SECTOR THROUGH THE MANAGEMENT OF IT PROJECTS

    Directory of Open Access Journals (Sweden)

    Віктор Володимирович МОРОЗОВ

    2017-03-01

    Full Text Available In this article, the causes and consequences of IT projects’ budgets reformatting in banking organizations are investigated. Analysis and parallels in approaches of choosing IT projects to be implemented in foreign and Ukrainian financial institutions are being conducted. This significantly affects not only the results of investigation and selection of IT projects but also on the development of such organizations in general. The analysis shows that on the background of global GDP decrease, banks around the world are increasing their IT investments, but investments in IT projects are heavily redistributed towards digital transformation. Nevertheless, IT projects are a major driver of banking business development, so their number is rapidly growing every day in the fields of big data analytics, virtualization and cloud computing, mobility, scoring, target marketing, IT infrastructure etc. The authors draw conclusions about trends in implementation of IT projects and their impact on the development of the banking business sector.

  17. Economic Effectiveness Evaluation In Projects Consisting In Automating Settlement Systems. The Example Of A Financial Centre Of An Internationa l Automotive Company

    OpenAIRE

    Miroslaw Dyczkowski

    2010-01-01

    Economic effectiveness has become a decisive factor in feasibility studies for IT projects due to deteriorating economic situation. This paper characterises such an assessment on the example of an automated settlement system for a supply chain. The described project was carried out by a financial centre – located in Poland – of an in ternational company operating in the automotive industry. It aimed at applying EDI technologies to automate logistics. The project...

  18. 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, p1 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.

  19. 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…

  20. A Social Network Analysis of the Financial Links Backing Health and Fitness Apps.

    Science.gov (United States)

    Grundy, Quinn; Held, Fabian; Bero, Lisa

    2017-11-01

    To identify the major stakeholders in mobile health app development and to describe their financial relationships using social network analysis. We conducted a structured content analysis of a purposive sample of prominent health and fitness apps available in November 2015 in the United States, Canada, and Australia. We conducted a social network analysis of apps' developers, investors, other funding sources, and content advisors to describe the financial relationships underpinning health app development. Prominent health and fitness apps are largely developed by private companies based in North America, with an average of 4.7 (SD = 5.5) financial relations, including founders, external investors, acquiring companies, and commercial partnerships. Network analysis revealed a core of 41 sampled apps connected to 415 other entities by 466 financial relations. This core largely comprised apps published by major technology, pharmaceutical, and fashion corporations. About one third of apps named advisors, many of whom had commercial affiliations. Public health needs to extend its scrutiny and advocacy beyond the health messages contained within apps to understanding commercial influences on health and, when necessary, challenging them.

  1. Financial analysis of community-based forest enterprises with the Green Value tool

    Science.gov (United States)

    S. Humphries; Tom Holmes

    2016-01-01

    The Green Value tool was developed in response to the need for simplified procedures that could be used in the field to conduct financial analysis for community-based forest enterprises (CFEs). Initially our efforts focused on a set of worksheets that could be used by both researchers and CFEs to monitor and analyze costs and income for one production period. The...

  2. The effect of financial development on economic growth: a meta-analysis

    NARCIS (Netherlands)

    Bijlsma, Michiel; Kool, Clemens; Non, Marielle

    2017-01-01

    Empirical studies on the finance-growth relationship show a wide range of estimated effects. We perform a meta-analysis on in total 551 estimates from 68 empirical studies that take private credit to GDP as a measure for financial development and distinguish between linear and logarithmic

  3. The effect of financial development on economic growth: a meta-analysis

    NARCIS (Netherlands)

    Bijlsma, Michiel; Kool, Clemens; Non, Marielle

    2017-01-01

    Empirical studies on the nance-growth relationship show a wide range of estimated effects. We perform a meta-analysis on in total 551 estimates from 68 empirical studies that take private credit to GDP as a measure for financial development and distinguish between linear and logarithmic

  4. Financial analysis of potential retrospective premium assessments under the Price-Anderson system

    International Nuclear Information System (INIS)

    Wood, R.S.

    1985-04-01

    Ten representative nuclear utilities have been analyzed over the period 1981 to 1983 to evaluate the effects of three levels of retrospective premiums on various financial indicators. This analysis continues and expands on earlier analyses prepared as background for deliberations by the US Congress for possible extension or modification of the Price-Anderson Act

  5. Systematic Analysis and Synthesis of Integral Estimations of Bachelors’ Training in the Field of Financial Monitoring

    Directory of Open Access Journals (Sweden)

    Alena Gaibatova

    2016-05-01

    Full Text Available The following article describes methods and algorithms of improving the quality of students’ training in NRNU MEPHI on the profile activities in the sphere of financial monitoring. In this work, we have investigated a new subject field: application of the principal component analysis method to examine students’ performance in different profiles of their training.

  6. 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

  7. 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.

  8. 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.

  9. 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)

  10. 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.

  11. Financial Analysis of For Profit Child Care: A Work in Progress.

    Science.gov (United States)

    Stephens, Keith

    1989-01-01

    Compares revenues, debts, investments, and profit margins of for-profit publicly and privately owned day care centers. An evaluation tool was developed through analysis of financial statements of seven privately owned child care businesses and six publicly owned child care chains. (RJC)

  12. High frequency analysis of lead-lag relationships between financial markets

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; Nijman, T.E.

    1995-01-01

    High frequency data are often observed at irregular intervals, which complicates the analysis of lead-lag relationships between financial markets. Frequently, estimators have been used that are based on observations at regular intervals, which are adapted to the irregular observations case by

  13. FINANCIAL ANALYSIS OF SOLAR ENERGY APPLICATIONS WITH ENDOGENOUS SYSTEM SIZING

    OpenAIRE

    Gunter, Lewell F.; Smathers, Webb M., Jr.

    1984-01-01

    This paper is concerned with analysis of economic feasibility of solar energy systems. Methodology for estimating energy output from different sized systems is briefly presented, and this is used to determine technical coefficients for a mixed integer model which optimizes the size of the solar heating unit for a particular use. An empirical example of hot water heating on a Georgia dairy is presented. Cost curves are provided for the dairy example to illustrate the effect of sizing on the ec...

  14. 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.

  15. A Multifractal Detrended Fluctuation Analysis of the Ising Financial Markets Model with Small World Topology

    International Nuclear Information System (INIS)

    Zhang Ang-Hui; Li Xiao-Wen; Su Gui-Feng; Zhang Yi

    2015-01-01

    We present a multifractal detrended fluctuation analysis (MFDFA) of the time series of return generated by our recently-proposed Ising financial market model with underlying small world topology. The result of the MFDFA shows that there exists obvious multifractal scaling behavior in produced time series. We compare the MFDFA results for original time series with those for shuffled series, and find that its multifractal nature is due to two factors: broadness of probability density function of the series and different correlations in small- and large-scale fluctuations. This may provide new insight to the problem of the origin of multifractality in financial time series. (paper)

  16. 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.

  17. 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.

  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 companies were significantly less congruent than those for the benchmark companies (p invest in the stock market, because of their unique clinical experience, may sometimes be in the position to evaluate new technologies and companies better than Wall Street experts. Well-timed trades that use this expertise can result in opportunities for profit.

  19. 2D Affine and Projective Shape Analysis.

    Science.gov (United States)

    Bryner, Darshan; Klassen, Eric; Huiling Le; Srivastava, Anuj

    2014-05-01

    Current techniques for shape analysis tend to seek invariance to similarity transformations (rotation, translation, and scale), but certain imaging situations require invariance to larger groups, such as affine or projective groups. Here we present a general Riemannian framework for shape analysis of planar objects where metrics and related quantities are invariant to affine and projective groups. Highlighting two possibilities for representing object boundaries-ordered points (or landmarks) and parameterized curves-we study different combinations of these representations (points and curves) and transformations (affine and projective). Specifically, we provide solutions to three out of four situations and develop algorithms for computing geodesics and intrinsic sample statistics, leading up to Gaussian-type statistical models, and classifying test shapes using such models learned from training data. In the case of parameterized curves, we also achieve the desired goal of invariance to re-parameterizations. The geodesics are constructed by particularizing the path-straightening algorithm to geometries of current manifolds and are used, in turn, to compute shape statistics and Gaussian-type shape models. We demonstrate these ideas using a number of examples from shape and activity recognition.

  20. Strategic financial statement analysis and valuation of Aker solutions ASA

    OpenAIRE

    Farstadvoll, Haakon Simonsen

    2017-01-01

    The purpose of this paper is to estimate the fair value of Aker Solutions ASA per 31.05.2017. The fair value is held up against the market price to make a recommendation as to what investment strategy an external, well-diversified investor should follow. The strategic analysis concludes that Aker Solutions has a potential strategic advantage in the longer term, but faces strong challenges in the market in the short term. A fundamental valuation by a DCF approach is used as the ...

  1. Financial analysis of experimental releases conducted at Glen Canyon Dam during water years 1997 through 2005.

    Energy Technology Data Exchange (ETDEWEB)

    Veselka, T. D.; Poch, L. A.; Palmer, C. S.; Loftin, S.; Osiek, B.; Decision and Information Sciences; Western Area Power Administration

    2010-04-21

    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. This paper examines the financial implications of the experimental flows that were conducted at the GCD from 1997 to 2005. 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 operations comply with the ROD operating criteria and 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 power plant characteristics, hydrologic conditions, and Western Area Power Administration's (Western's) power purchase prices were used for the simulation. In addition to estimating the financial impact of experimental

  2. EVALUATION OF FINANCIAL PERFORMANCE OF UNIVERSITY HOSPITALS BY RATIO ANALYSIS METHOD

    Directory of Open Access Journals (Sweden)

    Ferda BÜLÜÇ

    2017-09-01

    Full Text Available This study aims to evaluate the financial performances of public university hospitals in Turkey; make contribution to the related literature in accordance with the findings and develop recommendations for the decision makers. Within the scope of the study, financial statements of revolving fund of the 43 public university hospitals for the years of 2013, 2014 and 2015 were obtained from the Ministry of Finance General Directorate of Public Accounts. Financial statements were evaluated by ratio analysis method. After analysing, it has been reached that the burden of debt of the hospitals were high,  they have been experiencing the problem of paying short term debts, stock turnover rates and turnover rates were low and the incomes of the hospitals can not cover their expenses. It is recomended that hospitals should use resources more efficiently and decision makers should consider education and research activities in budget allocation to university hospitals.

  3. Factor analysis of financial and operational performance measures of non-profit hospitals.

    Science.gov (United States)

    Das, Dhiman

    2009-01-01

    To understand the important dimensions of the financial and operational performance of non-profit hospitals. Secondary data for non-profit US hospitals between 1996 and 2004. I use iterative principal factor analysis of hospitals' financial and operational ratios for each year of the study. For factor interpretation, I use oblique rotation. Financial ratios were created using cost report data from HCRIS 2552-96 available from the Centers for Medicaid & Medicare Services (CMS). I identify five factors--capital structure, profitability, activity, liquidity, and an operational factor--that explain most of the variation in the performance of non-profit hospitals. I also find that capital structure is more important than profitability in determining the performance of these hospitals. The importance of capital structure highlights a significant shift in the organization of the non-profit hospitals' finances.

  4. 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.

  5. REAL OPTIONS ANALYSIS – ASSESSMENT METHOD OF INVESTMENT PROJECTS IN GREEN ENERGY

    Directory of Open Access Journals (Sweden)

    MAFTEI DANIEL

    2014-10-01

    Full Text Available This article highlights the importance of real options as a evaluation method of investment in green energy. Article consider several theoretical and practical approaches, the analysis based on real options by many authors who have theorized and used this method. Each approach provides a operationalisation through a steps series of specific evaluation. This paper highlights the different views: academics, financiers, managers and facilitates the access to an accurate evaluation decisions of projects.

  6. ECONOMIC ANALYSIS OF EXPLORATION FOR AND EVELUATION OF MINERAL RESOURCES BASED ON FINANCIAL STATEMENTS

    Directory of Open Access Journals (Sweden)

    Andrey Nikolayevich Belonogov

    2016-02-01

    Full Text Available The article examines different techniques of economic analysis of exploration costs. The purpose of the article is to develop an approach to exploration costs economic analysis and to propose recommendations on improvement of an analytical value of Notes to Financial Statements. To achieve the purpose analysis, synthesis, deductive methods were employed. In course of the research we analyzed studies of J.C. Alfaro, A. Naggar, А.А. Muzychenko, E.V. Shevchenko, etc. We proposed an approach to economic analysis of resources sufficiency to complete exploration and evaluation works and to accounting for exploration and evaluation activities risks. We also proposed to supplement Notes to Financial Statements with additional relevant data. Results of the research can be used by investment analysts in order to enhance understanding of specific industry risks.

  7. 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 discussion and analysis of financial condition and results of operations. 229.303 Section 229.303 Commodity... 1975-REGULATION S-K Financial Information § 229.303 (Item 303) Management's discussion and analysis of...

  8. A Financial Analysis Program That Will PASS the Farm Manager “Interest Testâ€

    OpenAIRE

    Wilson, Christine; Bernard, Freddie; Boehlje, Michael

    2007-01-01

    This paper discusses a farm financial analysis program, along with four features of the program that have facilitated its use by farm managers. The four features that appear to increase farm manager interest in the program are Performancebased, Accrual-adjusted income statement, System of financial analysis, and Simple to use. We illustrate this program with application to a farm firm case study.

  9. Oil price and financial markets: Multivariate dynamic frequency analysis

    International Nuclear Information System (INIS)

    Creti, Anna; Ftiti, Zied; Guesmi, Khaled

    2014-01-01

    The aim of this paper is to study the degree of interdependence between oil price and stock market index into two groups of countries: oil-importers and oil-exporters. To this end, we propose a new empirical methodology allowing a time-varying dynamic correlation measure between the stock market index and the oil price series. We use the frequency approach proposed by Priestley and Tong (1973), that is the evolutionary co-spectral analysis. This method allows us to distinguish between short-run and medium-run dependence. In order to complete our study by analysing long-run dependence, we use the cointegration procedure developed by Engle and Granger (1987). We find that interdependence between the oil price and the stock market is stronger in exporters' markets than in the importers' ones. - Highlights: • A new time-varying measure for the stock markets and oil price relationship in different horizons. • We propose a new empirical methodology: multivariate frequency approach. • We propose a comparison between oil importing and exporting countries. • We show that oil is not always countercyclical with respect to stock markets. • When high oil prices originate from supply shocks, oil is countercyclical with stock markets

  10. 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.

  11. Econometric analysis of realised covariation: high frequency covariance, regression and correlation in financial economics

    OpenAIRE

    Ole E. Barndorff-Nielsen; Neil Shephard

    2002-01-01

    This paper analyses multivariate high frequency financial data using realised 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 w...

  12. Empirical Analysis of the Financial Behavior of Investors with Brand Approach (Case Study: Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Asgarnezhad Nouri Bagher

    2017-03-01

    Full Text Available Behavioral science in the field of finance and investment is among new topics raised in recent years. The relationship between financial sciences and other fields of social sciences such as financial psychology has caused researchers to do many researches regarding the behavior of investors in the financial markets and their reactions to different situations. Based on the theories of financial behavior, shareholders' decision to buy and sell stocks is under the influence of internal and external psychological factors. Through designing and experimental testing of the model of investors' financial behavior in the Tehran Stock Exchange with an emphasis on brand, this study was an attempt to investigate the influence of these factors. To this end, financial, psychological and social factors were considered as the most important external factors influencing the behavior of investors and, considering the mediating role of brand awareness, their impact on perceived risk and perceived return as well as investment intention was tested. The research population consisted of all individual investors in the Tehran Stock Exchange. In order to determine the sample size, considering unlimited population, Cochran formula was used and hence the sample size was determined to be 145. For data collection, standard questionnaire was used. Confirmatory factor analysis was used to test the reliability of the questionnaire and the research hypotheses were tested using path analysis. The results showed that psychological factors have a positive impact on perceived risk and returns. Financial factors had a positive impact on perceived risk but no impact on perceived return. The impact of social factors on perceived risk and perceived return was not confirmed. Moreover, the results showed that brand awareness has a moderating role in the relationship between social factors and perceived risk and return. However, its moderating role was not confirmed in the relationship

  13. ADMINISTRATIVE AND LEGAL PRINCIPLES OF FUNCTIONING OF THE FINANCIAL SYSTEM IN UKRAINE AND EUROPE: A COMPARATIVE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Kateryna Chyzhmar

    2017-12-01

    Full Text Available The purpose of the article is a comparative legal analysis of the administrative and legal principles of the functioning of the financial system in Ukraine and European countries. The subject of the study is the peculiarities of the state regulation of financial systems in Great Britain, Germany, Poland, Spain, Sweden, and Ukraine. Methodology. The research is based on comparing the legal regulation of the financial system in Ukraine and in the EU countries. An analysis of European experience in the administrative regulation of financial systems and financial activity has shown that most European states support the policy of regulating the financial system as a holistic, indivisible phenomenon, gradually moving away from its understanding as a set of separate segments. A significant influence on this issue was made by the European Union, within which there was introduced a combination of the most important functions in the regulation of the EU financial system and entrusting them to a separate group of special bodies. Results of the comparative legal study showed that, unlike most European countries, in Ukraine, the administrative and legal framework for the provision of certain components of the financial sector, in particular, banking, investment, tax and budget, financial services market, etc., are not combined into a single model of state regulation of financial system, but they are scattered. In turn, the lack of a unified legal basis for state regulation of the national financial system in practice creates a situation where such regulation is carried out by a large number of state bodies of varying degrees, whose powers are repeated in some cases, which causes contradictions. Practical implications. It is found that the key difference between the regulation of financial systems in the countries of Europe lies in the very principle of perceiving the role of the state in this process and understanding the content of the financial system as a

  14. 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…

  15. Coordinated clinical and financial analysis as a powerful tool to influence vendor pricing.

    Science.gov (United States)

    Logan, Catherine A; Wu, Roger Y; Mulley, Debra; Smith, Paul C; Schwaitzberg, Steven D

    2010-01-01

    As costs continue to outpace reimbursements, hospital administrators and clinicians face increasing pressure to justify new capital purchases. Massachusetts Health Care Reform has added further economic challenges for Disproportionate Share Hospitals (DSH), as resources formerly available to treat the uninsured have been redirected. In this challenging climate, many hospitals still lack a standardized process for technology planning and/or vendor negotiation. : The purpose of this study was to determine whether a simple, coordinated clinical and financial analysis of a technology, Endoscopic Carpal Tunnel Release (ECTR), is sufficient to impact vendor pricing at Cambridge Health Alliance (CHA), a disproportionate share hospital (DSH) in Cambridge, Massachusetts. This case study addressed the topic of technology adoption, a complex decision-making process every hospital administration faces. Taking note of other hospitals approaches to instill a strategic management culture, CHA combined a literature review on clinical outcomes and financial analysis on profitability. Clinical effectiveness was evaluated through a literature review. The financial analysis was based on a retrospective inquiry of fixed and variable costs, reimbursement rates, actual payer mix, and profitability of adopting ECTR over open carpal tunnel release at CHA. This clinical and financial analysis was then shared with the vendor. A literature review revealed that although there are short-term benefits to ECTR, there is little to no difference in long-term outcomes to justify a calculated incremental loss of $91.49 in revenue per case. Sharing this analysis with the vendor resulted in a 30% price reduction. A revised cost analysis demonstrated a $53.51 incremental gain in revenue per case. CHA has since elected to offer ECTR to its patients. Smaller hospital systems often have modest leverage in vendor negotiations. Our results suggest that the development of adoption criteria and an evidence

  16. Financial cost-benefit analysis of investment possibilities in district heating system on wood residues

    Directory of Open Access Journals (Sweden)

    Stošić Ivan

    2017-01-01

    Full Text Available The purpose of this research is to provide feasibility analysis of a long-term sustainable development concept for district heating based on wood residues. In this paper, the experimental study has been conducted starting from the data collected by field researches in municipality of Trstenik (town in Serbia with district heating system currently based on heavy fuel oil and lignite. Using the method of Financial Cost-Benefit Analysis, this study evaluates financial efficiency of investment in district heating plant based on wood residues and energy savings in district heating system. Findings show that such investment could be profitable from the financial point of view: Net Present Value of investment is positive, Financial Rate of Return is high (30.69%, and the pay-back period is relatively favourable (7 years. Moreover, the presented SWOT indicates that there are realistic prospects of implementation of district heating based on wood residues. However, this does not mean everything will go smoothly and easily, keeping in mind a number of challenges that each new concept of district heating contains immanently. Nevertheless, the results of this research could provide useful inputs for the decision makers when selecting appropriate models for improving performance of municipal district heating systems.

  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. Quarterly Financial Report

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

    acray

    2011-06-30

    Jun 30, 2011 ... 2 IDRC QUARTERLY FINANCIAL REPORT JUNE 2011. Consolidated .... spending on capacity-building projects as well as to management's decision to restrict capacity- building ...... The investments in financial institutions.

  19. SPEACH project needs analysis : summary of the needs analysis

    NARCIS (Netherlands)

    de Jong, Johan

    2015-01-01

    The overall objective of the SPEACH project needs analysis (work package 2, WP2) was to gather input on the needs and wishes of selected target groups within the field of physical education (PE) and Sport Coaching. Both individual and organisational perspectives were represented. Focus has been on

  20. Project management with dynamic scheduling baseline scheduling, risk analysis and project control

    CERN Document Server

    Vanhoucke, Mario

    2013-01-01

    The topic of this book is known as dynamic scheduling, and is used to refer to three dimensions of project management and scheduling: the construction of a baseline schedule and the analysis of a project schedule's risk as preparation of the project control phase during project progress. This dynamic scheduling point of view implicitly assumes that the usability of a project's baseline schedule is rather limited and only acts as a point of reference in the project life cycle.

  1. 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.

  2. KSP Polonia Warszawa’s Financial Problems – Analysis of Liquidity and Debt

    Directory of Open Access Journals (Sweden)

    Elżbieta Marcinkowska

    2013-01-01

    Full Text Available Financial liquidity is one of the most important areas of running business operations. Each entity must keep it at an adequate level. Lack of financial liquidity is the main factor leading to bankruptcy of companies. The analysis of liquidity and debt verifies the ability of an entity to pay current liabilities and also confirms the company’s ability to survive on the market. Based on the results of the analysis of liquidity and debt the management should therefore prepare liquidity management strategy. The article is based on the available financial statements of KSP Polonia Warszawa Sportowa Spółka Akcyjna and presents an analysis of its liquidity and debt. The results of this analysis for years 2008-2010were very alarming and indicative of the upcoming bankruptcy of the club. In July this year, an application was filed with the court confirming insolvency of the club and, by virtue of a decision issued by PZPN (Polish Football Association, Polonia Warszawa, so far playing in the Ekstraklasa (Polish top division, will start the next season in the 4th division. It will take the club many years to regain its position.

  3. 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.

  4. 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.

  5. Global Spent Fuel Logistics Systems Study (GSFLS). Volume 3. GSFLS technical and financial analysis. Interim report

    International Nuclear Information System (INIS)

    1978-01-01

    This report is a part of the interim report documentation for the Global Spent Fuel Logistics System (GSFLS) study. The technical and financial considerations underlying a global spent fuel logistics systems have been studied and are reported herein. The Pacific Basin is used as a model throughout this report; however the stated methodology and, in many cases, considerations and conclusions are applicable to other global regions. Spent fuel discharge profiles for Pacific Basin Countries were used to determine the technical systems requirements for alternative concepts. Functional analyses and flows were generated to define both system design requirements and logistics parameters. A technology review was made to ascertain the state-of-the-art of relevant GSFLS technical systems. Modular GSFLS facility designs were developed using the information generated from the functional analysis and technology review. The modular facility designs were used as a basis for siting and cost estimates for various GSFLS alternatives. Various GSFLS concepts were analyzed from a financial and economic perspective in order to provide total concepts costs and ascertain financial and economic sensitivities to key GSFLS variations. Results of the study include quantification of GSFLS facility and hardware requirements; drawings of relevant GSFLS facility designs; system cost estimates; financial reports - including user service charges; and comparative analyses of various GSFLS alternatives

  6. The Usefulness of Financial Statements in Making Financial Diagnosis

    Directory of Open Access Journals (Sweden)

    Mitica Pepi

    2016-01-01

    Full Text Available Our research aims to develop an analysis of the usefulness of financial statements and financial investment in making the diagnosis. Financial analysis is by definition an activity that performance condition is diagnosed entity of the financial year. Financial analysis shall be determined by strengths and weaknesses of financial management based on which will underpin future strategy of the entity to maintain and develop it into a competitive environment. Results of financial analysis depends on the quality, accuracy, relevance and effectiveness of economic information collected and processed. The primary sources of information for financial analysis are the financial statements, which are considered as raw material in the analysis.

  7. 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.

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

    International Nuclear Information System (INIS)

    Yang, Ge; Wang, Jun; Fang, Wen

    2015-01-01

    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

  9. 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.

  10. 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.

  11. Navigating the financial crisis in Helvetic Waters: An analysis of the banking sector (2007-09

    Directory of Open Access Journals (Sweden)

    Elisabeth Paulet

    2011-06-01

    Full Text Available As has been argued throughout this paper, the different way in which banks have been affected by the crisis is closely linked to their distinct business model. Consequently, the characteristic structure of the balance sheet in big banks and ethical banks is correlated with their divergent dynamic during the crisis. While the financial turmoil has left the business approach of ethical banks unchanged, as evidenced in the striking stability of their balance sheet from 2007 to 2009, the pattern shown by big banks has substantially changed over this same period. These developments would tend to suggest the need to reform the business model of big banks. There is no clear empirical evidence that a banking system with a large number of small institutions would be any more stable than the system as it currently stands. Besides, financing certain big projects would always require the existence of large international banks. Both types of financial institutions are in fact complementary. How to regulate the banking and financial sector is thus a complex and multifaceted issue. One cannot impose the same requirements on big international-oriented banks and small domestic banks. As this paper has tried to demonstrate, both have a distinct business model.

  12. Uncertain Context Factors in ERP Project Estimation are an Asset: Insights from a Semi-Replication Case Study in a Financial Services Firm

    NARCIS (Netherlands)

    Daneva, Maia

    This paper reports on the findings of a case study in a company in the financial services sector in which we replicated the use of a previously published approach to systematically balance the contextual uncertainties in the estimation of Enterprise Resource Planning (ERP) projects. The approach is

  13. Solar Market Research and Analysis Projects | Solar Research | NREL

    Science.gov (United States)

    Market Research and Analysis Projects Solar Market Research and Analysis Projects Solar market research and analysis efforts at NREL seek to further solar technologies' role in supporting a more . Midscale Commercial Market Solar Analysis NREL experts are providing analysis to expand the midscale solar

  14. Financial analysis of ELETROPAULO slump income program, Sao Paulo State, Brazil

    International Nuclear Information System (INIS)

    Franca, Carlos Roberto Almeida; Bermann, Celio

    1999-01-01

    The central issue of debate was the need to align the energy sector's options and organization with changing global patterns of economic and social development, characterized by the increasing role played by the private sector, greater integration in the world economy, and new economic and social priorities such as efficiency, decentralization, deregulation, and a closer attention to environmental issues. The aim of the work was to present financial analysis of slump income program considering a Brazilian electric utility case study

  15. Cost-Benefit Analysis of Financial Regulation: Case Studies and Implications

    OpenAIRE

    Coates, John

    2015-01-01

    Some members of Congress, the D.C. Circuit, and legal academia are promoting a particular, abstract form of cost-benefit analysis for financial regulation: judicially enforced quantification. How would CBA work in practice, if applied to specific, important, representative rules, and what is the alternative? Detailed case studies of six rules – (1) disclosure rules under Sarbanes-Oxley Section 404, (2) the SEC’s mutual fund governance reforms, (3) Basel III’s heightened capital requirements f...

  16. Specialized Accounting Expert Evidence on Economic and Financial Crimes: Analysis of the DMG Case

    OpenAIRE

    Ramírez, Maricela; Universidad Pedagógica y Tecnológica de Colombia.; Robayo-Nieto, Natalia; Universidad Pedagógica y Tecnológica de Colombia; Parra-Castiblanco, Lina María; Universidad Pedagógica y Tecnológica de Colombia.

    2016-01-01

    Generally, in the cases related to economic and financial fraud crimes defined in the Code of Criminal Procedure the performance of accounting experts is necessary, as to assist the justice system. Thus, the appointed professional creates an expert report of its evidence analysis and research work, and comes before the court in a public oral trial as to be questioned and cross-examined. In this context, this study –derived from formal research activities– will determine the requirements of th...

  17. FINANCIAL MARKET REACTIONS TO INTERNATIONAL MERGERS & ACQUISITIONS IN THE BREWING INDUSTRY: AN EVENT STUDY ANALYSIS

    OpenAIRE

    Heyder, Matthias; Ebneth, Oliver; Theuvsen, Ludwig

    2008-01-01

    Cross-border acquisitions have been the growing trend in recent years in the world brewing industry, giving brewers the opportunity to enhance their degree of internationalization and market share remarkably. This study employs event study analysis to examine 31 mergers and acquisitions among leading European brewing groups. Differences regarding financial market reactions can be determined within the European peer group. Managerial implications as well as future research propositions conclud...

  18. Benefits Analysis of Past Projects. Volume 2. Individual Project Assessments.

    Science.gov (United States)

    1984-11-01

    010 inch. Chemical milling was found to be an effective method for removing the surface enrichment. Also 4140 and H13 steel dies were found to result... tooling surface due to the reaction r,* it;nium and t . 22-4-9 steel toolin,. Oxidation and leveling .I ,.. Jevelope in this project yielded tool life...dimensions without expensive tool rework. The process has a potential for reducing mold inclusions since the mold surfaces in contact with the metal can

  19. Space Mission Human Reliability Analysis (HRA) Project

    Science.gov (United States)

    Boyer, Roger

    2014-01-01

    The purpose of the Space Mission Human Reliability Analysis (HRA) Project is to extend current ground-based HRA risk prediction techniques to a long-duration, space-based tool. Ground-based HRA methodology has been shown to be a reasonable tool for short-duration space missions, such as Space Shuttle and lunar fly-bys. However, longer-duration deep-space missions, such as asteroid and Mars missions, will require the crew to be in space for as long as 400 to 900 day missions with periods of extended autonomy and self-sufficiency. Current indications show higher risk due to fatigue, physiological effects due to extended low gravity environments, and others, may impact HRA predictions. For this project, Safety & Mission Assurance (S&MA) will work with Human Health & Performance (HH&P) to establish what is currently used to assess human reliabiilty for human space programs, identify human performance factors that may be sensitive to long duration space flight, collect available historical data, and update current tools to account for performance shaping factors believed to be important to such missions. This effort will also contribute data to the Human Performance Data Repository and influence the Space Human Factors Engineering research risks and gaps (part of the HRP Program). An accurate risk predictor mitigates Loss of Crew (LOC) and Loss of Mission (LOM).The end result will be an updated HRA model that can effectively predict risk on long-duration missions.

  20. Financial Analysis of Experimental Releases Conducted at Glen Canyon Dam during Water Year 2015

    Energy Technology Data Exchange (ETDEWEB)

    Graziano, D. J. [Argonne National Lab. (ANL), Argonne, IL (United States); Poch, L. A. [Argonne National Lab. (ANL), Argonne, IL (United States); Veselka, T. D. [Argonne National Lab. (ANL), Argonne, IL (United States)

    2016-11-01

    main simulation tool used to simulate the dispatch of hydropower plants at GCD and other plants that comprise the Salt Lake City Area Integrated Projects (SLCA/IP). The research team used extensive data sets and historical information on SLCA/IP powerplant characteristics, hydrologic conditions, and Western Area Power Administration’s (WAPA’s) power purchase prices in the modeling process. In addition to estimating the financial impact of the HFE, the team used the GTMax model to gain insights into the interplay among ROD operating criteria, exceptions that were made to criteria to accommodate the experimental releases, and WAPA operating practices.

  1. Towards sentiment analysis application in housing projects

    Science.gov (United States)

    Mahadzir, Nurul Husna; Omar, Mohd Faizal; Nawi, Mohd Nasrun Mohd

    2016-08-01

    In becoming a develop nation by 2020, Malaysia Government realized the need in providing affordable house to the public. Since Second Malaysia Plan, government has implemented various affordable housing projects and it continues until recent Malaysia Plan. To measure the effectiveness of the initiatives taken, public opinion is necessary. A social media platform has been seen as the most effective mechanism to get information on people's thought and feeling towards certain issues. One of the best ways to extract emotions and thoughts from what people post in social media is through Sentiment Analysis (SA). There are three different levels of analysis: document level, sentence level and feature level. Most of previous research focused on the classification of sentiment at document or sentence level. Unfortunately, both document and sentence level does not discover what exactly people like or not. While the analysis based on feature, there exist accuracy problem when classifying the sentiment scores. This paper will propose a new framework that focuses on sentiment classification scores at feature level to overcome the uncertainty and accuracy issues on the result.

  2. Project analysis and integration economic analyses summary

    Science.gov (United States)

    Macomber, H. L.

    1986-01-01

    An economic-analysis summary was presented for the manufacture of crystalline-silicon modules involving silicon ingot/sheet, growth, slicing, cell manufacture, and module assembly. Economic analyses provided: useful quantitative aspects for complex decision-making to the Flat-plate Solar Array (FSA) Project; yardsticks for design and performance to industry; and demonstration of how to evaluate and understand the worth of research and development both to JPL and other government agencies and programs. It was concluded that future research and development funds for photovoltaics must be provided by the Federal Government because the solar industry today does not reap enough profits from its present-day sales of photovoltaic equipment.

  3. Information systems development of analysis company financial state based on the expert-statistical approach

    Directory of Open Access Journals (Sweden)

    M. N. Ivliev

    2016-01-01

    Full Text Available The work is devoted to methods of analysis the company financial condition, including aggregated ratings. It is proposed to use the generalized solvency and liquidity indicator and the capital structure composite index. Mathematically, the generalized index is a sum of variables-characteristics and weighting factors characterizing the relative importance of individual characteristics composition. It is offered to select the significant features from a set of standard financial ratios, calculated according to enterprises balance sheets. To obtain the weighting factors values it is proposed to use one of the expert statistical approaches, the analytic hierarchy process. The method is as follows: we choose the most important characteristic and after the experts determine the degree of preference for the main feature based on the linguistic scale. Further, matrix of pairwise comparisons based on the assigned ranks is compiled, which characterizes the relative importance of attributes. The required coefficients are determined as elements of a vector of priorities, which is the first vector of the matrix of paired comparisons. The paper proposes a mechanism for finding the fields for rating numbers analysis. In addition, the paper proposes a method for the statistical evaluation of the balance sheets of various companies by calculating the mutual correlation matrices. Based on the considered mathematical methods to determine quantitative characteristics of technical objects financial and economic activities, was developed algorithms, information and software allowing to realize of different systems economic analysis.

  4. Financial assurances

    International Nuclear Information System (INIS)

    Paton, R.F.

    1990-01-01

    US Ecology is a full service waste management company. The company operates two of the nation's three existing low-level radioactive waste (LLRW) disposal facilities and has prepared and submitted license applications for two new LLRW disposal facilities in California and Nebraska. The issue of financial assurances is an important aspect of site development and operation. Proper financial assurances help to insure that uninterrupted operation, closure and monitoring of a facility will be maintained throughout the project's life. Unfortunately, this aspect of licensing is not like others where you can gauge acceptance by examining approved computer codes, site performance standards or applying specific technical formulas. There is not a standard financial assurance plan. Each site should develop its requirements based upon the conditions of the site, type of design, existing state or federal controls, and realistic assessments of future financial needs. Financial assurances at U.S. Ecology's existing sites in Richland, Washington, and Beatty, Nevada, have been in place for several years and are accomplished in a variety of ways by the use of corporate guarantees, corporate capital funds, third party liability insurance, and post closure/long-term care funds. In addressing financial assurances, one can divide the issue into three areas: Site development/operations, third party damages, and long-term care/cleanup

  5. Business valuation: an analysis of projected cash flows versus takeover bids

    Directory of Open Access Journals (Sweden)

    Camila Menezes

    2017-12-01

    Full Text Available One of the main financial statements is the Cash Flow. It became mandatory from the law # 11,638/2007 on, which changed the law # 6,404/1976 – the Corporations’ law, and the Cash Flow statement allows analysis about the companies’ operations activities effects, investing and financing, highlighting their main sources of financial allocation. In 2005 and 2006, 37 companies registered takeover bids in the Brazilian Securities Exchange Commission (CVM – Comissão de Valores Mobiliários. Based on these companies’ analysis of Projected Cash Flows (FCP – Fluxos de Caixa Projetados when the takeover bids were put in place and their Actual Cash Flows (FCR – Fluxo de Caixa Realizados the objective of this work was to compare those cash flows, to analyze the differences between the Statements of Cash Flows attached to the Appraisal Reports and the actual ones, as well as to check if these companies’ cash were in line with the balances projected in the takeover bids. The obtained results via statistical analysis of differences between the Projected Cash Flows attached to the Appraisal Reports and the effective Actual Cash Flows, all of them compared in the period between 2007 and 2013, did not show significant differences among them. IE: it was observed that, nevertheless the companies did not accomplish the promised Cash Flows delivery when the OPAs were put in place, the differences between the balances projected and the actual ones were not statistically significant.

  6. Astrium suborbital spaceplane project: Demand analysis of suborbital space tourism

    Science.gov (United States)

    Le Goff, Thierry; Moreau, Antoine

    2013-12-01

    ASTRIUM is preparing the development of a safe and passenger friendly Suborbital Spaceplane, taking off and landing from a standard runway, powered by turbofans and using a rocket engine of proven design to reach 100 km altitude. This vehicle will be able to carry paying passengers to the edge of space and return them safely to their starting point. As a very new potentially adjacent B2C market, Astrium had decided at the beginning of this project to first conduct a full market analysis with the support of a worldwide survey based Research Company (IPSOS) in order to assess reality and credibility of this market. Two campaigns have been done, the first one in 2007 and the second one in 2010 after the international financial crisis. Last one has been also the opportunity to optimize quality of models by focusing in Asia region. This article describes the methodology used for this survey and unveils some results in term of size of this market and typology of the customers.

  7. Analysis and projections of physics in Chile

    International Nuclear Information System (INIS)

    Soto, Leopoldo; Zambra, Marcelo; Loewe, Marcelo; Gutierrez, Gonzalo; Molina, Mario; Barra, Felipe; Lund, Fernando; Saavedra, Carlos; Haberle, Patricio

    2008-01-01

    In the present work, an assessment of the Physics research capacity in Chile is presented. For this, the period between 2000 and June 2005 has been studied. In this period almost 200 physicists have contributed to scientific production in terms of ISI publications. Amongst these 200, ∼160 correspond to theoretical physicists and only ∼40 to experimental physicists; ∼178 are men and only ∼22 are women. A more detailed analysis shows that ∼160 physicists have at least one appearance in ISI publications per year considering the last 3 years. Ten years ago, a similar criteria (at least one appearance per year in ISI articles, considering mobile three-year periods), the number of active physicists in the Chilean community was estimated at 70. Therefore, the Chilean active physicists' community has doubled in 10 years. There exist 20 centres in which scientific research is developed: 18 university centres, a government institute and a private institute. As regards scientific productivity, both as related to disciplines or research areas, and well as in relation to research centres, it is found that, generally, scientific production, in a particular area in Physics or in a research centre, is directly related to the number of corresponding researchers; that is to say, the percentage of the national productivity in an area or research centre corresponds to its share in the total number of physicists in the country. A geographical analysis shows that 50% of the productivity corresponds to Santiago and 50% to the rest of the country. The impact of the different funds for research is assessed, also: FONDECYT, Presidential Chairs and large projects and centres of excellence. According to Physics researchers opinion, Fondo Nacional de Ciencia y TecnologIa (FONDECYT, National Fund fro Science and Technology) has become the best instrument to support researchi activities in Chile. However, the amount of projects awarded has practically not been increased, which is

  8. Analysis and projections of physics in Chile

    Science.gov (United States)

    Soto, Leopoldo; Zambra, Marcelo; Loewe, Marcelo; Gutiérrez, Gonzalo; Molina, Mario; Barra, Felipe; Lund, Fernando; Saavedra, Carlos; Haberle, Patricio

    2008-11-01

    In the present work, an assessment of the Physics research capacity in Chile is presented. For this, the period between 2000 and June 2005 has been studied. In this period almost 200 physicists have contributed to scientific production in terms of ISI publications. Amongst these 200, ~160 correspond to theoretical physicists and only ~40 to experimental physicists; ~178 are men and only ~22 are women. A more detailed analysis shows that ~160 physicists have at least one appearance in ISI publications per year considering the last 3 years. Ten years ago, a similar criteria (at least one appearance per year in ISI articles, considering mobile three-year periods), the number of active physicists in the Chilean community was estimated at 70. Therefore, the Chilean active physicists' community has doubled in 10 years. There exist 20 centres in which scientific research is developed: 18 university centres, a government institute and a private institute. As regards scientific productivity, both as related to disciplines or research areas, and well as in relation to research centres, it is found that, generally, scientific production, in a particular area in Physics or in a research centre, is directly related to the number of corresponding researchers; that is to say, the percentage of the national productivity in an area or research centre corresponds to its share in the total number of physicists in the country. A geographical analysis shows that 50% of the productivity corresponds to Santiago and 50% to the rest of the country. The impact of the different funds for research is assessed, also: FONDECYT, Presidential Chairs and large projects and centres of excellence. According to Physics researchers opinion, Fondo Nacional de Ciencia y Tecnología (FONDECYT, National Fund fro Science and Technology) has become the best instrument to support researchi activities in Chile. However, the amount of projects awarded has practically not been increased, which is insufficient

  9. MODALITIES OF FINANCIAL STRUCTURE ANALYSIS IN ROMANIAN ENTITIES IN THE POST CRISIS ERA

    Directory of Open Access Journals (Sweden)

    Batrancea Ioan

    2014-07-01

    Full Text Available In this paper the authors analyze the financial structure on two levels, namely time for charging and funding sources. For each tier financial structure is analyzed with a correlated indicators including overall indebtedness and financial autonomy.

  10. Financial analysis and forecasting of the results of small businesses performance based on regression model

    Directory of Open Access Journals (Sweden)

    Svetlana O. Musienko

    2017-03-01

    Full Text Available Objective to develop the economicmathematical model of the dependence of revenue on other balance sheet items taking into account the sectoral affiliation of the companies. Methods using comparative analysis the article studies the existing approaches to the construction of the company management models. Applying the regression analysis and the least squares method which is widely used for financial management of enterprises in Russia and abroad the author builds a model of the dependence of revenue on other balance sheet items taking into account the sectoral affiliation of the companies which can be used in the financial analysis and prediction of small enterprisesrsquo performance. Results the article states the need to identify factors affecting the financial management efficiency. The author analyzed scientific research and revealed the lack of comprehensive studies on the methodology for assessing the small enterprisesrsquo management while the methods used for large companies are not always suitable for the task. The systematized approaches of various authors to the formation of regression models describe the influence of certain factors on the company activity. It is revealed that the resulting indicators in the studies were revenue profit or the company relative profitability. The main drawback of most models is the mathematical not economic approach to the definition of the dependent and independent variables. Basing on the analysis it was determined that the most correct is the model of dependence between revenues and total assets of the company using the decimal logarithm. The model was built using data on the activities of the 507 small businesses operating in three spheres of economic activity. Using the presented model it was proved that there is direct dependence between the sales proceeds and the main items of the asset balance as well as differences in the degree of this effect depending on the economic activity of small

  11. Project management in mine actions using Multi-Criteria-Analysis-based decision support system

    Directory of Open Access Journals (Sweden)

    Marko Mladineo

    2014-12-01

    Full Text Available In this paper, a Web-based Decision Support System (Web DSS, that supports humanitarian demining operations and restoration of mine-contaminated areas, is presented. The financial shortage usually triggers a need for priority setting in Project Management in Mine actions. As part of the FP7 Project TIRAMISU, a specialized Web DSS has been developed to achieve a fully transparent priority setting process. It allows stakeholders and donors to actively join the decision making process using a user-friendly and intuitive Web application. The main advantage of this Web DSS is its unique way of managing a mine action project using Multi-Criteria Analysis (MCA, namely the PROMETHEE method, in order to select priorities for demining actions. The developed Web DSS allows decision makers to use several predefined scenarios (different criteria weights or to develop their own, so it allows project managers to compare different demining possibilities with ease.

  12. Detrended fluctuation analysis based on higher-order moments of financial time series

    Science.gov (United States)

    Teng, Yue; Shang, Pengjian

    2018-01-01

    In this paper, a generalized method of detrended fluctuation analysis (DFA) is proposed as a new measure to assess the complexity of a complex dynamical system such as stock market. We extend DFA and local scaling DFA to higher moments such as skewness and kurtosis (labeled SMDFA and KMDFA), so as to investigate the volatility scaling property of financial time series. Simulations are conducted over synthetic and financial data for providing the comparative study. We further report the results of volatility behaviors in three American countries, three Chinese and three European stock markets by using DFA and LSDFA method based on higher moments. They demonstrate the dynamics behaviors of time series in different aspects, which can quantify the changes of complexity for stock market data and provide us with more meaningful information than single exponent. And the results reveal some higher moments volatility and higher moments multiscale volatility details that cannot be obtained using the traditional DFA method.

  13. 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.

  14. 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.

  15. Financial feasibility analysis, small business farm beef cattle livestock in Gorontalo District

    Directory of Open Access Journals (Sweden)

    Amir Halid

    2017-12-01

    Full Text Available The objectives of this research are: 1 analyze the responses of farmers on small business farm beef cattle livestock in Gorontalo District, 2 analyze the feasibility of small business farm beef cattle livestock in Gorontalo District, 3 analyze the estimated increase of beef cattle production in Gorontalo District. The research method that used is survey method. The data analysis used in this research are descriptive analysis, feasibility analysis, and forecasting analysis. The result of this research showed: 1 The development of beef cattle business is an industry in the field of agribusiness with no limited. Beef cattle farmers said this business could give a huge profits. It can be seen from people welfare that increased, this business does not require a large cost from the technical point of view (cost of facilities and infrastructure, 2 Based on financial analysis aspect of beef cattle livestock is feasible to develop. 3 The result of forecasting analysis can be seen that there will be increased production for the Year 2017-2019 at all intervals except at 1-2cows. Keyword: Financial Feasibility, Beef Cattle, Agribusiness

  16. A Principal Component Analysis of Project Management Construction Industry Competencies for the Ghanaian

    Directory of Open Access Journals (Sweden)

    Rockson Dobgegah

    2011-03-01

    Full Text Available The study adopts a data reduction technique to examine the presence of any complex structure among a set of project management competency variables. A structured survey questionnaire was administered to 100 project managers to elicit relevant data, and this achieved a relatively high response rate of 54%. After satisfying all the necessary tests of reliability of the survey instrument, sample size adequacy and population matrix, the data was subjected to principal component analysis, resulting in the identification of six new thematic project management competency areas ; and were explained in terms of human resource management and project control; construction innovation and communication; project financial resources management; project risk and quality management; business ethics and; physical resources and procurement management. These knowledge areas now form the basis for lateral project management training requirements in the context of the Ghanaian construction industry. Key contribution of the paper is manifested in the use of the principal component analysis, which has rigorously provided understanding into the complex structure and the relationship between the various knowledge areas. The originality and value of the paper is embedded in the use of contextual-task conceptual knowledge to expound the six uncorrelated empirical utility of the project management competencies.

  17. Clustering applications in financial and economic analysis of the crop production in the Russian regions

    Directory of Open Access Journals (Sweden)

    Gromov Vladislav Vladimirovich

    2013-08-01

    Full Text Available We used the complex mathematical modeling, multivariate statistical-analysis, fuzzy sets to analyze the financial and economic state of the crop production in Russian regions. We developed a system of indicators, detecting the state agricultural sector in the region, based on the results of correlation, factor, cluster analysis and statistics of the Federal State Statistics Service. We performed clustering analyses to divide regions of Russia on selected factors into five groups. A qualitative and quantitative characteristics of each cluster was received.

  18. 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....

  19. Multidimensional scaling analysis of financial time series based on modified cross-sample entropy methods

    Science.gov (United States)

    He, Jiayi; Shang, Pengjian; Xiong, Hui

    2018-06-01

    Stocks, as the concrete manifestation of financial time series with plenty of potential information, are often used in the study of financial time series. In this paper, we utilize the stock data to recognize their patterns through out the dissimilarity matrix based on modified cross-sample entropy, then three-dimensional perceptual maps of the results are provided through multidimensional scaling method. Two modified multidimensional scaling methods are proposed in this paper, that is, multidimensional scaling based on Kronecker-delta cross-sample entropy (MDS-KCSE) and multidimensional scaling based on permutation cross-sample entropy (MDS-PCSE). These two methods use Kronecker-delta based cross-sample entropy and permutation based cross-sample entropy to replace the distance or dissimilarity measurement in classical multidimensional scaling (MDS). Multidimensional scaling based on Chebyshev distance (MDSC) is employed to provide a reference for comparisons. Our analysis reveals a clear clustering both in synthetic data and 18 indices from diverse stock markets. It implies that time series generated by the same model are easier to have similar irregularity than others, and the difference in the stock index, which is caused by the country or region and the different financial policies, can reflect the irregularity in the data. In the synthetic data experiments, not only the time series generated by different models can be distinguished, the one generated under different parameters of the same model can also be detected. In the financial data experiment, the stock indices are clearly divided into five groups. Through analysis, we find that they correspond to five regions, respectively, that is, Europe, North America, South America, Asian-Pacific (with the exception of mainland China), mainland China and Russia. The results also demonstrate that MDS-KCSE and MDS-PCSE provide more effective divisions in experiments than MDSC.

  20. Examining the effectiveness of municipal solid waste management systems: an integrated cost-benefit analysis perspective with a financial cost modeling in Taiwan.

    Science.gov (United States)

    Weng, Yu-Chi; Fujiwara, Takeshi

    2011-06-01

    In order to develop a sound material-cycle society, cost-effective municipal solid waste (MSW) management systems are required for the municipalities in the context of the integrated accounting system for MSW management. Firstly, this paper attempts to establish an integrated cost-benefit analysis (CBA) framework for evaluating the effectiveness of MSW management systems. In this paper, detailed cost/benefit items due to waste problems are particularly clarified. The stakeholders of MSW management systems, including the decision-makers of the municipalities and the citizens, are expected to reconsider the waste problems in depth and thus take wise actions with the aid of the proposed CBA framework. Secondly, focusing on the financial cost, this study develops a generalized methodology to evaluate the financial cost-effectiveness of MSW management systems, simultaneously considering the treatment technological levels and policy effects. The impacts of the influencing factors on the annual total and average financial MSW operation and maintenance (O&M) costs are analyzed in the Taiwanese case study with a demonstrative short-term future projection of the financial costs under scenario analysis. The established methodology would contribute to the evaluation of the current policy measures and to the modification of the policy design for the municipalities. Crown Copyright © 2011. Published by Elsevier Ltd. All rights reserved.

  1. Examining the effectiveness of municipal solid waste management systems: An integrated cost-benefit analysis perspective with a financial cost modeling in Taiwan

    International Nuclear Information System (INIS)

    Weng, Yu-Chi; Fujiwara, Takeshi

    2011-01-01

    In order to develop a sound material-cycle society, cost-effective municipal solid waste (MSW) management systems are required for the municipalities in the context of the integrated accounting system for MSW management. Firstly, this paper attempts to establish an integrated cost-benefit analysis (CBA) framework for evaluating the effectiveness of MSW management systems. In this paper, detailed cost/benefit items due to waste problems are particularly clarified. The stakeholders of MSW management systems, including the decision-makers of the municipalities and the citizens, are expected to reconsider the waste problems in depth and thus take wise actions with the aid of the proposed CBA framework. Secondly, focusing on the financial cost, this study develops a generalized methodology to evaluate the financial cost-effectiveness of MSW management systems, simultaneously considering the treatment technological levels and policy effects. The impacts of the influencing factors on the annual total and average financial MSW operation and maintenance (O and M) costs are analyzed in the Taiwanese case study with a demonstrative short-term future projection of the financial costs under scenario analysis. The established methodology would contribute to the evaluation of the current policy measures and to the modification of the policy design for the municipalities.

  2. 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.

  3. Financial analysis of utility scale photovoltaic plants with battery energy storage

    International Nuclear Information System (INIS)

    Rudolf, Viktor; Papastergiou, Konstantinos D.

    2013-01-01

    Battery energy storage is a flexible and responsive form of storing electrical energy from Renewable generation. The need for energy storage mainly stems from the intermittent nature of solar and wind energy sources. System integrators are investigating ways to design plants that can provide more stable output power without compromising the financial performance that is vital for investors. Network operators on the other side set stringent requirements for the commissioning of new generation, including preferential terms for energy providers with a well-defined generation profile. The aim of this work is to highlight the market and technology drivers that impact the feasibility of battery energy storage in a Utility-scale solar PV project. A simulation tool combines a battery cycling and lifetime model with a solar generation profile and electricity market prices. The business cases of the present market conditions and a projected future scenario are analyzed. - Highlights: • Generation shifting with batteries allows PV projects to generate additional revenues. • Battery lifetime, lifecycles and price are less relevant than electricity market prices. • Installed battery capacity of up to 50% of the daily PV energy boosts project economy. • A 25% higher premium for energy storage could improve NPV by approximately 65%

  4. Application of 'C.A.R.B. financial methodology' analysis for alternative energy technologies into UK housing

    International Nuclear Information System (INIS)

    Spanos, Ioannis; Duckers, Les; Holmes, Kenneth L.

    2007-01-01

    Current energy trends in UK housing are reviewed and then assessed by introducing the 'CARB financial analysis' methodology. CARB is an acronym for 'Carbon Abatement', as it evaluates the potential carbon-dioxide reduction from different technologies; 'Relative', as all the technologies examined are dependant on various primary sources; and 'Balance', as the cost of surplus CO 2 is quantified. According to conventional financial analysis, most of the technologies examined have the potential to provide positive returns on the investments especially for those with an environmentally conscious agenda. Further reduction of up to 30% of most installed alternative energy systems cost is required to compete with an investment in, e.g., a UK pension scheme. Using the 'CARB financial analysis' the cost of reducing CO 2 has been quantified, and compared with the potential cost of climate change impact. Conventional installed solar technologies are not financially attractive both with a pay back period calculations and 'CARB financial analysis' under current market costs and governmental subsidy regimes. Heat recovery technologies could be sensible investments, both in financial and environmental terms under particular assumptions; especially if the investment budget is small. The use of cogeneration technologies provides a financial advantage in the attempt to minimise the cost of climate change impact, as pay back period of such investment could be less than 7 yr, and the cost of CO 2 saved could be two to seven times less than the global damage cost of carbon emissions. (author)

  5. 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.

  6. FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Sigit Setiawan

    2015-05-01

    Full Text Available This study is intended to analyze the current levels of financial depth and financial access in Indonesia and to analyze the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relatively better than its financial depth, especially for financial markets, in which Indonesia ranks in the lower average group. From literature reviews, it can be inferred that the main factor driving the poor financial depth in Indonesia is non-competitiveness of the institutions; whereas the driving force of poor financial access in Indonesia are geographical constraints, poverty, a high income gap, and a less than effective national financial development policy.

  7. Assessment of Non-Financial Criteria in the Selection of Investment Projects for Seed Capital Funding: the Contribution of Scientometrics and Patentometrics

    Directory of Open Access Journals (Sweden)

    Gustavo da Silva Motta

    2012-09-01

    Full Text Available The aim of this article is to assess the potential of using scientometric and patentometric indicators as a way of instrumentalizing the selection process of projects for seed capital funding. There is an increasing interest in technology based enterprises for their capacity to contribute to economic and social development, but there is also some difficulty in assessing non-financial criteria associated with technology for the purposes of financial funding. Thus, this research selected the case of the first enterprise invested in by the largest seed capital fund in Brazil, in order to create scientific and technological indicators and to assess the extent to which these indicators may contribute to understanding the market potential of the technology once it is assessed. It was concluded that scientometric and patentometric indicators favour the assessment process for non-financial criteria, in particular those criteria dealt with in this study: technology, market, divestment, and team.

  8. Stress analysis of HLW containers. Compas project

    International Nuclear Information System (INIS)

    1989-01-01

    This document reports the work carried out for the Compas project which looked at the performance of various computer codes in a selected benchmark exercise. This exercise consisted of several analyses on simplified models which have features typical of HLW containers. These analyses comprise two groups; one related to thick walled, stressed shell overpacks, the other related to thin walled, supported shell overpacks with a lead filler. The first set of analyses looked at an elastic-plastic behaviour and large deformation of a cylinder representative of the main body of thick walled containers). The second set looked at creep behaviour of the lead filler, and the shape the base of thin walled containers will take up, after hundreds of years in the repository. On the thick walled analyses with the cylinder subject to an external pressure all the codes gave consistent results in the elastic region and there is good agreement in the yield pressures. Once in the plastic region there is more divergence in the results although a consistent trend is predicted. One of the analyses predicted a non-axisymmetric mode of deformation as would be expected in reality. Fewer results were received for the creep analysis, however the transient creep results showed consistency, and were bounded by the final-state results

  9. Wear-Out Sensitivity Analysis Project Abstract

    Science.gov (United States)

    Harris, Adam

    2015-01-01

    During the course of the Summer 2015 internship session, I worked in the Reliability and Maintainability group of the ISS Safety and Mission Assurance department. My project was a statistical analysis of how sensitive ORU's (Orbital Replacement Units) are to a reliability parameter called the wear-out characteristic. The intended goal of this was to determine a worst case scenario of how many spares would be needed if multiple systems started exhibiting wear-out characteristics simultaneously. The goal was also to determine which parts would be most likely to do so. In order to do this, my duties were to take historical data of operational times and failure times of these ORU's and use them to build predictive models of failure using probability distribution functions, mainly the Weibull distribution. Then, I ran Monte Carlo Simulations to see how an entire population of these components would perform. From here, my final duty was to vary the wear-out characteristic from the intrinsic value, to extremely high wear-out values and determine how much the probability of sufficiency of the population would shift. This was done for around 30 different ORU populations on board the ISS.

  10. Continuous improvement projects: an authorship bibliometric analysis.

    Science.gov (United States)

    Gonzalez Aleu, Fernando; Van Aken, Eileen M

    2017-06-12

    Purpose The purpose of this paper is to describe the current research on hospital continuous improvement projects (CIPs) from an author characteristics' perspective. This work addresses the following questions: who are the predominant research authors in hospital CIPs? To what extent are the research communities collaborating in distinct research groups? How internationalized has hospital CIPs research become with respect to author location? Design/methodology/approach A systematic literature review was conducted, identifying 302 academic publications related to hospital CIPs. Publications were analyzed using: author, quantity, diversity, collaboration, and impact. Findings Hospital CIPs are increasingly attracting new scholars each year. Based on the authors' analysis, authors publishing in this area can be described as a relatively new international community given the countries represented. Originality/value This paper describes the current hospital CIP research by assessing author characteristics. Future work should examine additional attributes to characterize maturity such as how new knowledge is being created and to what extent new knowledge is being disseminated to practitioners.

  11. 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.

  12. Analysis of changing bank services in globalization process of financial business

    Directory of Open Access Journals (Sweden)

    A.Mumi

    2017-12-01

    Full Text Available The process of economic development of every country is closely connected with the functioning of effective infrastructure of financial market, in the carter of which is a bank system. The success of market relations, the provision of intensive economic growth, the increasing country’s competitiveness at the world market and the growth of population well-being are determined by the fact of how much effectively banks are able to act at different segments of bank services. The innovations in the bank field are closely connected with the innovations in the global and world financial sector. The issues about the influence of globalization on bank activities, the development of market of bank services, empirical researches are of great interest nowadays. Special attention is paid to the Ukrainian market of bank services. The analysis of the current state of the bank sector of the Ukrainian economy gives an opportunity to disclose some problems in the bank sphere as: political and financial instability in the country, the low quality of bank assets, the decrease of liquidity of bank assets, the low credit to the bank system among population, unstable legal framework in the state, the high level of vulnerability of the bank system to the country’s currency policy conducted by NBU.

  13. Analysis of financial soundness of manufacturing companies in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Widi Hidayat

    2016-07-01

    Full Text Available This study aims to provide information to the issuer and Bapepam and Indonesian Institute of Accountants with additional important information content of ratings and financial soundness of the indicators that do not harm investors. This is an explanatory and descriptive nature of causality using quantitative methods, using all companies listed on the Indonesia Stock Exchange (ISE taken as the sample. The data were analyzed using discriminant statistical analysis tools are processed with SPSS. The results showed that the level of financial soundness of the manufacturing industries listed on the ISE such as 23 (62% Companies Current Asset Growth (CAG is low as well as Fixed Asset growth (FAG 28 (76% companies is still low, Equity Growth (EqG by 27 (73% the company, Revenue growth (RG 27 (65% companies and Net Income Growth (NIG 35 (95% firms. Two manufacturing companies have a very high NIG, thus, NIG average is very high. The seven models of financial soundness were tested based on the growth of corporate finance such as CAG, FAG, LG, EqG, RG, ExG and NIG. Only one model is not significant, the model RG, while the other model is a significant, with a significant difference be-tween the growths rates of the sound and unsound corporate finances industry groups.

  14. 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.

  15. An ABC analysis for power generation project

    OpenAIRE

    Batool Hasani; Younos Vakilalroaia

    2013-01-01

    One of the primary concerns on performance measurement is to know how much a particular project cost. However, using traditional method on project-based products often leads to inappropriate results. In this paper, we re-examine this issue by comparing the cost of a power station construction project using ABC versus traditional method. The results of survey show that ABC method is capable of providing better estimates for overhead costs compared with traditional method. In other words, ABC m...

  16. 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

  17. FINANCING PRACTICES OF BANKS AND FINANCIAL INSTITUTIONS IN NEPAL

    OpenAIRE

    GAUTAM, BISHNU PRASAD

    2009-01-01

    Proposal analysis and credit appraisal includes the examination of business and financial aspects with respective importance to measure economic, financial and technical feasibility of the project and repayment capacity of the borrowing firm. Such analysis has far reaching implication on the mobilization of resources as well as on the earning and soundness of the banks and financial institutions (BFIs). We examine this process in the context of bank lending to tourism business enterprises thr...

  18. An Analysis of the Impact of Financial Factors on the Well-Being of Military Officers

    Science.gov (United States)

    2015-12-01

    Figure 1. A Multilevel Model of Economic Stress ...................................................18 Figure 2. Financial Stress and Absenteeism ...increasingly important in a world where consumers must choose from an array of complicated financial products and services and employees must take on...managing financial products , and financial knowledge (“FINRA Investor Education Foundation,” 2013). While the FINRA survey indicated some areas of

  19. Graduate Student Project: Employer Operations Management Analysis

    Science.gov (United States)

    Fish, Lynn A.

    2008-01-01

    Part-time graduate students at an Association to Advance Collegiate Schools of Business-accredited college complete a unique project by applying operations management concepts to their current employer. More than 92% of 368 graduates indicated that this experiential project was a positive learning experience, and results show a positive impact on…

  20. The sensitivity analysis of population projections

    NARCIS (Netherlands)

    Caswell, H.; Sánchez Gassen, N.

    2015-01-01

    Background Population projections using the cohort component method can be written as time-varying matrix population models. The matrices are parameterized by schedules of mortality, fertility, immigration, and emigration over the duration of the projection. A variety of dependent variables are

  1. 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.

  2. Profitability Analysis for Agricultural Investment Projects

    Directory of Open Access Journals (Sweden)

    Florina Oana VIRLANUTA

    2011-11-01

    Full Text Available In agriculture production is based on a process both economically as well as the biological one, the work results are influenced, more than any branch of economic, natural and climatic conditions are subject to higher risk and permanently. Due to the features of production in agriculture, we believe that it is necessary such as performance agricultural units to be assessed under a system of specific indicators. The correct assessment units are closely related agricultural economic-financial investment in agriculture. In the following we present and analyze a complex system of specific performance indicators of the extremely for assessing agricultural units.

  3. Comparative study on DuPont analysis and DEA models for measuring stock performance using financial ratio

    Science.gov (United States)

    Arsad, Roslah; Shaari, Siti Nabilah Mohd; Isa, Zaidi

    2017-11-01

    Determining stock performance using financial ratio is challenging for many investors and researchers. Financial ratio can indicate the strengths and weaknesses of a company's stock performance. There are five categories of financial ratios namely liquidity, efficiency, leverage, profitability and market ratios. It is important to interpret the ratio correctly for proper financial decision making. The purpose of this study is to compare the performance of listed companies in Bursa Malaysia using Data Envelopment Analysis (DEA) and DuPont analysis Models. The study is conducted in 2015 involving 116 consumer products companies listed in Bursa Malaysia. The estimation method of Data Envelopment Analysis computes the efficiency scores and ranks the companies accordingly. The Alirezaee and Afsharian's method of analysis based Charnes, Cooper and Rhodes (CCR) where Constant Return to Scale (CRS) is employed. The DuPont analysis is a traditional tool for measuring the operating performance of companies. In this study, DuPont analysis is used to evaluate three different aspects such as profitability, efficiency of assets utilization and financial leverage. Return on Equity (ROE) is also calculated in DuPont analysis. This study finds that both analysis models provide different rankings of the selected samples. Hypothesis testing based on Pearson's correlation, indicates that there is no correlation between rankings produced by DEA and DuPont analysis. The DEA ranking model proposed by Alirezaee and Asharian is unstable. The method cannot provide complete ranking because the values of Balance Index is equal and zero.

  4. Profitability and efficiency of Italian utilities: cluster analysis of financial statement ratios

    International Nuclear Information System (INIS)

    Linares, E.

    2008-01-01

    The last ten years have witnessed conspicuous changes in European and Italian regulation of public utility services and in the strategies of the major players in these fields. In response to these changes Italian utilities have made a variety of choices regarding size, presence in more or less capital-intensive stages of different value chains, and diversification. These choices have been implemented both through internal growth and by means of mergers and acquisitions. In this context it is interesting to try to establish whether there is a nexus between these choices and the performance of Italian utilities in terms of profitability and efficiency. Therefore statistical multivariate analysis techniques (cluster analysis and factor analysis) have been applied to several ratios obtained from the 2005 financial statement of 34 utilities. First, a hierarchical cluster analysis method has been applied to financial statement data in order to identify homogeneous groups based on several indicators of the incidence of costs (external costs, personnel costs, depreciation and amortization), profitability (return on sales, return on assets, return on equity) and efficiency (in the utilization of personnel, of total assets, of property, plant and equipment). Five clusters have been found. Then the clusters have been characterized in terms of the aforementioned indicators, the presence in different stages of the energy value chains (electricity and gas) and other descriptive variables (such as turnover, number of employees, assets, percentage of property, plant and equipment on total assets, sales revenues from electricity, gas, water supply and sanitation, waste collection and treatment and other services). In a second round cluster analysis has been preceded by factor analysis, in order to find a smaller set of variables. This procedure has revealed three not directly observable factors that can be interpreted as follows: i) efficiency in ordinary and financial management

  5. 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.

  6. The Analysis of the Customer Request Processing in a Financial Institution

    Directory of Open Access Journals (Sweden)

    Maria NEAGU

    2013-03-01

    Full Text Available his paper presents the numerical simulation of the customer requests processing by generalists and specialists in a financial institution using ARENA software. The model considers three types of requests: standard requests, direct special requests and special requests received by telephone or e-mail. The requests processing time and costs receive a detailed analysis: the processing time, the waiting time and the total time, the requests number and the requests cost dependencies as a function of the standard requests incoming frequency are presented.

  7. FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

    OpenAIRE

    Sigit Setiawan

    2015-01-01

    This study is intended to analyze the current levels of financial depth and financial access in Indonesia and to analyze the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...

  8. 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.

  9. 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.

  10. Review of US ESCO industry market trends: an empirical analysis of project data

    Energy Technology Data Exchange (ETDEWEB)

    Goldman, C.A.; Hopper, N.C.; Osborn, J.G. [Lawrence Berkeley National Laboratory, Berkeley, CA (United States). Energy Analysis

    2005-02-01

    This comprehensive empirical analysis of US energy service company (ESCO) industry trends and performance employs two parallel analytical approaches: a survey of firms to estimate total industry size, and a database of {approx}1500 ESCO projects, from which we report target markets and typical project characteristics, energy savings and customer economics. We estimate that industry investment for energy-efficiency related services reached US$2 billion in 2000 following a decade of strong growth. ESCO activity is concentrated in states with high economic activity and strong policy support. Typical projects save 150-200 MJ/m{sup 2}/year and are cost-effective with median benefit/cost ratios of 1.6 and 2.1 for institutional and private sector projects. The median simple payback time (SPT) is 7 years among institutional customers; 3 years is typical in the private sector. Reliance on DSM incentives has decreased since 1995. Preliminary evidence suggests that state enabling policies have boosted the industry in medium-sized states. ECSOs have proven resilient in the face of restructuring and will probably shift toward selling 'energy solutions', with energy efficiency part of a package. We conclude that appropriate policy support - both financial and non-financial - can 'jump-start' a viable private-sector energy-efficiency services industry that targets large institutional and commercial/industrial customers. (author)

  11. Review of US ESCO industry market trends: an empirical analysis of project data

    International Nuclear Information System (INIS)

    Goldman, Charles A.; Hopper, Nicole C.; Osborn, Julie G.

    2005-01-01

    This comprehensive empirical analysis of US energy service company (ESCO) industry trends and performance employs two parallel analytical approaches: a survey of firms to estimate total industry size, and a database of ∼1500 ESCO projects, from which we report target markets and typical project characteristics, energy savings and customer economics. We estimate that industry investment for energy-efficiency related services reached US$2 billion in 2000 following a decade of strong growth. ESCO activity is concentrated in states with high economic activity and strong policy support. Typical projects save 150-200 MJ/m 2 /year and are cost-effective with median benefit/cost ratios of 1.6 and 2.1 for institutional and private sector projects. The median simple payback time (SPT) is 7 years among institutional customers; 3 years is typical in the private sector. Reliance on DSM incentives has decreased since 1995. Preliminary evidence suggests that state enabling policies have boosted the industry in medium-sized states. ESCOs have proven resilient in the face of restructuring and will probably shift toward selling 'energy solutions', with energy efficiency part of a package. We conclude that appropriate policy support - both financial and non-financial - can 'jump-start' a viable private-sector energy-efficiency services industry that targets large institutional and commercial/industrial customers

  12. Review of US ESCO industry market trends: an empirical analysis of project data

    International Nuclear Information System (INIS)

    Goldman, C.A.; Hopper, N.C.; Osborn, J.G.

    2005-01-01

    This comprehensive empirical analysis of US energy service company (ESCO) industry trends and performance employs two parallel analytical approaches: a survey of firms to estimate total industry size, and a database of ∼1500 ESCO projects, from which we report target markets and typical project characteristics, energy savings and customer economics. We estimate that industry investment for energy-efficiency related services reached US$2 billion in 2000 following a decade of strong growth. ESCO activity is concentrated in states with high economic activity and strong policy support. Typical projects save 150-200 MJ/m 2 /year and are cost-effective with median benefit/cost ratios of 1.6 and 2.1 for institutional and private sector projects. The median simple payback time (SPT) is 7 years among institutional customers; 3 years is typical in the private sector. Reliance on DSM incentives has decreased since 1995. Preliminary evidence suggests that state enabling policies have boosted the industry in medium-sized states. ECSOs have proven resilient in the face of restructuring and will probably shift toward selling 'energy solutions', with energy efficiency part of a package. We conclude that appropriate policy support - both financial and non-financial - can 'jump-start' a viable private-sector energy-efficiency services industry that targets large institutional and commercial/industrial customers. (author)

  13. Review of U.S. ESCO industry market trends: An empirical analysis of project data

    Energy Technology Data Exchange (ETDEWEB)

    Goldman, Charles A.; Hopper, Nicole C.; Osborn, Julie G.; Singer, Terry E.

    2003-03-01

    This article summarizes a comprehensive empirical analysis of U.S. Energy Service Company (ESCO) industry trends and performance. We employ two parallel analytical approaches: a comprehensive survey of firms to estimate total industry size and a database of {approx}1500 ESCO projects, from which we report target markets and typical project characteristics, energy savings and customer economics. We estimate that industry investment for energy-efficiency related services reached US $2 billion in 2000 following a decade of strong growth. ESCO activity is concentrated in states with high economic activity and strong policy support. Typical projects save 150-200 MJ/m2/year and are cost-effective with median benefit/cost ratios of 1.6 and 2.1 for institutional and private sector projects. The median simple payback time is 7 years among institutional customers; 3 years is typical in the private sector. Reliance on DSM incentives has decreased since 1995. Preliminary evidence suggests that state enabling policies have boosted the industry in medium-sized states. ESCOs have proven resilient in the face of restructuring and will probably shift toward selling ''energy solutions,'' with energy efficiency part of a package. We conclude that a private sector energy-efficiency services industry that targets large commercial and industrial customers is viable and self-sustaining with appropriate policy support both financial and non-financial.

  14. The analysis of projected fission track lengths

    International Nuclear Information System (INIS)

    Laslett, G.M.; Galbraith, R.F.; Green, P.F.

    1994-01-01

    This article deals with the question of how features of the thermal history can be estimated from projected track length measurements, i.e. lengths of the remaining parts of tracks that have intersected a surface, projected onto that surface. The appropriate mathematical theory is described and used to provide a sound basis both for understanding the nature of projected length measurements and for analysing observed data. The estimation of thermal history parameters corresponding to the current temperature, the maximum palaeotemperature and the time since cooling, is studied using laboratory data and simulations. In general the information contained in projected track lengths and angles is fairly limited, compared, for example, with that from a much smaller number of confined tracks, though we identify some circumstances when such measurements may be useful. Also it is not straightforward to extract the information and simple ad hoc estimation methods are generally inadequate. (author)

  15. An ABC analysis for power generation project

    Directory of Open Access Journals (Sweden)

    Batool Hasani

    2013-07-01

    Full Text Available One of the primary concerns on performance measurement is to know how much a particular project cost. However, using traditional method on project-based products often leads to inappropriate results. In this paper, we re-examine this issue by comparing the cost of a power station construction project using ABC versus traditional method. The results of survey show that ABC method is capable of providing better estimates for overhead costs compared with traditional method. In other words, ABC method helps reduce some of the unnecessary overhead cost items and increase on some other cost components. This helps increase the relative efficiency of the system by reducing total cost of project.

  16. Climatic change, technological, financial and commercial flows : new directions in input-output analysis

    International Nuclear Information System (INIS)

    Cloutier, L.M.; DeBresson, C.; Dietzenbacher, E.

    2004-01-01

    This book presents the recent work of prominent economists who used the latest input-output analysis techniques to examine complex and interdependent problems such as global warming, climate change and greenhouse gas reduction. It proposes solutions to Solow's Paradox regarding information and communication technologies and examines the role of technological and financial flows. It also proposes theoretical applications for use in Quebec and Canada. The work of young economists who participated at the Leontief International Input-Output Association was also presented. The book is mainly intended for analysts of economic policies and for young researchers looking for advanced input-output analysis techniques. It offers a useful, realistic and systematic analysis of various issues facing contemporary companies. refs., tabs., figs

  17. Financial resources for the environment: the unsuccessful attempt to create a private financing intermediary for brownfield redevelopment projects

    OpenAIRE

    Keith Welkes

    2005-01-01

    This paper analyzes an unsuccessful attempt to establish a financing intermediary for the development of environmentally contaminated property (commonly known as brownfields) in Pennsylvania. The proposed intermediary was entitled Financial Resources for the Environment.

  18. Aspects of Accounting and Financial Analysis Service Outsourcing: a Romanian Approach

    Directory of Open Access Journals (Sweden)

    Vasile-Daniel W. Păvăloaia

    2011-06-01

    Full Text Available In January 2010, Forbes magazine published an article with an attractive title: Romania –became an accounting outsourcing destination. The article states that our country has fully enteredthe market of accounting service outsourcing. Also, the results of a study ordered byPricewaterhouseCoopers in 2010 confirm that outsourcing has encountered a revival in the last sixmonths and the trend is ascending. The director of PricewaterhouseCoopers says that companies stillresort to service outsourcing primarily to reduce costs but at the same level, customers began to alsoappreciate other aspects such as high efficiency, high quality services and, of course, access to highleveltalent and expertise. In the above mentioned context, in author’s opinion, the theme of thecurrent research seems appropriate as it proposes and emphasize of the fundamental aspects ofoutsourcing in general and specific issues related to outsourcing the services of accounting andfinancial analysis. This study illustrates novel aspects related to the requirements for outsourcingaccounting services in our country and captures the authors' opinion on the possibilities ofoutsourcing the financial and economic analysis services, since these belong to a quite sensitivecategory. If this information comes across foreign hands, the financial and accounting informationcan be used for destructive purposes.

  19. Analysis of debt leveraging in private power projects

    International Nuclear Information System (INIS)

    Kahn, E.P.; Meal, M.; Doerrer, S.; Morse, S.

    1992-08-01

    As private power (non-utility generation) has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital, and that this leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not home by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs

  20. Analysis of debt leveraging in private power projects

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.P. (Lawrence Berkeley Lab., CA (United States)); Meal, M.; Doerrer, S.; Morse, S. (Morse, Richard, Weisenmiller Associates, Inc., Oakland, CA (United States))

    1992-08-01

    As private power has grown to become a significant part of the electricity system, increasing concern about its financial implications has arisen. In many cases, the source of this concern has been the substantial reliance of these projects on debt financing. This study examines debt leveraging in private power projects. The policy debate on these issues has typically been conducted at a high level of generality. Critics of the private power industry assert that high debt leveraging confers an unfair competitive advantage by lowering the cost of capital. This leveraging is only possible because risks are shifted to the utility. Further, debt leveraging is claimed to be a threat to reliability. On the opposite side, it is argued that debt leveraging imposes costs and obligations not borne by utilities, and so there is no financial advantage. The private producers also argue that on balance more risk is shifted away from utilities than to them, and that incentives for reliability are strong. In this study we examine the project finance mechanisms used in private power lending in detail, relying on a sample of actual loan documents. This review and its findings should be relevant to the further evolution of this debate. State regulatory commissions are likely to be interested in it, and Federal legislation to amend the Public Utility Holding Company Act (PUHCA) could require states to consider the implications of debt leveraging in relation to their oversight of utility power purchase programs.