78 FR 30661 - Electronic Fund Transfers (Regulation E)

Science.gov (United States)

2013-05-22

... Part 1005 Electronic Fund Transfers (Regulation E); Final Rule #0;#0;Federal Register / Vol. 78 , No... (Regulation E) AGENCY: Bureau of Consumer Financial Protection. ACTION: Final rule; official interpretation.../regulations/final-remittance-rule-amendment-regulation-e/ . SUPPLEMENTARY INFORMATION: I. Summary of the Final...

Contrast-enhanced 3D MR angiography of the chest and abdomen with breath-holding using phase reordering

International Nuclear Information System (INIS)

Amanuma, Makoto; Sugimoto, Eiichi; Enomoto, Kyoko; Watabe, Tsuneya; Heshiki, Atsuko; Hirata, Hisashi; Kimura, Toshihiko; Takizawa, Osamu.

1995-01-01

This report presents the feasibility of phase-reordered contrast-enhanced three-dimensional MR angiography in 32 consecutive patients with vascular abnormalities in the chest and abdomen. To suppress motion artifacts due to respiratory corruption, a phase-reordering technique was introduced so that the low frequency components of the phase data were obtained first during the imaging period. Image quality and degree of motion suppression were assessed by four radiologists independently without information on breath-holding time. Abnormalities were detected in 30 cases (93.8%), and their extent was correctly assessed in 28 cases (87.5%). More confident assessment was possible in abnormalities of the pulmonary vessels and thoracic aorta than in those of the abdominal aorta and portal venous system. With phase reordering, more than 20 seconds of breath-holding ensured image quality sufficient to correctly assess the vascular abnormalities. While this technique is easy and requires only single breath-holding, it can provide excellent MRA without slice-to-slice spatial misregistration. (author)

The power of reordering for online minimum makespan scheduling

OpenAIRE

Englert, Matthias; Özmen, Deniz; Westermann, Matthias

2014-01-01

In the classic minimum makespan scheduling problem, we are given an input sequence of jobs with processing times. A scheduling algorithm has to assign the jobs to m parallel machines. The objective is to minimize the makespan, which is the time it takes until all jobs are processed. In this paper, we consider online scheduling algorithms without preemption. However, we do not require that each arriving job has to be assigned immediately to one of the machines. A reordering buffer with limited...

78 FR 49365 - Electronic Fund Transfers (Regulation E); Correction

Science.gov (United States)

2013-08-14

... BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1005 [Docket No. CFPB-2012-0050] RIN 3170-AA33 Electronic Fund Transfers (Regulation E); Correction AGENCY: Bureau of Consumer Financial Protection. ACTION... 2013 Final Rule, which along with three other final rules \\1\\ implements the Electronic Fund Transfer...

NEW REGULATION OF PRIVATE EQUITY AND VENTURE CAPITAL FUNDS AND OPEN QUESTIONS

Directory of Open Access Journals (Sweden)

Suzana Audić Vuletić

2017-01-01

Full Text Available This article provides an analysis of the new regulation of private equity and venture capital funds which are in Croatian law regulated by Alternative Investment Funds Act and ordinances. These funds can offer their units only via private offering to primarily professional, i.e. qualifying investors. They invest mostly in shares and units of companies, including both companies in early (start-ups and in later stage of business. For the companies in which they invest, these funds are very signifi cant as they can provide capital for even small entrepreneurs which could not obtain fi nancing from traditional sources (e. g. banks. This article analyzes investment transactions between private equity (further in text: PE and venture capital (further in text: VC funds and the company in which they invest (portfolio company. PE and VC funds represent a new segment in the Croatian capital market which is still developing and whose potential is yet to be fully recognized. PE and VC funds are not regulated on the EU level. However, managers of AIFs, including PE and VC funds are under certain conditions. Authors shall analyze these legal sources, both on the EU and on the domestic level, with emphasis on the regulation of managers of AIFs when they acquire controlling stake in non-listed companies and issuers, which is of special interest to PE and VC funds due to their investment techniques. In that light, authors question if there is a mechanism which ensures that PE and VC funds act as a socially responsible shareholders/unitholders in portfolio companies (public accountability of the managers of AIFs. If so, authors argue the existence of possible confl ict of interest, as it is not clear in whose interest should managers of PE and VC funds act: in the interest of their investors or in the interest of the portfolio company.

The structure, regulation, and performance of pension funds in nine industrial countries

OpenAIRE

Davis, E.P.; DEC

1993-01-01

The author offers an overview of issues relating to the development of funded pension schemes in industrial countries. The analysis applies the economic theory of pension regulation to experience with the structure, regulation, and performance of funds in nine countries - Canada, Denmark, Germany, Japan, Netherlands, Sweden, Switzerland, the United Kingdom, and the United States - seeking to shed light on the finance of old age security in developing countries and the reform of pension funds ...

Highwaymen or heroes: should hedge funds be regulated?

OpenAIRE

Jon Danielsson; Ashley Taylor; Jean-Pierre Zigrand

2004-01-01

The exponential growth of hedge funds, their role in financial crises in the 1990s, and examples of fraudulent behaviour have precipitated a heated debate over their regulatory status. The existing approaches of greater disclosure and activity restrictions appear too blunt to be effective and may stifle the benefits hedge funds can bring to the financial system. But, even the remote possibility of a systemic crisis weighs against no regulation. If reform is delayed until after a crisis it is ...

Improving the quantum cost of reversible Boolean functions using reorder algorithm

Science.gov (United States)

Ahmed, Taghreed; Younes, Ahmed; Elsayed, Ashraf

2018-05-01

This paper introduces a novel algorithm to synthesize a low-cost reversible circuits for any Boolean function with n inputs represented as a Positive Polarity Reed-Muller expansion. The proposed algorithm applies a predefined rules to reorder the terms in the function to minimize the multi-calculation of common parts of the Boolean function to decrease the quantum cost of the reversible circuit. The paper achieves a decrease in the quantum cost and/or the circuit length, on average, when compared with relevant work in the literature.

Area law and vacuum reordering in harmonic networks

International Nuclear Information System (INIS)

Riera, A.; Latorre, J. I.

2006-01-01

We review a number of ideas related to area-law scaling of the geometric entropy from the point of view of condensed matter, quantum field theory, and quantum information. An explicit computation in arbitrary dimensions of the geometric entropy of the ground state of a discretized scalar free field theory shows the expected area law result. In this case, area-law scaling is a manifestation of a deeper reordering of the vacuum produced by majorization relations. Furthermore, the explicit control on all the eigenvalues of the reduced density matrix allows for a verification of entropy loss along the renormalization group trajectory driven by the mass term. A further result of our computation shows that single-copy entanglement also obeys area law scaling, majorization relations, and decreases along renormalization group flows

Pension fund regulation: Unintended consequences of foreign investment restrictions in an emerging market economy

Directory of Open Access Journals (Sweden)

Coert Frederik Erasmus

2016-12-01

Full Text Available Retirement savings allow investors to earn income after retirement by saving while being part of the workforce. Retirement savings comprise the largest portion of retirement savings and should be safeguarded by effective regulation. To safeguard retirement savings, exposure to foreign asset investments is limited. However, in an emerging economy, limiting foreign asset investments, especially investment in developed markets, could hamper the potential investment returns due to the translation risk. To assess the effect of translation risk, a preservation provident fund was used in the present study to determine whether the returns of this preservation provident fund would be adversely affected by investment allocation regulation. The findings indicated how the translation effect affected the preservation provident fund, illustrating the adverse unintended consequences of investment regulation in emerging market economies. Consequently, regulators should reconsider the maximum allowed foreign asset investment in pension fund regulations to enhance investment returns from foreign asset investments

Sodium-Induced Reordering of Atomic Stacks in Black Phosphorus

KAUST Repository

Cheng, Yingchun

2017-01-12

While theoretical simulations predict contradictory results about how the intercalation of foreign metal atoms affects the order of atomic layers in black phosphorus (BP), no direct experimental visualization work has yet clarified this ambiguity. By in situ electrochemical sodiation of BP inside a high-resolution transmission electron microscope and first-principles calculations, we found that sodium intercalation induces a relative glide of/ ⟨010⟩ {001}, resulting in reordering of atomic stacks from AB to AC in BP. The observed local amorphization in our experiments is triggered by lattice constraints. We predict that intercalation of sodium or other metal atoms introduces n-type carriers in BP. This potentially opens a new field for two-dimensional electronics based on BP.

Sodium-Induced Reordering of Atomic Stacks in Black Phosphorus

KAUST Repository

Cheng, Yingchun; Zhu, Yihan; Han, Yu; Liu, Zhongyuan; Yang, Bingchao; Nie, Anmin; Huang, Wei; Shahbazian-Yassar, Reza; Mashayek, Farzad

2017-01-01

While theoretical simulations predict contradictory results about how the intercalation of foreign metal atoms affects the order of atomic layers in black phosphorus (BP), no direct experimental visualization work has yet clarified this ambiguity. By in situ electrochemical sodiation of BP inside a high-resolution transmission electron microscope and first-principles calculations, we found that sodium intercalation induces a relative glide of/ ⟨010⟩ {001}, resulting in reordering of atomic stacks from AB to AC in BP. The observed local amorphization in our experiments is triggered by lattice constraints. We predict that intercalation of sodium or other metal atoms introduces n-type carriers in BP. This potentially opens a new field for two-dimensional electronics based on BP.

Pension Funds and the Impact of Switching Regulation on Long-Term Investment

OpenAIRE

Pedraza Morales, Alvaro Enrique; Fuentes, Olga; Searle, Pamela; Stewart, Fiona

2017-01-01

This paper looks at the impact of members' ability to switch pension fund provider and /or portfolio on the allocation of pension funds to long-term investments. The level of annual turnover in pension fund portfolios was compared with the amount of short-term investments (using government treasury bills and bank deposits as proxy). The investment regulations around switching and other mar...

Order-disorder-reorder process in thermally treated dolomite samples: a combined powder and single-crystal X-ray diffraction study

Science.gov (United States)

Zucchini, A.; Comodi, P.; Katerinopoulou, A.; Balic-Zunic, T.; McCammon, C.; Frondini, F.

2012-04-01

A combined powder and single-crystal X-ray diffraction analysis of dolomite [CaMg(CO3)2] heated to 1,200°C at 3 GPa was made to study the order-disorder-reorder process. The order/disorder transition is inferred to start below 1,100°C, and complete disorder is attained at approximately 1,200°C. Twinned crystals characterized by high internal order were found in samples annealed over 1,100°C, and their fraction was found to increase with temperature. Evidences of twinning domains combined with probable remaining disordered portions of the structure imply that reordering processes occur during the quench. Twin domains are hereby proposed as a witness to thermally induced intra-layer-type cation disordering.

Four dimensional magnetic resonance imaging with retrospective k-space reordering: A feasibility study

International Nuclear Information System (INIS)

Liu, Yilin; Yin, Fang-Fang; Cai, Jing; Chen, Nan-kuei; Chu, Mei-Lan

2015-01-01

Purpose: Current four dimensional magnetic resonance imaging (4D-MRI) techniques lack sufficient temporal/spatial resolution and consistent tumor contrast. To overcome these limitations, this study presents the development and initial evaluation of a new strategy for 4D-MRI which is based on retrospective k-space reordering. Methods: We simulated a k-space reordered 4D-MRI on a 4D digital extended cardiac-torso (XCAT) human phantom. A 2D echo planar imaging MRI sequence [frame rate (F) = 0.448 Hz; image resolution (R) = 256 × 256; number of k-space segments (N KS ) = 4] with sequential image acquisition mode was assumed for the simulation. Image quality of the simulated “4D-MRI” acquired from the XCAT phantom was qualitatively evaluated, and tumor motion trajectories were compared to input signals. In particular, mean absolute amplitude differences (D) and cross correlation coefficients (CC) were calculated. Furthermore, to evaluate the data sufficient condition for the new 4D-MRI technique, a comprehensive simulation study was performed using 30 cancer patients’ respiratory profiles to study the relationships between data completeness (C p ) and a number of impacting factors: the number of repeated scans (N R ), number of slices (N S ), number of respiratory phase bins (N P ), N KS , F, R, and initial respiratory phase at image acquisition (P 0 ). As a proof-of-concept, we implemented the proposed k-space reordering 4D-MRI technique on a T2-weighted fast spin echo MR sequence and tested it on a healthy volunteer. Results: The simulated 4D-MRI acquired from the XCAT phantom matched closely to the original XCAT images. Tumor motion trajectories measured from the simulated 4D-MRI matched well with input signals (D = 0.83 and 0.83 mm, and CC = 0.998 and 0.992 in superior–inferior and anterior–posterior directions, respectively). The relationship between C p and N R was found best represented by an exponential function (C P =100(1−e −0.18N R ), when N S

The Use of Government Funding and Taxing Power to Regulate Religious Schools.

Science.gov (United States)

Capps, Kline; Esbeck, Carl H.

1985-01-01

Reviews the concept of governmental funding of private schools and whether this would be the means whereby unwanted and obstrusive regulations would be applied to those schools. Government funding in Spain, Malta, and France was the mechanism by which those governments extended control over church-related schools. (MD)

A Case Study of IPv6 Network Performance: Packet Delay, Loss, and Reordering

Directory of Open Access Journals (Sweden)

Fuliang Li

2017-01-01

Full Text Available Internet Protocol (IP is used to identify and locate computers on the Internet. Currently, IPv4 still routes most Internet traffic. However, with the exhausting of IPv4 addresses, the transition to IPv6 is imminent, because, as the successor of IPv4, IPv6 can provide a larger available address space. Existing studies have addressed the notion that IPv6-centric next generation networks are widely deployed and applied. In order to gain a deep understanding of IPv6, this paper revisits several critical IPv6 performance metrics. Our extensive measurement shows that packet delay and loss rate of IPv6 are similar to IPv4 when the AS-level paths are roughly the same. Specifically, when the link utilization exceeds a threshold, for example, 0.83 in our study, variation of packet delay presents a similar pattern with the variation of link utilization. If packet delay of a path is large, packet-loss rate of that path is more likely to fluctuate. In addition, we conduct a first-ever analysis of packet reordering in IPv6 world. Few IPv6 probe packets are out-of-order and the reordering rate is 2.3⁎10-6, which is much lower than that of 0.79% in IPv4 world. Our analysis consolidates an experimental basis for operators and researchers of IPv6 networks.

BICLUSTERING METHODS FOR RE-ORDERING DATA MATRICES IN SYSTEMS BIOLOGY, DRUG DISCOVERY AND TOXICOLOGY

Directory of Open Access Journals (Sweden)

Christodoulos A. Floudas

2010-12-01

Full Text Available Biclustering has emerged as an important problem in the analysis of gene expression data since genes may only jointly respond over a subset of conditions. Many of the methods for biclustering, and clustering algorithms in general, utilize simplified models or heuristic strategies for identifying the ``best'' grouping of elements according to some metric and cluster definition and thus result in suboptimal clusters. In the first part of the presentation, we present a rigorous approach to biclustering, OREO, which is based on the Optimal RE-Ordering of the rows and columns of a data matrix so as to globally minimize the dissimilarity metric [1,2]. The physical permutations of the rows and columns of the data matrix can be modeled as either a network flow problem or a traveling salesman problem. The performance of OREO is tested on several important data matrices arising in systems biology to validate the ability of the proposed method and compare it to existing biclustering and clustering methods. In the second part of the talk, we will focus on novel methods for clustering of data matrices that are very sparse [3]. These types of data matrices arise in drug discovery where the x- and y-axis of a data matrix can correspond to different functional groups for two distinct substituent sites on a molecular scaffold. Each possible x and y pair corresponds to a single molecule which can be synthesized and tested for a certain property, such as percent inhibition of a protein function. For even moderate size matrices, synthesizing and testing a small fraction of the molecules is labor intensive and not economically feasible. Thus, it is of paramount importance to have a reliable method for guiding the synthesis process to select molecules that have a high probability of success. In the second part of the presentation, we introduce a new strategy to enable efficient substituent reordering and descriptor-free property estimation. Our approach casts

Regulations by the DFTCE concerning the Fund for the decommissioning of nuclear installations

International Nuclear Information System (INIS)

1985-02-01

These Regulations were made by the Federal Ministry of Transport, Communications and Energy in implementation of the Ordinance of 5 December 1983 establishing a fund for the decommissioning of nuclear installations. They specify the way in which nuclear operators must contribute to the fund and the method for calculating the contributions. The costs of decommissioning also include dismantling and disposal of the resulting waste. The Regulations entered into force retroactively, on 1 January 1984, on the same date as the 1983 Ordinance. (NEA) [fr

Pension Fund

CERN Multimedia

2006-01-01

As announced in the Bulletin during the summer, the Pension Fund has published a complete new version of the Fund's Rules and Regulations incorporating all amendments up to 1 November 2006, following the decisions of the CERN Council. This new version of the Rules and Regulations can be downloaded in A4 format (pdf document) directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm for the Rules and http://pensions.web.cern.ch/Pensions/règlements___regulations.htm for the Regulations) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

Parallel deposition, sorting, and reordering methods in the Hybrid Ordered Plasma Simulation (HOPS) code

International Nuclear Information System (INIS)

Anderson, D.V.; Shumaker, D.E.

1993-01-01

From a computational standpoint, particle simulation calculations for plasmas have not adapted well to the transitions from scalar to vector processing nor from serial to parallel environments. They have suffered from inordinate and excessive accessing of computer memory and have been hobbled by relatively inefficient gather-scatter constructs resulting from the use of indirect indexing. Lastly, the many-to-one mapping characteristic of the deposition phase has made it difficult to perform this in parallel. The authors' code sorts and reorders the particles in a spatial order. This allows them to greatly reduce the memory references, to run in directly indexed vector mode, and to employ domain decomposition to achieve parallelization. In this hybrid simulation the electrons are modeled as a fluid and the field equations solved are obtained from the electron momentum equation together with the pre-Maxwell equations (displacement current neglected). Either zero or finite electron mass can be used in the electron model. The resulting field equations are solved with an iteratively explicit procedure which is thus trivial to parallelize. Likewise, the field interpolations and the particle pushing is simple to parallelize. The deposition, sorting, and reordering phases are less simple and it is for these that the authors present detailed algorithms. They have now successfully tested the parallel version of HOPS in serial mode and it is now being readied for parallel execution on the Cray C-90. They will then port HOPS to a massively parallel computer, in the next year

The European Union, Financial Crises and the Regulation of Hedge Funds: A Policy Cul-de-Sac or Policy Window?

Directory of Open Access Journals (Sweden)

David John Lutton

2008-11-01

Full Text Available A series of financial crises involving hedge funds has created a general perception that action needs to be taken. A number of key member states and political actors favour tighter regulation. Traditional bureaucratic theory suggests that the European Commission would seek to maximise this ‘policy window’, and yet there remains no single unified European Union (EU regulatory framework specifically targeting hedge funds. The nature of the regulatory regime, which has generally demanded a ‘light touch’ approach, means there are strict limits the EU’s ability to act. From an EU perspective, hedge fund regulation appears to be a policy cul-de-sac. However, the relationship between hedge funds and financial crisis is complex and less straightforward than is often portrayed. Hedge fund regulation cannot, however, be considered in isolation but should be viewed in the context of a wider programme to integrate European financial services markets. Viewed from this perspective, EU regulation is in fact changing the landscape of the hedge fund industry through a process of negative integration.

Pension funds investments in hedge funds-a necessary regulation

Directory of Open Access Journals (Sweden)

Daniela Gaftoniuc

2010-12-01

Full Text Available When it comes to investment strategies, generally, pension funds have proved to be conservative investors with a long term approach on investments and constant preoccupation for asset diversification as well as tendencies to secure their portfolios through investments in established financial products. Nevertheless, within this constant preoccupation for portfolio diversification as well as gain of notable profits, private pension funds have invested to a certain degree also in less cautious products respectively have conducted less stable investments. The financial turbulences that hit the US towards the end of 2007 and spread globally to become one of the most severe financial crisis witnessed, haven’t left pension funds immune to this phenomenon. Although, as previously stated, the special feature of pension funds is based on long term investments, which confers a certain degree of natural protection, there can not be the talk of absolute immunity either.

(IAM Series No 004) Highwaymen or Heroes: Should Hedge Funds be Regulated?

OpenAIRE

Jean-Pierre Zigrand; Ashley Taylor; Jon Danielsson

2004-01-01

The exponential growth of hedge funds, their role in financial crises in the 1990s, and examples of fraudulent behaviour have precipitated a heated debate over their regulatory status. The existing approaches of greater disclosure and activity restrictions appear too blunt to be effective and may stifle the benefits hedge funds can bring to the financial system. But, even the remote possibility of a systemic crisis weighs against no regulation. If reform is delayed until after a crisis it is ...

Centrically reordered inversion recovery half-Fourier single-shot turbo spin-echo sequence: improvement of the image quality of oxygen-enhanced MRI

International Nuclear Information System (INIS)

Ohno, Yoshiharu; Hatabu, Hiroto; Higashino, Takanori; Kawamitsu, Hideaki; Watanabe, Hirokazu; Takenaka, Daisuke; Cauteren, Marc van; Sugimura, Kazuro

2004-01-01

Purpose: The purpose of the study presented here was to determine the improvement in image quality of oxygen-enhanced magnetic resonance (MR) subtraction imaging obtained with a centrically reordered inversion recovery half-Fourier single-shot turbo spin-echo (c-IR-HASTE) sequence compared with that obtained with a conventional sequentially reordered inversion recovery single-shot HASTE (s-IR-HASTE) sequence for pulmonary imaging. Materials and methods: Oxygen-enhanced MR imaging using a 1.5 T whole body scanner was performed on 12 healthy, non-smoking volunteers. Oxygen-enhanced MR images were obtained with the coronal two-dimensional (2D) c-IR-HASTE sequence and 2D s-IR-HASTE sequence combined with respiratory triggering. For a 256x256 matrix, 132 phase-encoding steps were acquired including four steps for phase correction. Inter-echo spacing for each sequence was 4.0 ms. The effective echo time (TE) for c-IR-HASTE was 4.0 ms, and 16 ms for s-IR-HASTE. The inversion time (TI) was 900 ms. To determine the improvement in oxygen-enhanced MR subtraction imaging by c-IR-HASTE, CNRs of subtraction image, overall image quality, and image degradation of the c-IR-HASTE and s-IR-HASTE techniques were statistically compared. Results: CNR, overall image quality, and image degradation of c-IR-HASTE images showed significant improvement compared to those s-IR-HASTE images (P<0.05). Conclusion: Centrically reordered inversion recovery half-Fourier single-shot turbo spin-echo (c-IR-HASTE) sequence enhanced the signal from the lung and improved the image quality of oxygen-enhanced MR subtraction imaging

Pension Fund

CERN Multimedia

2006-01-01

Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats.In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text): Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: The reference salary of a member with a contract for part-time work shall b...

Pension Fund

CERN Multimedia

2006-01-01

Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats. In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text) : Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: the reference salary of a member with a contract for part-time work shall be e...

Financial Regulations and the Diversification of Funding Sources in Higher Education Institutions: Selected European Experiences

Science.gov (United States)

Stachowiak-Kudla, Monika; Kudla, Janusz

2017-01-01

The paper addresses the problem of the financial regulations' impact on the share of private financing in higher education institutions (HEIs). The authors postulate the trade-off between the size and stability of public financing and the regulations fostering stability of HEIs' funds. If the public sources are insufficient then the regulations…

Long T2 suppression in native lung 3-D imaging using k-space reordered inversion recovery dual-echo ultrashort echo time MRI.

Science.gov (United States)

Gai, Neville D; Malayeri, Ashkan A; Bluemke, David A

2017-08-01

Long T2 species can interfere with visualization of short T2 tissue imaging. For example, visualization of lung parenchyma can be hindered by breathing artifacts primarily from fat in the chest wall. The purpose of this work was to design and evaluate a scheme for long T2 species suppression in lung parenchyma imaging using 3-D inversion recovery double-echo ultrashort echo time imaging with a k-space reordering scheme for artifact suppression. A hyperbolic secant (HS) pulse was evaluated for different tissues (T1/T2). Bloch simulations were performed with the inversion pulse followed by segmented UTE acquisition. Point spread function (PSF) was simulated for a standard interleaved acquisition order and a modulo 2 forward-reverse acquisition order. Phantom and in vivo images (eight volunteers) were acquired with both acquisition orders. Contrast to noise ratio (CNR) was evaluated in in vivo images prior to and after introduction of the long T2 suppression scheme. The PSF as well as phantom and in vivo images demonstrated reduction in artifacts arising from k-space modulation after using the reordering scheme. CNR measured between lung and fat and lung and muscle increased from -114 and -148.5 to +12.5 and 2.8 after use of the IR-DUTE sequence. Paired t test between the CNRs obtained from UTE and IR-DUTE showed significant positive change (p lung-fat CNR and p = 0.03 for lung-muscle CNR). Full 3-D lung parenchyma imaging with improved positive contrast between lung and other long T2 tissue types can be achieved robustly in a clinically feasible time using IR-DUTE with image subtraction when segmented radial acquisition with k-space reordering is employed.

The evolution and regulation of hedge funds.

OpenAIRE

Crockett, A.

2007-01-01

Hedge funds have attracted increased attention in recent years. In part, this is because investment in hedge funds is becoming “mainstream”. A wider range of investors has sought exposure to these investment vehicles, and this has been associated with rapid growth in both the number of funds and the volume of assets under management. In part, too, greater attention has been the result of worries that hedge funds could in some circumstances exert a destabilizing infl uence. With the growth in ...

Optimal production lot size and reorder point of a two-stage supply chain while random demand is sensitive with sales teams' initiatives

Science.gov (United States)

Sankar Sana, Shib

2016-01-01

The paper develops a production-inventory model of a two-stage supply chain consisting of one manufacturer and one retailer to study production lot size/order quantity, reorder point sales teams' initiatives where demand of the end customers is dependent on random variable and sales teams' initiatives simultaneously. The manufacturer produces the order quantity of the retailer at one lot in which the procurement cost per unit quantity follows a realistic convex function of production lot size. In the chain, the cost of sales team's initiatives/promotion efforts and wholesale price of the manufacturer are negotiated at the points such that their optimum profits reached nearer to their target profits. This study suggests to the management of firms to determine the optimal order quantity/production quantity, reorder point and sales teams' initiatives/promotional effort in order to achieve their maximum profits. An analytical method is applied to determine the optimal values of the decision variables. Finally, numerical examples with its graphical presentation and sensitivity analysis of the key parameters are presented to illustrate more insights of the model.

75 FR 9120 - Electronic Fund Transfers

Science.gov (United States)

2010-03-01

... FEDERAL RESERVE SYSTEM 12 CFR Part 205 [Regulation E; Docket No. R-1343] Electronic Fund Transfers... implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation. The final..., the Board adopted a final rule under Regulation E, which implements the Electronic Fund Transfer Act...

Neural Network Models of Regulating Natural Capital Funds for Renewable Energy

OpenAIRE

Alsayyed, Nidal; Zhu, Weihang

2016-01-01

Natural Capital (NC) is the limited form of capital assets or service (tangible or intangible) that satisfies basic and social conditions for human existence and protection The aim of this paper is twofold; First we examine and test empirically the conventional financing models and discuss their performance in regulating the financing structure of NC funds using a parametric estimating approach Generalized Moments Method (GMM). Second we estimate the NC dynamics using a nonparametric approach...

Ratepayer-funded energy-efficiency programs in a restructuredelectri city industry: Issues and options for regulators andlegislators

Energy Technology Data Exchange (ETDEWEB)

Eto, Joseph; Goldman, Charles; Nadel, Stephen

1998-05-01

Electric industry restructuring requires state regulators and legislators to re-examine the purposes served by and the continuing need for ratepayer-funded energy-efficiency programs, as well as the mechanisms to collect funds for these programs and the institutions appropriate to administer them. This paper offers background to these issues and a series of recommendations based on analysis of recent state experiences. Our recommendations are summarized.

Regulating and Funding Midwifery in Nova Scotia

Directory of Open Access Journals (Sweden)

Annie Morrison

2014-07-01

Full Text Available Midwives have been working in Nova Scotia for many years, and midwifery became a government funded and regulated health profession in the province in 2009. Despite the will among many decision-makers in the province to regulate the profession since the mid 1980s, several elections and lack of a management model slowed the program’s development. Implicit goals of having midwifery services included improving the quality of maternal care and health outcomes, keeping up with other provinces, responding to public demand, and saving costs. Strong and persistent bureaucratic and public advocacy work, inter-party collaboration, and research demonstrating positive and safe maternal and newborn health outcomes under midwifery care all had a role in the decision-making process. The implementation responsibility was delegated to three health districts in the province, each being responsible for designing a program to integrate midwives into maternal health care teams. The program has thus far been evaluated in an ad hoc manner with external teams performing comprehensive assessments, though the need for a cost-benefit analysis as well as more systematic assessments has been identified. Though many opportunities exist with midwifery in the province, including a continued high demand for the service, and research demonstrating positive outcomes for mothers and babies, significant challenges and threats remain to be addressed to ensure long-term sustainability of the program.

Biclustering via optimal re-ordering of data matrices in systems biology: rigorous methods and comparative studies

Directory of Open Access Journals (Sweden)

Feng Xiao-Jiang

2008-10-01

Full Text Available Abstract Background The analysis of large-scale data sets via clustering techniques is utilized in a number of applications. Biclustering in particular has emerged as an important problem in the analysis of gene expression data since genes may only jointly respond over a subset of conditions. Biclustering algorithms also have important applications in sample classification where, for instance, tissue samples can be classified as cancerous or normal. Many of the methods for biclustering, and clustering algorithms in general, utilize simplified models or heuristic strategies for identifying the "best" grouping of elements according to some metric and cluster definition and thus result in suboptimal clusters. Results In this article, we present a rigorous approach to biclustering, OREO, which is based on the Optimal RE-Ordering of the rows and columns of a data matrix so as to globally minimize the dissimilarity metric. The physical permutations of the rows and columns of the data matrix can be modeled as either a network flow problem or a traveling salesman problem. Cluster boundaries in one dimension are used to partition and re-order the other dimensions of the corresponding submatrices to generate biclusters. The performance of OREO is tested on (a metabolite concentration data, (b an image reconstruction matrix, (c synthetic data with implanted biclusters, and gene expression data for (d colon cancer data, (e breast cancer data, as well as (f yeast segregant data to validate the ability of the proposed method and compare it to existing biclustering and clustering methods. Conclusion We demonstrate that this rigorous global optimization method for biclustering produces clusters with more insightful groupings of similar entities, such as genes or metabolites sharing common functions, than other clustering and biclustering algorithms and can reconstruct underlying fundamental patterns in the data for several distinct sets of data matrices arising

Pension Fund

CERN Multimedia

HR Department

2007-01-01

The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

Pension Fund

CERN Multimedia

HR Department

2007-01-01

The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030), or by e-mail (Sophia.Revol@cern.ch).

Investor protection : towards additional EU regulation of investment funds?

NARCIS (Netherlands)

Wegman, Hanna Elisabeth

2016-01-01

The expansion of the fund industry has been one of the most notable trends in the financial markets of recent years. Not only has the demand for funds among EU investors grown, but both the number and types of investment funds also continue to increase. Since investment funds available in the EU can

Molecular orientational re-ordering and the transformation of a Landau second order phase transition to first order in a nematic liquid crystal

International Nuclear Information System (INIS)

Ponce, T.C.

1988-08-01

We consider the nature of the nematic to isotropic phase transition in terms of the molecular orientational re-ordering, expressed by the variation of the order parameter, s, in the light of Landau's theory of second order phase transition. Then, we show how the de Gennes modification to the Landau thermodynamic potential converts the transition to first order which is in better agreement with the experimental observations. (author). 9 refs, 2 figs, 1 tab

Pension Fund

CERN Multimedia

2005-01-01

Amendment No 21 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 17.03.2005, concerns Article I 2.05 (Composition of the Governing Board) and Article I 2.06 (Chairman and Vice-Chairmen of the Governing Board) of the Rules of the Pension Fund.

Pension Fund

CERN Multimedia

HR Department

2009-01-01

In line with the decisions concerning the new governance of the Pension Fund taken by the Council in June and September 2007, amendments to Section 2 "Structure and Functions" of the Rules of the Fund (Article I 2.08 – Composition of the Investment Committee and Article I 2.08b – Chairman of the Investment Committee) entered into force on 1st January 2009. These articles replace the provisions of the existing Regulations of the Investment Committee of the Pension Fund relating to the composition and chairman of the Investment Committee. Amendment No. 27 (PDF document) may be downloaded directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 7672742, mailto:Barbara.Bordjah@cern.ch).

48 CFR 3432.771 - Provision for incremental funding.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Provision for incremental funding. 3432.771 Section 3432.771 Federal Acquisition Regulations System DEPARTMENT OF EDUCATION..., Incremental Funding, in a solicitation if a cost-reimbursement contract using incremental funding is...

Pension Fund

CERN Multimedia

2004-01-01

Amendment No 20 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2004, concerns the fixed sums and allowances adjusted at same date (Annex B).

Internal Controls and Compliance With Laws and Regulations for the Defense Finance and Accounting Service Working Capital Fund Financial Statements for FY 1998

National Research Council Canada - National Science Library

1999-01-01

.... The Director, Defense Finance and Accounting Service (DFAS), who is the fund manager of the DFAS Working Capital Fund, is responsible for establishing and maintaining adequate internal controls and for complying with applicable laws and regulations...

Improving TCP Network Performance by Detecting and Reacting to Packet Reordering

Science.gov (United States)

Kruse, Hans; Ostermann, Shawn; Allman, Mark

2003-01-01

There are many factors governing the performance of TCP-basec applications traversing satellite channels. The end-to-end performance of TCP is known to be degraded by the reordering, delay, noise and asymmetry inherent in geosynchronous systems. This result has been largely based on experiments that evaluate the performance of TCP in single flow tests. While single flow tests are useful for deriving information on the theoretical behavior of TCP and allow for easy diagnosis of problems they do not represent a broad range of realistic situations and therefore cannot be used to authoritatively comment on performance issues. The experiments discussed in this report test TCP s performance in a more dynamic environment with competing traffic flows from hundreds of TCP connections running simultaneously across the satellite channel. Another aspect we investigate is TCP's reaction to bit errors on satellite channels. TCP interprets loss as a sign of network congestion. This causes TCP to reduce its transmission rate leading to reduced performance when loss is due to corruption. We allowed the bit error rate on our satellite channel to vary widely and tested the performance of TCP as a function of these bit error rates. Our results show that the average performance of TCP on satellite channels is good even under conditions of loss as high as bit error rates of 10(exp -5)

36 CFR 330.7 - Funding.

Science.gov (United States)

2010-07-01

... § 330.7 Funding. (a) Section 330.3(c) sets forth the maximum authorized funds for law enforcement contracting in FY 1978 and FY 1979. The Division funding levels for FY 1978 are based on information as... Parks, Forests, and Public Property CORPS OF ENGINEERS, DEPARTMENT OF THE ARMY REGULATION OF LAW...

Amendment to the rules and regulations of the pension fund: award of a deferred retirement pension after five years of service

CERN Document Server

2001-01-01

At its meetings on 5 June and 4 September 2001, the Governing Board of the Pension Fund endorsed the amendments set out in this document. The Governing Board proposes that the Finance Committee should approve the amendment to the Regulations of the Pension Fund (page 6, last paragraph) and that it should recommend the Council to approve the amendments to the Rules of the Pension Fund (pages 1 to 6). These amendments would take effect on 1st January 2002.

Mandatory portfolio disclosure, stock liquidity, and mutual fund performance

OpenAIRE

Agarwal, Vikas; Mullally, Kevin Andrew; Tang, Yuehua; Yang, Baozhong

2014-01-01

We examine the impact of mandatory portfolio disclosure by mutual funds on stock liquidity and fund performance. We develop a model of informed trading with disclosure and test its predictions using the SEC regulation in May 2004 requiring more frequent disclosure. Stocks with higher fund ownership, especially those held by more informed funds or subject to greater information asymmetry, experience larger increases in liquidity after the regulation change. More informed funds, especially thos...

Pension fund

CERN Multimedia

2006-01-01

At its June 2006 meeting, the Finance Committee approved the following amendment to Article 6a of the Regulations for elections to the Governing Board of the Pension Fund, which will enter into force on 1.7.2006: Current text New text ... 6a. The Administrator of the Fund shall be responsible for holding the elections and for issuing all relevant information. ... ... 6a. The Administrator of the Fund shall be responsible for holding the elections by electronic voting or, if this method cannot be used, following the procedure outlined in Articles 6i., 6j. and 6k. below. He shall issue to the members of the Pension Fund all relevant information concerning the elections. The deadlines mentioned in paragraphs 6i. and 6j. below shall apply mutatis mutandis to electronic voting. ... The amendment will allow the Pension Fund to use an electronic voting procedure for the election of elected members to the Governing Board of the Fund. It will be included in a complete new edition of the Rules and Regulatio...

Adequate Radioactive Waste Management Fund Fee

International Nuclear Information System (INIS)

Kim, Jae Hyeog; Kim, Seok Bong

2009-01-01

Last year our government established a regulation for the Radioactive Waste Management ('RWM') Fund. This regulation had two principal items - establishment of the RWM Fund and organization of a public corporation. This regulation will promote transparency, fairness, and safety of the RWM Project. There is strong interest between current generations and future descendants for the RWM Project. That is why the project will continue for a long period of time whereas, the public is currently benefiting from the nuclear electricity. Radioactive waste is a by-product that is inevitably produced as long as the nuclear power plant generates the electricity. This article focuses on calculating a reasonable fee for the RWM Fund in order to minimize conflicts between generations and to fairly share the burden

Optimal distribution of science funding

Science.gov (United States)

Huang, Ding-wei

2018-07-01

We propose a new model to investigate the theoretical implications of a novel funding system. We introduce new parameters to model the accumulated advantage. We assume that all scientists are equal and follow the same regulations. The model presents three distinct regimes. In regime (I), the fluidity of funding is significant. The funding distribution is continuous. The concentration of funding is effectively suppressed. In both regimes (II) and (III), a small group of scientists emerges as a circle of elites. Large funding is acquired by a small number of scientists.

Evaluation of the Navy Implementation of DOD Financial Management Regulation, Volume 14, Administrative Control of Funds and Antideficiency Act Violations

National Research Council Canada - National Science Library

Lane, F

1996-01-01

On August 1, 1995, the Under Secretary of Defense (Comptroller) released for implementation Financial Management Regulation, volume 14, "Administrative Control of Funds and Antideficiency Act Violations," August 1, 1995...

24 CFR 115.306 - Training funds.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Training funds. 115.306 Section 115.306 Housing and Urban Development Regulations Relating to Housing and Urban Development OFFICE OF... receive training funds. Training funds are fixed amounts based on the number of agency employees to be...

Board Diversity and Self-Regulation in Dutch Pension Funds

NARCIS (Netherlands)

van der Lecq, S.G.; Swinkels, L.A.P.; Shi, Lin

2017-01-01

Purpose – The purpose of this paper is to examine the change in pension fund board diversity after selfregulation was introduced, and investigate which pension fund characteristics influence compliance with selfregulation. In addition, the authors analyze whether compliance might be achieved by

Offshore Investment Funds

Directory of Open Access Journals (Sweden)

Shang-Jin Wei

1999-12-01

Full Text Available Offshore investment funds are alleged to have engaged in trading behavior that is different from their onshore counterparts because they may be subject to less supervision and regulation. In particular, they may trade more intensely. They could also pursue more aggressively certain trading strategies such as positive feedback trading or herding that could contribute to a greater volatility in the market. Using a unique data set, this chapter compares the trading behavior in the Korean stock market between offshore investment funds with their onshore counterparts registered in the US and UK. There are a number of interesting findings. First, there is indeed evidence suggesting that the offshore funds trade more intensely than their onshore counterparts. Second, however, there is no evidence that the offshore funds engage in positive feedback trading. In contrast, there is strong evidence that the funds from the U.S. and U.K. do. Third, while offshore funds do herd, they do so far less than onshore funds in the U.S. or UK. Fourth, offshore funds hold less glamour stocks (e.g. stocks with high P/E in their portfolio than funds in the U.S. or U.K. do. Moreover, flight to glamour stocks during the in-crisis period is less evident in the case of offshore funds. In sum, offshore funds are no especially worrisome monsters.

77 FR 75362 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations

Science.gov (United States)

2012-12-20

... FARM CREDIT ADMINISTRATION 12 CFR Part 615 Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations CFR Correction 0 In Title 12 of the Code of Federal Regulations, Parts 600 to 899, revised as of January 1, 2012, on page 209, Subpart S, consisting of Sec. 615.5570, is...

Spring report of the Pension Fund

CERN Multimedia

2012-01-01

In this column, the Chairman of the Pension Fund Governing Board (PFGB) will regularly present the latest main decisions, initiatives and accomplishments of the Governing Board to the members and beneficiaries of the Fund.   Since my last report in April, I am pleased to report the following progress.  On the recommendation of the Finance Committee, the CERN Council approved the updated Financial Regulations of the Fund at its June session, with immediate effect. The approval of the Financial Regulations completes a key part of the regulatory framework of the Fund’s operations. Also in June, the Council approved the Financial Statements of the CERN Pension Fund for 2011.  The Financial Statements had been certified by the Italian Court of Audit (CERN’s External Auditor), which gave its report to Council. 2011 was the first year during which the audit-related provisions of the updated Fund Rules were fully implemented. On the investments side, the F...

PENSION FUND - ELECTIONS

CERN Multimedia

2000-01-01

This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: RANJARD First Name: Florence Having been a member of the Governing Board of the Pension Fund since 1983 as Guy Maurin’s alternate, I am standing for a further 3-year term of office. Over the past few years work has concentrated essentially on following items: Monitoring of the work of the fund managers and their performances. The three-yearly study of the Fund’s actuarial situation. The pension guarantees ­ second phase. The Fund is approaching its maturity: the level of benefits exceeds contributions. In this context it has to strike a suitable balance between management of the risk from a dynamic investment policy, while by a prudent policy avoiding any significant loss of its capital. These will be my concerns within the Governing Board of the Pension Fund if you give me your support.

ELECTIONS PENSION FUND

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have always been interested in our working conditions. As a member of the Executive Committee of the Staff Association I participated from 1980 to 1984 in the Working Group on Pensions mandated by the CERN Council. This commitment led to my becoming a member of the Governing Board of the Pension Fund in 1983, since when I have taken an active part in various commissions and working groups (Real Estate Asset Management Committee, Working Group on Actuarial Matters etc.); in so doing I have gained a thorough knowledge of different areas of the Pension Fund. Since ...

ELECTIONS - Pension Fund

CERN Multimedia

2006-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staf...

ELECTIONS - Pension Fund

CERN Multimedia

2006-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staff...

ELECTIONS - Pension Fund

CERN Multimedia

2006-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact ...

78 FR 37101 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Liquidity and...

Science.gov (United States)

2013-06-20

... Operations, and Funding Operations; Liquidity and Funding; Effective Date AGENCY: Farm Credit Administration... amends its liquidity regulation to strengthen liquidity risk management at Farm Credit System (System) banks, improve the quality of assets in their liquidity reserves, and bolster the ability of System...

ELECTRONIC FUNDS TRANSFER IN MONEY LAUNDERING CRIME: REGULATION NEEDED IN RESPONSE TO MEETING OF TECHNOLOGY AND CRIME IN INDONESIA

Directory of Open Access Journals (Sweden)

Go Lisanawati

2010-12-01

Full Text Available Advancements in information technology have affected modern society in numerous areas, including communication, education, commerce, and so on. These advancements have brought incredible benefits; they have also provided opportunities and motivation for various forms of crime. Information technology has also made crime highly profitable. Among the many types of criminal activities, modern technology has allowed money laundering to become an online crime. This new type of crime has raised some legal questions about the capability of national and international regulations in relation to current and upcoming issues. These include finding electronic funds transfer records after the fact, and determining money laundering activity that includes electronic funds transfer. Although Indonesia is an integral member of a community concerned with the interaction between technology and money laundering, it has not provided regulations to deal with the current and upcoming issues involving the crime of electronic money laundering. The increase in the amount of crime indicates the following series of techniques and mechanisms that had been detected in relation to money laundering activity. This research will examine current issues under the light of Indonesian regulations, and will put forward some proposals to close the legal vacuum.

7 CFR 3419.2 - Matching funds.

Science.gov (United States)

2010-01-01

... Regulations of the Department of Agriculture (Continued) COOPERATIVE STATE RESEARCH, EDUCATION, AND EXTENSION SERVICE, DEPARTMENT OF AGRICULTURE MATCHING FUNDS REQUIREMENT FOR AGRICULTURAL RESEARCH AND EXTENSION FORMULA FUNDS AT 1890 LAND-GRANT INSTITUTIONS, INCLUDING TUSKEGEE UNIVERSITY, AND AT 1862 LAND-GRANT...

Pension Fund

CERN Multimedia

2003-01-01

Amendment No 19 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2003, concerns 1) the fixed sums and allowances adjusted at same date (Annex B) and 2) the articles which have been amended, in accordance with the Finance Committee's decision, regarding voting rules of the Governing Board and the role and composition of the Investment Committee.

12 CFR 1206.5 - Working capital fund.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Working capital fund. 1206.5 Section 1206.5... Working capital fund. (a) Assessments. The Director shall establish and collect from the Regulated Entities such assessments he or she deems necessary to maintain a working capital fund. (b) Purposes...

A STUDY ON THE PERFORMANCE OF ICICI-US PURDENTIAL EQUITY FUND

OpenAIRE

Dr. D. S. Selvakumar*

2016-01-01

The first introduction of mutual fund in India occurred in 1963, when the government of India launched Unit Trust of India (UTI). In 1996, SEBI (stock exchange board of India) the regulator of mutual fund in India, formulated the mutual fund regulation which is comprehensive regulatory framework. And the income of the mutual fund takes in two forms they are dividends and capital gain. Mutual fund means a group of people collecting the money putting together and investing to buy shares stocks...

PENSION FUND

CERN Multimedia

2002-01-01

The Governing Board of the Pension Fund held its 104th and 105th meetings on 8th November and 4th December 2001, respectively. The agenda of the 8th November meeting was devoted to a single item, namely the outcome of the Finance Committee's meeting the previous day. The Governing Board noted with satisfaction that both its proposed amendments to the Rules and Regulations of the Fund - allowing, in particular, the award of a deferred retirement pension after five years of service - and its proposal for the adjustment of pensions on 1.1.2002 had been approved for recommendation to the Council in December. At its meeting on 4th December, the Governing Board dealt mainly with the items examined at the latest meeting of the Investment Committee. The Committee's chairman, G. Maurin, stated that the 2001 return on the Fund's overall investments was likely to be between -2% and -3%. He also noted that a new study of the Fund's cash flows (incomings and outgoings) had been performed. He underlined that, while the flo...

1997/98 Orphan Well Fund annual report

International Nuclear Information System (INIS)

1999-04-01

Alberta's Orphan Well Fund (previously referred as the Abandonment Fund) is funded by the oil and gas industry with provincial government support and approval. It was created to enforce and improve regulations regarding orphan wells. 1997/98 marked the year in which Orphan Well Fund activities included pipeline abandonments, facility decommissioning, and well site reclamation. The first part of this report includes the annual report of the Orphan Fund, while the second part includes the report on the Energy and Utilities Board's (EUB's) Liability Management activities which are an important part of enforcing and improving provincial regulations in the prevention of orphan wells. The fund allows liability management to be done with industry's dollars rather than taxpayer's dollars. Highlights for the year include the successful completion on eleven downhole and surface wells. Expanded activities also included the abandonment of eleven pipelines, and facilities decommissioning work at five locations. The report also includes a financial review, and a summary of the future goals of the program. The EUB enforcement activities and operations, as well as the EUB orphan prevention activities are also reviewed. tabs

48 CFR 970.3501 - Federally funded research and development centers.

Science.gov (United States)

2010-10-01

... Development Contracting 970.3501 Federally funded research and development centers. ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Federally funded research and development centers. 970.3501 Section 970.3501 Federal Acquisition Regulations System DEPARTMENT...

Mutual funds: temporary problem or permanent morass?

OpenAIRE

Paula A. Tkac

2004-01-01

The improprieties in the mutual fund industry that surfaced in the fall of 2003 prompted the passage and drafting of legislation and regulations that cover nearly every facet of mutual fund pricing and operations. While this regulatory flurry is clearly intended to protect shareholders’ interests, the question remains: How will these scandals and regulatory changes ultimately affect mutual fund investors? ; When considering the problems inherent in mutual fund management and the best ways to ...

Results from two workshops: Developing and amending regulations and funding state radiation control programs

International Nuclear Information System (INIS)

Parker, G.

1993-09-01

The first section of this document presents the results of a technical workshop on the process of regulations development and amendment sponsored by the Nuclear Regulatory Commission (NRC). This workshop focused on methods for reducing the time it takes to promulgate regulations to help those States that are having difficulty meeting the three-year deadline for adopting new NRC regulations. Workshop participants responded to six questions, reviewed the procedures used by various States for revising and adopting changes to their regulations, and reviewed the time-flow charts used by various States. This workshop was designed to provide guidance to States that are promulgating and revising regulations. The second section of this document summarizes the proceedings of a technical workshop, also sponsored by the NRC, on funding radiation control programs that emphasized fee schedules and effective strategies for the 1990s. This workshop focused on determining the true costs of running a program, on setting realistic fees for the various categories of licenses, and on the most efficient methods for sending invoices, recording receipts, depositing money received, and issuing licenses. Workshop participants responded to seven questions; reviewed the methods various States use to determine true costs; reviewed the procedure that the various States use to produce invoices and licenses; reviewed the procedures that the States are required to abide by when they receive money; and reviewed the method used by the NRC to determine the cost of its various programs

31 CFR 281.4 - Guaranty funds.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Guaranty funds. 281.4 Section 281.4 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE FOREIGN EXCHANGE OPERATIONS § 281.4 Guaranty funds...

Pension Fund Asset Allocation and Liability Discount Rates

NARCIS (Netherlands)

Andonov, Aleksandar; Bauer, Rob; Cremers, Martijn

2017-01-01

The unique regulation of U.S. public pension funds links their liability discount rate to the expected return on assets, which gives them incentives to invest more in risky assets in order to report a better funding status. Comparing public and private pension funds in the United States, Canada, and

RECONSTRUCTION OF PENSION FUND PERFORMANCE MODEL AS AN EFFORT TO WORTHY PENSION FUND GOVERNANCE

Directory of Open Access Journals (Sweden)

Apriyanto Gaguk

2017-08-01

Full Text Available This study aims to reconstruct the performance assessment model on Pension Fund by modifying Baldrige Assessment method that is adjusted to the conditions in Dana Pensiun A (Pension Fund A in order to realize Good Pension Fund Governance. This study design uses case study analysis. The research sites were conducted in Dana Pensiun A. The informants in the study included the employer, supervisory board, pension fund management, active and passive pension fund participant as well as financial services authority elements as the regulator. The result of this research is a construction of a comprehensive and profound retirement performance assessment model with attention to aspects of growth and fair distribution. The model includes the parameters of leadership, strategic planning, stakeholders focus, measurement, analysis, and knowledge management, workforce focus, standard operational procedure focus, result, just and fair distribution of wealth and power.

7 CFR 1221.115 - Investment of funds.

Science.gov (United States)

2010-01-01

... Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING... INFORMATION ORDER Sorghum Promotion, Research, and Information Order Sorghum Promotion, Research, and Information Board § 1221.115 Investment of funds. The Board may invest, pending disbursement, funds it...

25 CFR 900.72 - Who is the guardian of the fund and may the funds be invested?

Science.gov (United States)

2010-04-01

... HEALTH SERVICE, DEPARTMENT OF HEALTH AND HUMAN SERVICES CONTRACTS UNDER THE INDIAN SELF-DETERMINATION AND EDUCATION ASSISTANCE ACT Lease of Tribally-Owned Buildings by the Secretary § 900.72 Who is the guardian of... the fund. (b) Funds may be invested in accordance with the laws, regulations and policies of the...

12 CFR 9.11 - Investment of fiduciary funds.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Investment of fiduciary funds. 9.11 Section 9.11 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY FIDUCIARY ACTIVITIES OF NATIONAL BANKS Regulations § 9.11 Investment of fiduciary funds. A national bank shall invest funds of a...

7 CFR 248.14 - Distribution of funds.

Science.gov (United States)

2010-01-01

... Agriculture Regulations of the Department of Agriculture (Continued) FOOD AND NUTRITION SERVICE, DEPARTMENT OF AGRICULTURE CHILD NUTRITION PROGRAMS WIC FARMERS' MARKET NUTRITION PROGRAM (FMNP) State Agency Provisions... spend back funds under this paragraph as FNS may require. (j) Recovery of unused funds. State agencies...

7 CFR 3419.5 - Certification of matching funds.

Science.gov (United States)

2010-01-01

....5 Agriculture Regulations of the Department of Agriculture (Continued) COOPERATIVE STATE RESEARCH, EDUCATION, AND EXTENSION SERVICE, DEPARTMENT OF AGRICULTURE MATCHING FUNDS REQUIREMENT FOR AGRICULTURAL RESEARCH AND EXTENSION FORMULA FUNDS AT 1890 LAND-GRANT INSTITUTIONS, INCLUDING TUSKEGEE UNIVERSITY, AND AT...

17 CFR 1.22 - Use of customer funds restricted.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Use of customer funds... REGULATIONS UNDER THE COMMODITY EXCHANGE ACT Customers' Money, Securities, and Property § 1.22 Use of customer funds restricted. No futures commission merchant shall use, or permit the use of, the customer funds of...

ELECTIONS PENSION FUND CANDIDATE NR 5

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate :  Name : Sonnemann  First Name : Florian Since my arrival at CERN in 1997 I have worked in the accelerator and administrative sectors. I have recently been elected as member of the Staff Council and of the Executive Committee of the Staff Association in which I am actively following matters concerning the Pension Fund. My candidature for the Governing Board of the CERN Pension Fund is mainly motivated to add my part in ensuring a solid financial situation of the Pension Fund. The Pension Fund is our only social security system. I wish to play a role in ensuring that the pensions will remain a secure revenue for all staff membe...

ELECTIONS PENSION FUND 5th candidate

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate :  Name : Sonnemann  First Name : Florian Since my arrival at CERN in 1997 I have worked in the accelerator and administrative sectors. I have recently been elected as member of the Staff Council and of the Executive Committee of the Staff Association in which I am actively following matters concerning the Pension Fund. My candidature for the Governing Board of the CERN Pension Fund is mainly motivated to add my part in ensuring a solid financial situation of the Pension Fund. The Pension Fund is our only social security system. I wish to play a role in ensuring that the pensions will remain a secure revenue for all staff membe...

48 CFR 552.238-74 - Industrial Funding Fee and Sales Reporting.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Industrial Funding Fee and Sales Reporting. 552.238-74 Section 552.238-74 Federal Acquisition Regulations System GENERAL SERVICES... shall include the Industrial Funding Fee (IFF). The Contractor shall maintain a consistent accounting...

7 CFR 249.14 - Distribution of funds to State agencies.

Science.gov (United States)

2010-01-01

... Section 249.14 Agriculture Regulations of the Department of Agriculture (Continued) FOOD AND NUTRITION SERVICE, DEPARTMENT OF AGRICULTURE CHILD NUTRITION PROGRAMS SENIOR FARMERS' MARKET NUTRITION PROGRAM... funds it receives. (h) Recovery of unused funds. State agencies must return to FNS any unexpended funds...

Elections to the Mutual Aid Fund

CERN Document Server

2016-01-01

Every two years, according to Article 6 of the Regulations of the Mutual Aid Fund, the Committee of the Mutual Aid Fund must renew one third of its membership. This year three members are outgoing. Of these three, two will stand again and one will not.   Candidates should be ready to give approximately two hours a month during working time to the Fund whose aim is to assist colleagues in financial difficulties. We invite applications from CERN Staff who wish to stand for election as a member of the CERN Mutual Aid Fund to send in their application before 17 June 2016, by email to the Fund’s President, Connie Potter (connie.potter@cern.ch).

Indian mutual fund industry: Opportunities and challenges

OpenAIRE

Jayant R. Kale; Venkatesh Panchapagesan

2012-01-01

This article presents an overview of the mutual fund industry in India and the reasons for its poor penetration, which includes lack of objective research. It benchmarks the industry globally, and raises key issues regarding the ownership and performance of mutual funds, the sensitivity of fund flows to performance, and the importance of regulation to its growth, all of which have been largely under researched in India. It then captures the views of leading practitioners on these and other is...

48 CFR 235.017 - Federally Funded Research and Development Centers.

Science.gov (United States)

2010-10-01

... DEVELOPMENT CONTRACTING 235.017 Federally Funded Research and Development Centers. (a) Policy. (2) No DoD... Funded Research and Development Center (FFRDC) if a member of its board of directors or trustees... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Federally Funded Research...

48 CFR 3035.017 - Federally Funded Research and Development Centers.

Science.gov (United States)

2010-10-01

... CONTRACTING RESEARCH AND DEVELOPMENT CONTRACTING Scope of Part 3035.017 Federally Funded Research and... use of Federally Funded Research and Development Centers (FFRDCs) in (FAR) 48 CFR 35.017. [71 FR 25771... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Federally Funded Research...

ELECTIONS PENSION FUND 3rd candidate

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : Hauviller First Name : Claude Dear colleague of CERN and ESO, For the first time, I am standing and requesting your support to become a member of the Governing Board of our Pension Fund. CERN staff member since 1974, I have already carried elective mandates: I have been Delegate to the Staff Council and Member of the Senior Staff Consultative Committee (the Nine). For the majority of us, our Pension Fund is our only social provident scheme and source of retirement income; I believe I can usefully contribute to its successful management and help ensure its balance. Our Fund reaches its majority: soon, there will be more beneficiaries tha...

ELECTIONS PENSION FUND CANDIDATE NR 3

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : HAUVILLER First Name : Claude Dear colleague of CERN and ESO, For the first time, I am standing and requesting your support to become a member of the Governing Board of our Pension Fund. CERN staff member since 1974, I have already carried elective mandates: I have been Delegate to the Staff Council and Member of the Senior Staff Consultative Committee (the Nine). For the majority of us, our Pension Fund is our only social provident scheme and source of retirement income; I believe I can usefully contribute to its successful management and help ensure its balance. Our Fund reaches its majority: soon, there will be more beneficiaries tha...

ELECTIONS PENSION FUND CANDIDATE NO 2

CERN Multimedia

2000-01-01

This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: RANJARDFirst Name: Florence Having been a member of the Governing Board of the Pension Fund since 1983 as Guy Maurin’s alternate, I am standing for a further 3-year term of office. Over the past few years work has concentrated essentially on following items: Monitoring of the work of the fund managers and their performances. The three-yearly study of the Fund’s actuarial situation. The pension guarantees ­ second phase. The Fund is approaching its maturity: the level of benefits exceeds contributions. In this context it has to strike a suitable balance between management of the risk from a dynamic investment policy, while a prudent policy avoiding any significant loss of its capital. These will be my concerns within the Governing Board of the Pension Fund if you...

Pension Funds and Financial Innovation

OpenAIRE

Zvi Bodie

1989-01-01

Pension funds have played a critical role in the evolution of the markets for debt and equity securities and their derivatives in the U.S. over the last 15 years. The new securities and markets can largely be explained as responses to the investment demands of pension funds in an environment of increased interest rate volatility and tighter regulation. Defined benefit pension plans offer annuities that have a guaranteed floor specified by the benefit formula. In order to minimize the cost to ...

PENSION FUND

CERN Multimedia

2002-01-01

Amendment No 18 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2002, concerns the articles which have been amended, in accordance with the Council's decision, to allow the award of a deferred retirement pension after five years of service (instead of ten previously) and the fixed sums and allowances adjusted at the same date (Annex B). It also contains a revised version of the table of contents of the Rules, as well as pages where the contents have not changed but where the page layout has had to be adjusted for technical reasons.

Pension Fund

CERN Multimedia

Pension Fund

2006-01-01

Amendment No. 22 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force following the CERN Council's decisions of 16 December 2005, includes the following new articles: Art. II 5.08 : Non-entitlement to Pension for Surviving Spouse Art. II 5.09 : Procurement of an entitlement to Pension for Surviving Spouse Art. II 6.09 : Non-entitlement to Pension for Orphans Art. II 7.01 c) : Entitlement to Allowances Art. III 1.07 : Extension of the contract beyond the age limit of 65 as well as the following amended articles : Article II 1.07 - Contributions Annex B - Fixed sums and allowances

ARGICULTURAL LAND PROTECTION FUND AND FOREST FUND AS ECOLOGICAL FUNDS

OpenAIRE

Bartosz Bartniczak

2009-01-01

Funds for environmental protection and water management, Agricultural Land Protection Fund and Forest Fund make up the Polish system of special fund in environment protection. The main aim of this article is to analyze the activity of two latest funds. The article tries to answer the question whether that funds could be considered as ecological funds. The author described incomes and outlays of that funds and showed which reform should be done in Polish special funds system.

Pension Fund - ELECTIONS - Irene SEIS

CERN Document Server

2002-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name: SEIS First Name : Irene Our Pension Fund (that of CERN and ESO personnel) is for most of us the only social protection when we retire. Its purpose is to give us a pension, which permits to maintain a certain standard of living for us, and for our dependants. I have worked in the Governing Board of the Pension Fund, as well as in numerous working groups on pension matters, since 11 years, either in my role as a Staff Association delegate, or as a member of the Governing Board. In both environments, I defend the principles of solidarity, which are part of our social security system, and I stand up for maintaining its primary principle, being a defined benefit scheme. Another of my preoccupations is the long-term future of the fund, including the gu...

48 CFR 1335.017 - Federal funded research and development centers.

Science.gov (United States)

2010-10-01

... OF COMMERCE SPECIAL CATEGORIES OF CONTRACTING RESEARCH AND DEVELOPMENT CONTRACTING 1335.017 Federal funded research and development centers. ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Federal funded research...

Pension Fund - ELECTIONS - Guillermo de la FUENTE

CERN Multimedia

2002-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name: de la FUENTE First Name : Guillermo As CERN treasurer with 12 years experience in finance with a background in Economics coupled with a MBA, my main goal will be to enhance the Pension Fund yield. During 3 consecutive years, our Pension Fund has suffered negative real returns:-1.65% in 2000, -4.26% in 2001 and most probably a double-digit loss this year. In addition to that, we spend annually around CHF 6'000'000 in bank charges and external consultants fees. If we do not change this negative trend, the funding ratio of our Pension Fund might become weak. A more proactive internal fund management in conjunction with a performance-related remuneration to external participants would be some of the points I will propose in order to maximize Fund's y...

Social Security Funds Clamor for Reform

Institute of Scientific and Technical Information of China (English)

郑秉文

2008-01-01

This paper analyzed the institutional deficiencies inherent in China’s social security system based on a dissection of various social security fund violations. It holds that the unscientific design in social security system is the root cause for social security fund violations, which is reflected in low level of social security unification, irrational investment system and legislative loopholes etc. Currently, China’s social security funds are facing risks in management and in system; The key of risk control lies in the reforming of the overall framework of social security system through the following aspects: 1) readjust the unified account system structure to raise the level of unification; 2) reform funds investment system to boost ROI; 3) speeding up legislative to regulate the administrative costs and the behaviors of its entities.

Inventory Funding Methods on Navy Ships: NWCF vs. End-use

Science.gov (United States)

2013-06-01

OPTAR Operating Target OSO Other Supply Officer POM Pre/Post-Overseas Movement R-Supply Relational Supply RoR Reorder Review SAC Service...process called other supply officer ( OSO ) transfer. Since end-use ships own their inventory, the supply officer can choose to transfer a part being...requested by another ship at their discretion, based on their ship’s anticipated requirements and their own goodwill. OSO transfers among end-use

ELECTIONS PENSION FUND CANDIDATE NR 1

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have always been interested in our working conditions. As a member of the Executive Committee of the Staff Association I participated from 1980 to 1984 in the Working Group on Pensions mandated by the CERN Council. This commitment led to my becoming a member of the Governing Board of the Pension Fund in 1983, since when I have taken an active part in various commissions and working groups (Real Estate Asset Management Committee, Working Group on Actuarial Matters etc.); in so doing I have gained a thorough knowledge of different areas of the Pension Fund. Since ...

Ensuring the Availability of Funds (Germany)

International Nuclear Information System (INIS)

Warnecke, Ernst; Paul, Michael

2006-01-01

1 - Legislation and regulation pertinent to funding: no site / facility specific legislation / regulation (Decommissioning Guideline); the obligation for D+D results from the Atomic Energy Act; the AtG requires a license for D + D of a nuclear facility; the Commercial Code requires reserves for liabilities; the Income Tax Law (EStG) is relevant for the taxation of reserves; the 'Ordinance on Advance Payments' is relevant for the construction of RW disposal facilities; the AtG is relevant for the payment of RW disposal costs. 2 - Financing system: Basic Principle: Polluter pays; Publicly funded facilities (mainly Federal Government): payment from annual budget; Privately owned facilities: collection of 'reserves' during operation / linear accumulation over 25 years, coverage: processing, storage and disposal of radioactive waste/spent fuel, D + D of nuclear facilities, reserves are in the portfolio of industry, financial risk lies with the operator; Availability of private funds: annual review / revision of the cost calculations by the operator, review of cost calculations by tax authorities. 3 - Costs: Cost calculation by the operator are based on detailed planning, need to be assessed conservatively. D + D cost calculation (as of 1999): ca. 300 x 10 6 Euro (1200 MW PWR, excl. disposal), ca. 350 x 10 6 Euro (800 MW BWR excl. disposal), ca. 700 x 10 6 Euro (incl. disposal of non-heat generating waste), immediate dismantling is slightly cheaper than deferred dismantling. Review and decision on adequacy of cost calculation by tax authorities. 4 - Experience: A lot of experience (public and private) has been gained, Experience is good, funds were available. 5 - Changing conditions - new challenges: Termination of nuclear energy generation, New approach to waste disposal, Privatisation of utilities, Liberalisation of energy market. Does the existing funding system need improvement?: Reconsideration of the existing situation, Exploration of potential improvements

PENSION FUND - ELECTIONS

CERN Multimedia

2000-01-01

This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: MAURIN First Name: Guy I have been a member of the personnel since 1967 and as early as 1972 I was involved, in my capacity as President of the Staff Association, in the improvement of the Pension Fund benefits. As for most of us the Pension Fund is the only social provident scheme to which we belong, it is important to ensure that it is well managed and in balance. As a member of the Governing Board since 1974 and Vice-Chairman of this Board since 1977, I have continued to pursue these objectives. One of the main responsibilities of the Governing Board is our asset investment policy. The Investment Committee, of which I am Chairman, must have an overall view of the management of our 4 billion Swiss francs and seek the best yield with minimum risk. The investment structure must continuously be adapted i...

Reordenação de identidade de imigrantes árabes em Foz do Iguaçu Arabian immigrants identities reordering in Foz do Iguaçu

Directory of Open Access Journals (Sweden)

Regina Coeli Machado e Silva

2008-12-01

Full Text Available Apresentando reflexões sobre as identidades de grupos pertencentes à comunidade árabe em Foz do Iguaçu, pretende-se, neste artigo, evidenciar que ser árabe, nesse contexto, não constitui uma identidade claramente definida. Em um jogo constante de reordenação, tornando móveis seus limites, essa identidade é demarcada por diferentes significados, incluindo e excluindo esse grupo, heterogêneo, na interação local. A exclusão é visível no cultivo da língua, das religiões e nos movimentos políticos (apoio à causa palestina e a inclusão torna-se perceptível nas festas e rituais públicos. Como representações mentais, atos de percepção, de conhecimento e reconhecimento, tais identidades têm seus limites constantemente reordenados pela organização, classificação e valorização de diferentes níveis da experiência vivida neste contexto.Featuring reflections on identities of groups belonging to the Arab community in Foz do Iguaçu, it is intended, in this article, to show that being Arab, in this context, is not a clearly defined identity. In a game of constant reordering, making mobile its limitations, this identity frontier is established by different meanings, including and excluding this heterogeneous group, within the process of the local interaction. The exclusion is visible in the cultivation of language, of religions and political movements (support for the Palestinian movement and the inclusion becomes visible in public festivals and rituals. As mental representations, acts of perception, knowledge and recognition, such identities have its limits constantly reordered by the organization, classification and valuation of different levels of experience lived in this context.

Indian mutual fund industry: Opportunities and challenges

Directory of Open Access Journals (Sweden)

Jayant R. Kale

2012-12-01

Full Text Available This article presents an overview of the mutual fund industry in India and the reasons for its poor penetration, which includes lack of objective research. It benchmarks the industry globally, and raises key issues regarding the ownership and performance of mutual funds, the sensitivity of fund flows to performance, and the importance of regulation to its growth, all of which have been largely under researched in India. It then captures the views of leading practitioners on these and other issues, including the challenges posed by poor financial literacy, the equity culture in the country, and the weakly supportive regulatory environment.

Pension Fund - ELECTIONS - Guillermo de la FUENTE

CERN Multimedia

2002-01-01

CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: de la FUENTE First Name : Guillermo  As CERN treasurer with 12 years experience in finance with a background in Economics coupled with a MBA, my main goal will be to enhance the Pension Fund yield. During 3 consecutive years, our Pension Fund has suffered negative real returns:-1.65% in 2000, -4.26% in 2001 and most probably a double-digit loss this year. In addition to that, we spend annually around CHF 6'000'000 in bank charges and external consultants fees. If we do not change this negative trend, the funding ratio of our Pension Fund might become weak. A more proactive internal fund management in conjunction with a performance-related remuneration to external participants would be some of the points I will propose in order...

Managing Research Libraries in Developing Economy | Ahmed ...

African Journals Online (AJOL)

This paper discusses managing research libraries in developing economy. The concepts of special libraries, funding of research libraries, the need for training and retraining of library staff and resources sharing networking were highlighted. The paper recommends that research Institutes need to re-order their priorities ...

75 FR 75897 - Electronic Funds Transfer of Depository Taxes

Science.gov (United States)

2010-12-07

... to the particular tax. (b) Income taxes. (1) For provisions relating to the deposits of income and... relating to Federal tax deposits (FTDs) by Electronic Funds Transfer (EFT). In response to the decision of... regulations amending the Income Tax Regulations (26 CFR part 1) and the Regulations on Procedure and...

48 CFR 1632.771 - Non-commingling of FEHBP funds.

Science.gov (United States)

2010-10-01

... funds. 1632.771 Section 1632.771 Federal Acquisition Regulations System OFFICE OF PERSONNEL MANAGEMENT... adequate accounting and other controls are in effect. If the requirement is waived, the waiver will remain... accounting controls are no longer adequate to properly account for FEHBP funds. [52 FR 16043, May 1, 1987, as...

76 FR 65965 - Contributions to the Telecommunications Relay Services Fund

Science.gov (United States)

2011-10-25

...] Contributions to the Telecommunications Relay Services Fund AGENCY: Federal Communications Commission. ACTION... Telecommunications Relay Services (TRS) Fund in a manner prescribed by regulation that is consistent with and... . SUPPLEMENTARY INFORMATION: This is a summary of the Commission's Contributions to the Telecommunications Relay...

Sovereign Wealth Funds: Issue of transparency

Directory of Open Access Journals (Sweden)

Petrović Daliborka

2015-01-01

Full Text Available Subject of the paper includes Sovereign Wealth Funds and the formation of the first regulatory framework for their investment activities. Sovereign Wealth Funds invested a significant amount of money in Western financial institutions during the global financial crisis and thus played a crucial role in the preservation and stabilization of the global financial system. However, at the same time, a large gap between the financial power of Sovereign Wealth Funds and the level of their transparency was noted. The need to improve the transparency of Sovereign Wealth Funds has been recognized by international institutions, the OECD and the IMF, which initiated the formulation of the first international regulatory framework regarding the operations of these types of funds. The current international regulatory framework represents a sufficient basis for the gradual improvement of transparency, but because of its non-binding and voluntary nature, certain issues such as the protection of national security interests remain open. Therefore, the solutions can be sought through a process of continuous improvement of international regulation as well as strengthening cooperation between Sovereign Wealth Funds and governments of countries in which they invest.

31 CFR 103.131 - Customer identification programs for mutual funds.

Science.gov (United States)

2010-07-01

... Finance FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS Anti-Money Laundering Programs Anti-Money Laundering Programs § 103.131 Customer identification programs for mutual funds. (a... mutual fund's anti-money laundering program required under the regulations implementing 31 U.S.C. 5318(h...

25 CFR 273.37 - Use of funds outside of schools.

Science.gov (United States)

2010-04-01

... Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR INDIAN SELF-DETERMINATION AND EDUCATION ASSISTANCE ACT PROGRAM EDUCATION CONTRACTS UNDER JOHNSON-O'MALLEY ACT Funding Provisions § 273.37 Use of funds outside of schools. Nothing in these regulations shall prevent the Commissioner from contracting...

Successful private-public funding of paediatric medicines research: lessons from the EU programme to fund research into off-patent medicines.

Science.gov (United States)

Ruggieri, L; Giannuzzi, V; Baiardi, P; Bonifazi, F; Davies, E H; Giaquinto, C; Bonifazi, D; Felisi, M; Chiron, C; Pressler, R; Rabe, H; Whitaker, M J; Neubert, A; Jacqz-Aigrain, E; Eichler, I; Turner, M A; Ceci, A

2015-04-01

The European Paediatric Regulation mandated the European Commission to fund research on off-patent medicines with demonstrated therapeutic interest for children. Responding to this mandate, five FP7 project calls were launched and 20 projects were granted. This paper aims to detail the funded projects and their preliminary results. Publicly available sources have been consulted and a descriptive analysis has been performed. Twenty Research Consortia including 246 partners in 29 European and non-European countries were created (involving 129 universities or public-funded research organisations, 51 private companies with 40 SMEs, 7 patient associations). The funded projects investigate 24 medicines, covering 10 therapeutic areas in all paediatric age groups. In response to the Paediatric Regulation and to apply for a Paediatric Use Marketing Authorisation, 15 Paediatric Investigation Plans have been granted by the EMA-Paediatric Committee, including 71 studies of whom 29 paediatric clinical trials, leading to a total of 7,300 children to be recruited in more than 380 investigational centres. Notwithstanding the EU contribution for each study is lower than similar publicly funded projects, and also considering the complexity of paediatric research, these projects are performing high-quality research and are progressing towards the increase of new paediatric medicines on the market. Private-public partnerships have been effectively implemented, providing a good example for future collaborative actions. Since these projects cover a limited number of off-patent drugs and many unmet therapeutic needs in paediatrics remain, it is crucial foreseeing new similar initiatives in forthcoming European funding programmes.

76 FR 708 - Electronic Funds Transfer of Depository Taxes; Correction

Science.gov (United States)

2011-01-06

... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1, 31, 40, and 301 [TD 9507] RIN 1545-BJ13 Electronic Funds Transfer of Depository Taxes; Correction AGENCY: Internal Revenue Service... Electronic Funds Transfer (EFT). The temporary and final regulations provide rules under which depositors...

7 CFR 3430.905 - Funding restrictions.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Funding restrictions. 3430.905 Section 3430.905 Agriculture Regulations of the Department of Agriculture (Continued) COOPERATIVE STATE RESEARCH, EDUCATION, AND EXTENSION SERVICE, DEPARTMENT OF AGRICULTURE COMPETITIVE AND NONCOMPETITIVE NON-FORMULA FEDERAL...

Funding alternatives in EHR adoption: beyond HITECH incentives and traditional approaches.

Science.gov (United States)

Wang, Tiankai; Wang, Yangmei; Biedermann, Sue

2013-05-01

The meaningful use incentives under HITECH may be inadequate to address the financial challenges many hospitals face in implementing electronic health records (EHRs). Hospitals can fill the capital gap between EHR costs and available funds by exploring other potential funding sources. These sources include additional grants, funding permissible under EHR regulations, vendor financing, and tax benefits under IRS Section 179.

INVESTMENT FUNDS IN ROMANIA

Directory of Open Access Journals (Sweden)

COPIL CRINA ANGELA

2013-07-01

, respectively the investment in instruments with larger capacity, the flexibility determined by the possibility of withdrawal in any moment without losing the cumulated gain, the administration of the portfolio by the professional administrators, the access to diversified placements with small sums, the reduction of the risk by the diversification, the strict regulation and surveillance of the activity of investments administration by the authorities surveying the financial markets. In the developed countries, the placements in administered investments can reach up to 40% of the financial assets of the families, and the deposits own a percentage of 40-50% of the assets, while in Romania the percentage of the investments administered of the total financial assets of the families is under 10%, and the placements in deposits represents over 80%. I consider that the founding of the subsidiaries of assets management in Romania by the banking financial groups contributed and will contribute in a great measure in the future to the increase of the degree of knowledge and acceptance of the investment in investment funds.

An Analysis of the Mutual Fund Industry: Mutual Fund Investors, Mutual Fund Managers and Mutual Fund Companies

OpenAIRE

Fang, Jieyan

2012-01-01

In this dissertation I investigate the mutual fund industry, especially the three most important participants within this industry: mutual fund investors, mutual fund companies and mutual fund managers. The main research questions of this dissertation are: 1. Does rapid trading exist among German equity mutual fund investors? What are the determinants of rapid trading? Does rapid trading have a negative impact on mutual fund performance? 2. Do mutual fund investors, as a whole, have...

The Time has come to Revisit Solvency Funding Rules

Directory of Open Access Journals (Sweden)

Norma Nielson

2018-02-01

Full Text Available Canadians are not fond of hearing news about people losing their hard-earned pensions because their employer misused the money. The thought of some Working Joe or Jane being deprived of a pension, after a lifetime of working for a company, is naturally repugnant. That is why regulations around defined-benefit pension plans are designed to force employers to keep their pension funds sufficiently solvent. But there are many ways to achieve that end and, while the rules that Canadian companies must follow might serve to help preserve pension savings, they also be very expensive — to employers and regulators — compared to other policies that can do the same thing. In fact, more flexibility in the rules might even make it easier for companies to offer richer pension benefits to employees than they already do. Some of Canada’s outdated pension-funding rules have created the opposite problem: There are now pension plans that are actually overfunded if one assumes the company and the plan will continue. That means money the sponsoring companies could be using to hire more workers, to offer employees better pay and benefits, or to invest, is tied up in pension coffers. The problem lies in the divergence between a “going-concern” valuation — which assumes that the plan continues indefinitely — with the more prescriptive “solvency” valuation that is central to Canadian regulations. It examines funding adequaciy if one assumes the employer is going to go out of business (even if the vast majority of large employers are at any given time at no risk of that. In the days when fixed-income returns were lucrative, companies relied on pension fund investments to top up the funds, reducing sponsor contributions to unsafe levels. The solvency rules required plans that were reaping higher returns in the stock market to continue making some contributions to their plans. Back then, the gap between a going-concern valuation and a solvency valuation

Governing Board of the Pension Fund

CERN Multimedia

2006-01-01

The Governing Board of the Pension Fund held its 143rd meeting on 11 April 2006. The Chairman of the Governing Board, Professor F. Ferrini, reported on the meetings of the CERN Finance Committee and Council on 15 and 16 March. On the recommendation of the Finance Committee, the CERN Council had approved the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund. The new provisions will enter into force on 1st July 2006. Professor Ferrini also underlined that the Finance Committee had taken note of a document prepared by the CERN Management regarding the Organization's debt to the Pension Fund. Given that the Organization's debt to the Pension Fund has grown constantly over the last twenty years, and that it represents a burden on the Laboratory's future budgets, the Management wishes to reimburse the debt as rapidly as possible...

24 CFR 203.420 - Nature of Mutual Mortgage Insurance Fund.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Nature of Mutual Mortgage Insurance Fund. 203.420 Section 203.420 Housing and Urban Development Regulations Relating to Housing and Urban... and Distributive Shares § 203.420 Nature of Mutual Mortgage Insurance Fund. The Mutual Mortgage...

49 CFR 350.319 - What are permissible uses of High Priority Activity Funds?

Science.gov (United States)

2010-10-01

... Activity Funds? 350.319 Section 350.319 Transportation Other Regulations Relating to Transportation... permissible uses of High Priority Activity Funds? (a) The FMCSA may generally use these funds to support, enrich, or evaluate State CMV safety programs and to accomplish the five objectives listed below: (1...

7 CFR 227.5 - Program funding.

Science.gov (United States)

2010-01-01

... Regulations of the Department of Agriculture (Continued) FOOD AND NUTRITION SERVICE, DEPARTMENT OF AGRICULTURE CHILD NUTRITION PROGRAMS NUTRITION EDUCATION AND TRAINING PROGRAM General § 227.5 Program funding. (a... related support personnel costs including fringe benefits and travel expenses, (ii) Undertaking a needs...

17 CFR 1.28 - Appraisal of instruments purchased with customer funds.

Science.gov (United States)

2010-04-01

... purchased with customer funds. 1.28 Section 1.28 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT Customers' Money, Securities, and Property § 1.28 Appraisal of instruments purchased with customer funds. Futures commission merchants who...

78 FR 10085 - Limited Reductions of Funding, Termination, and Debarment Procedures; Recompetition; Enforcement...

Science.gov (United States)

2013-02-13

... reductions of funding, expansion of non-audit based suspensions for up to ninety days, and immediate special... LEGAL SERVICES CORPORATION 45 CFR Parts 1606, 1614, 1618, and 1623 Limited Reductions of Funding... regulations regarding grants for the provision of legal assistance: (1) A new ``limited reduction of funding...

Lorenz curves in a new science-funding model

Science.gov (United States)

Huang, Ding-wei

2017-12-01

We propose an agent-based model to theoretically and systematically explore the implications of a new approach to fund science, which has been suggested recently by J. Bollen et al.[?] We introduce various parameters and examine their effects. The concentration of funding is shown by the Lorenz curve and the Gini coefficient. In this model, all scientists are treated equally and follow the well-intended regulations. All scientists give a fixed ratio of their funding to others. The fixed ratio becomes an upper bound for the Gini coefficient. We observe two distinct regimes in the parameter space: valley and plateau. In the valley regime, the fluidity of funding is significant. The Lorenz curve is smooth. The Gini coefficient is well below the upper bound. The funding distribution is the desired result. In the plateau regime, the cumulative advantage is significant. The Lorenz curve has a sharp turn. The Gini coefficient saturates to the upper bound. The undue concentration of funding happens swiftly. The funding distribution is the undesired results, where a minority of scientists take the majority of funding. Phase transitions between these two regimes are discussed.

75 FR 57145 - Federal-State Unemployment Compensation Program; Funding Goals for Interest-Free Advances

Science.gov (United States)

2010-09-17

... Unemployment Compensation Program; Funding Goals for Interest-Free Advances; Final Rule #0;#0;Federal Register... Unemployment Compensation Program; Funding Goals for Interest-Free Advances AGENCY: Employment and Training... unemployment compensation (UC) upon the State meeting ``funding goals, established under regulations issued by...

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2001-01-01

The Governing Board held its one-hundred-and-first meeting on 5 June, during which it took note of the external auditors' report on the accounts of the Fund for the financial year 2000, and the comments by the Administration of the Fund on the report. It should be noted in this regard that, in the light of a remark by the auditors regarding the procedures followed by the Fund in paying out transfer values, the Governing Board decided to propose to the CERN Council at its December session a change in the wording of Article II 1.13 of the Rules and Regulations so as to bring it into line with the Fund's regular practices. The effect on the Fund of the introduction of the new salary scales was considered and a small working group was commissioned to undertake the necessary technical adjustments. The Governing Board then heard a report by the Chairman of the Investment Committee on its meeting of 3 May 2001. G. Maurin stated that the Committee members had agreed to invite a second consultants' firm to carry out a...

17 CFR 1.26 - Deposit of instruments purchased with customer funds.

Science.gov (United States)

2010-04-01

... purchased with customer funds. 1.26 Section 1.26 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION GENERAL REGULATIONS UNDER THE COMMODITY EXCHANGE ACT Customers' Money, Securities, and Property § 1.26 Deposit of instruments purchased with customer funds. (a) Each futures commission merchant...

Funding nuclear-power-plant decommissioning. Final report

International Nuclear Information System (INIS)

Burns, R.E.; Henderson, J.S.; Pollard, W.; Pryor, T.; Chen, Y.M.

1982-10-01

The report is organized according to the steps that one might go through when analyzing funding of decommissioning costs. The first step in analyzing decommissioning costs might be to review the present regulatory framework within which decommissioning cost decisions must be made. A description is presented of the present NRC regulations that address the decommissioning of a nuclear power plant. A description is also presented of recent public utility commission activities concerning funding the costs of decommissioning. Possible future trends in NRC regulation are also discussed. The estimation of decommmissioning costs is analyzed. A description of each of the possible decommissoining options is presented. The options of decommissioning include immediate dismantlement, various types of safe storage, and entombment. A discussion is presented of cost estimations for each decommissioning option for nuclear units containing pressurized water reactors and boiling water reactors. A description is included of the various methods of collecting funds for decommissioning as well as a discussion of their possible regulatory treatment. Material is presented which will provide the reader with background information that might assist state utility commissioners or their staffs in choosing or evaluating one of the financial mechanisms for covering decommissioning costs

7 CFR 3560.565 - Participation with other funding or financing sources.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Participation with other funding or financing sources. 3560.565 Section 3560.565 Agriculture Regulations of the Department of Agriculture (Continued) RURAL... Housing § 3560.565 Participation with other funding or financing sources. The requirements established in...

34 CFR 200.78 - Allocation of funds to school attendance areas and schools.

Science.gov (United States)

2010-07-01

... 34 Education 1 2010-07-01 2010-07-01 false Allocation of funds to school attendance areas and schools. 200.78 Section 200.78 Education Regulations of the Offices of the Department of Education OFFICE... for the Within-District Allocation of Lea Program Funds § 200.78 Allocation of funds to school...

Governing Board of the Pension Fund

CERN Multimedia

2004-01-01

At its one-hundred-and-twenty-fifth meeting on 1st June 2004, the Governing Board of the Pension Fund heard a report by J.-P. Matheys, Chairman of the working group responsible for examining the consequences of the death of a beneficiary of a deferred pension and of changes to the composition of a beneficiary's family, on the group's second meeting which had taken place that morning. The group had concluded that the Pension Fund Rules and Regulations clearly established the right of a surviving spouse to a pension in the event of the death of a beneficiary of a deferred pension. In such a case, entitlement to a surviving spouse's pension takes effect immediately after the death of the beneficiary and no actuarial reduction is applicable. This conclusion, which has been confirmed by the Legal Service, derives clearly and unambiguously from the current Rules and Regulations, which therefore do not require amendment. The Board indicated its formal agreement with this interpretation. Concerning the second subj...

Financial management of non-state pension fund forms and methods

Directory of Open Access Journals (Sweden)

Iureva Irina Anatolevna

2014-04-01

Full Text Available The main direction that determines the efficiency of non-governmental pension funds operation is the investment of pension reserves funds. It is possible to improve the regulation of investment process of non-governmental pension funds by expanding the assortment of tools available for investment. This will make it possible not only to achieve assets increase for the purpose of future fulfillment of obligations of paying non-governmental pensions to participants, but also contribute to financial market stabilization.

17 CFR 270.22e-3 - Exemption for liquidation of money market funds.

Science.gov (United States)

2010-04-01

... money market funds. 270.22e-3 Section 270.22e-3 Commodity and Securities Exchanges SECURITIES AND... for liquidation of money market funds. (a) Exemption. A registered open-end management investment company or series thereof (“fund”) that is regulated as a money market fund under § 270.2a-7 is exempt...

The Control of the Implementation and Management of European Funds

Directory of Open Access Journals (Sweden)

Vasile Burja

2018-03-01

Full Text Available Effective implementation and management of European funds is of major importance for the new members of the European Union. Controlling these funds aims to increase the performance of their use. European regulations require Member States to take appropriate measures to properly maintain and operate their management and control systems so that they can offer the necessary assurances regarding the correct use of the allocated funds. This article highlights the importance of control exercised within institutions that implement and manage European funds. There have been many irregularities in the implementation of projects funded by European funds. In order to determine the most frequent types of irregularities, a questionnaire was applied to the experts responsible for controlling European funds in intermediary bodies. In this article we will present the results obtained after the centralization of expert responses and the importance of control in the prevention of irregularities and fraud.

ELECTIONS PENSION FUND CANDIDATE NR 2

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : FRANDSEN First Name : Poul Kjaer  I have been member of the staff since 1974, and member of staff council for more than 12 years, and my main motivation has been to work for improving the social conditions of the CERN staff. A very important pillar of this is a sound and healthy pension fund. A capitalised scheme has been and still is the best choice for assuring the benefits for the CERN staff, present and future, this social system being part of the whole necessary to attract the best staff to the future High Energy Physics in Europe. However, even the hypothetic close down of the Organisation should allow the benefits to exi...

ELECTIONS PENSION FUND 2nd candidate

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : FRANDSEN First Name : Poul Kjaer  I have been member of the staff since 1974, and member of staff council for more than 12 years, and my main motivation has been to work for improving the social conditions of the CERN staff. A very important pillar of this is a sound and healthy pension fund. A capitalised scheme has been and still is the best choice for assuring the benefits for the CERN staff, present and future, this social system being part of the whole necessary to attract the best staff to the future High Energy Physics in Europe. However, even the hypothetic close down of the Organisation should allow the benefits to exi...

Summary of the Pension Fund's activities in 2007

CERN Multimedia

HR Department

2008-01-01

Introduction The year 2007 was characterized at the institutional level by the implementation of the new governance scheme in the Pension Fund. The previous Governing Board was active until the end of October, laying the groundwork for important decisions that the new Governing Board was thus able to take. The first meeting of the Pension Fund Governing Board was held at ESO Headquarters in Germany on 16 November. Among the new measures, the following may be highlighted: Definition of procedures for reporting to the Finance Committee and the Council; Ongoing elaboration of a code of conduct; The setting-up by the PF Governing Board of four working groups with the following terms of reference: Revision of those Rules and Regulations of the Pension Fund that are directly affected by the changes deriving from the Council’s decisions concerning the governance of the Pension Fund; Definition of funding policy and principles; Search for experts for the Investment Committee; Sea...

A PERFORMANCE COMPARISON OF HEDGE FUNDS, HEDGED MUTUAL FUNDS AND HEDGE FUND ETFS

OpenAIRE

Shenyan Gu; Tina Zhang

2015-01-01

Hedged mutual funds and hedge fund ETFs are new entrants to the market thatallow individual investors to invest in funds using hedge fund strategies.   In this paper, we study the performance of these two funds relative to the traditional hedge funds to see if the three asset classes are comparable investments. We use four performance measurement models, including CAPM, Fama French three factor model, Carhart four factor model and Fung and Hsieh eight factor model, to test the fund...

31 CFR 103.15 - Reports by mutual funds of suspicious transactions.

Science.gov (United States)

2010-07-01

... suspected terrorist financing or ongoing money laundering schemes, a mutual fund shall immediately notify by... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Reports by mutual funds of suspicious transactions. 103.15 Section 103.15 Money and Finance: Treasury Regulations Relating to Money and Finance...

77 FR 27494 - SK Private Investment Fund 1998 LLC, et al.; Notice of Application

Science.gov (United States)

2012-05-10

... operation, taxation and regulation of Investments and of the Investment Funds. The Investment Committee may... operation and taxation of the Investment Funds. The Administrator may, but is not required to be, a Member... basis. Skadden Arps may in its discretion advance funds to Eligible Investors for the purpose of making...

24 CFR 213.275 - Nature of the Cooperative Management Housing Insurance Fund.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Nature of the Cooperative Management Housing Insurance Fund. 213.275 Section 213.275 Housing and Urban Development Regulations Relating... Nature of the Cooperative Management Housing Insurance Fund. The Cooperative Management Housing Insurance...

49 CFR 268.7 - Federal/State share and restrictions on the uses of Federal Maglev Funds.

Science.gov (United States)

2010-10-01

... of Federal Maglev Funds. 268.7 Section 268.7 Transportation Other Regulations Relating to... Federal Maglev Funds. (a) Federal share. The Federal share of Full Projects Costs shall be not more than 2...) Restrictions on the uses of Federal Maglev Funds. (1) Federal Maglev Funds may be applied only to Eligible...

45 CFR 264.72 - What requirements are imposed on a State if it receives contingency funds?

Science.gov (United States)

2010-10-01

... receives contingency funds? 264.72 Section 264.72 Public Welfare Regulations Relating to Public Welfare... Contingency Fund? § 264.72 What requirements are imposed on a State if it receives contingency funds? (a)(1) A State must meet a Contingency Fund MOE level of 100 percent of historic State expenditures for FY 1994...

7 CFR 1216.55 - Investment of funds.

Science.gov (United States)

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Investment of funds. 1216.55 Section 1216.55 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING... financial institutions that are members of the Federal Reserve system; or obligations that are fully...

Law in the laboratory a guide to the ethics of federally funded science research

CERN Document Server

Charrow, Robert P

2010-01-01

The National Institutes of Health and the National Science Foundation together fund more than $40 billon of research annually in the United States and around the globe. These large public expenditures come with strings, including a complex set of laws and guidelines that regulate how scientists may use NIH and NSF funds, how federally funded research may be conducted, and who may have access to or own the product of the research. Until now, researchers have had little instruction on the nature of these laws and how they work. But now, with Robert P. Charrow’s Law in the Laboratory, they have a readable and entertaining introduction to the major ethical and legal considerations pertaining to research under the aegis of federal science funding. For any academic whose position is grant funded, or for any faculty involved in securing grants, this book will be an essential reference manual. And for those who want to learn how federal legislation and regulations affect laboratory research, Charrow’s primer wil...

7 CFR 227.41 - Recovery of funds.

Science.gov (United States)

2010-01-01

... 7 Agriculture 4 2010-01-01 2010-01-01 false Recovery of funds. 227.41 Section 227.41 Agriculture Regulations of the Department of Agriculture (Continued) FOOD AND NUTRITION SERVICE, DEPARTMENT OF AGRICULTURE CHILD NUTRITION PROGRAMS NUTRITION EDUCATION AND TRAINING PROGRAM Miscellaneous § 227.41 Recovery of...

7 CFR 1280.213 - Investment of funds.

Science.gov (United States)

2010-01-01

... 7 Agriculture 10 2010-01-01 2010-01-01 false Investment of funds. 1280.213 Section 1280.213 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (MARKETING... thereof, in any interest-bearing account or certificate of deposit of a financial institution that is a...

ELECTIONS PENSION FUND 4th candidate

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : MYERS First Name : Stephen I have been at CERN since 1972, and was elected member of the Governing Board for the first time in 1998. The Governing Board then nominated me to the Investments Committee where I have been a member since the beginning of 1999. Since then I have actively participated in redefining and transforming the investment portfolio in order to improve the overall return and where possible reduce the risk. The portfolio has recently been greatly improved and now allows much simpler more transparent monitoring of our investment. I have also actively participated and hopefully made useful contributions in discussions conc...

ELECTIONS PENSION FUND CANDIDATE NR 4

CERN Multimedia

2001-01-01

ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : MYERS First Name : Stephen I have been at CERN since 1972, and was elected member of the Governing Board for the first time in 1998. The Governing Board then nominated me to the Investments Committee where I have been a member since the beginning of 1999. Since then I have actively participated in redefining and transforming the investment portfolio in order to improve the overall return and where possible reduce the risk. The portfolio has recently been greatly improved and now allows much simpler more transparent monitoring of our investment. I have also actively participated and hopefully made useful contributions in discussions conc...

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2003-01-01

The Governing Board of the Pension Fund held its one hundred and twelfth and one hundred and thirteenth meetings on 5 November and 3 December 2002 respectively. At the first of these meetings, the Governing Board firstly took note of the favourable stance adopted by TREF with respect to a pension adjustment of 0.6% for 2003. TREF had also examined the proposed technical amendments to the Pension Fund's Rules and Regulations, as reported in Weekly Bulletin N° 44/2002, relating to a) clarification of the roles of the Governing Board and the Administrator, b) the procedure for appointing the Chairman, Vice-Chairmen and Administrator of the Fund, c) the Governing Board's voting rules and d) the role and composition of the Investment Committee. These amendments were to be submitted to the CERN Council for approval at its December meeting*. The Governing Board then considered a request submitted by the CERN Pensioners' Association (GAC) for an extraordinary adjustment of pensions. The request entailed making an ...

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2003-01-01

On 8 October the Governing Board of the Pension Fund held its 119th meeting, at which the members continued discussing the requests of ESO. It was noted that the Governing Board's working group as well as CERN's Legal Service and the Administration of the Pension Fund had already spent much time and effort examining the various possible options. In that context, given the considerable legal and financial consequences the requests could have for the Fund, especially regarding amendments to the Rules and Regulations, the investment costs and even administrative overheads associated with the currency overlay, the Governing Board decided that it was appropriate to invite the ESO Director of Administration to come and present ESO's position. At the same meeting, the Governing Board decided to recommend the Director-General to propose to the CERN Council a pension indexation of 0.7%, which was equivalent to the cost-of-living in Geneva up to August 2003 and would ensure purchasing power was maintained. In its reco...

75 FR 61252 - Proposed Information Collection (Create Payment Request for the VA Funding Fee Payment System (VA...

Science.gov (United States)

2010-10-04

... Payment Request for the VA Funding Fee Payment System (VA FFPS); A Computer Generated Funding Fee Receipt... Payment Request for the VA Funding Fee Payment System (VA FFPS); A Computer Generated Funding Fee Receipt... information through the Federal Docket Management System (FDMS) at http://www.Regulations.gov or to Nancy J...

75 FR 61859 - Proposed Information Collection (Create Payment Request for the VA Funding Fee Payment System (VA...

Science.gov (United States)

2010-10-06

... Payment Request for the VA Funding Fee Payment System (VA FFPS); A Computer Generated Funding Fee Receipt... Payment Request for the VA Funding Fee Payment System (VA FFPS); A Computer Generated Funding Fee Receipt... information through the Federal Docket Management System (FDMS) at http://www.Regulations.gov or to Nancy J...

Innovative funding solution for special projects: Crowd funding

Directory of Open Access Journals (Sweden)

Sentot Imam Wahjono

2015-06-01

Full Text Available The aim of this paper is to examine the influence of crowd funding knowledge, applica-tion, platform, and project initiator toward successful crowd funding. This study conducted by quantitative approach, data have been collected with web-based ques-tionnaires via Kickstarter.com direct message and e-mail to 200 successful crowd funding project initiators as a sample and as much 152 sets questionnaire returned by a complete answer and should be analyzed further. Deployment and data collection take 3 month from October to December 2013. This study found evidence that crowd funding knowledge, crowd funding application, crowd funding platform, and project initiator has positive and significant relationship toward the success of crowd funding. The implication from this research is crowd funding can be a source of capital to finance the projects, not just rely on traditional sources of financing just like banking and capital markets. Crowd funding can be innovative funding solution.

Sorting mutual funds with respect to process-oriented social responsibility: A FLOWSORT application

Directory of Open Access Journals (Sweden)

Tim Verheyden

2014-08-01

Full Text Available We establish a robust FLOWSORT-based tool to sort mutual funds with respect to process-oriented social responsibility and recommend the use of limiting profiles with open classes. The tool provides an alternative for the limited dichotomous classification of funds, i.e. socially responsible investing (SRI versus conventional funds. By allowing for more heterogeneity in social responsibility the sorting tool is promising for scholars to improve fund performance measurements, and useful for governments to better regulate the supply of SRI products.

45 CFR 264.70 - What makes a State eligible to receive a provisional payment of contingency funds?

Science.gov (United States)

2010-10-01

... provisional payment of contingency funds? 264.70 Section 264.70 Public Welfare Regulations Relating to Public... Contingency Fund? § 264.70 What makes a State eligible to receive a provisional payment of contingency funds? (a) In order to receive a provisional payment of contingency funds, a State must: (1) Be a needy...

Institutional investor activism : Hedge funds and private equity, economics and regulation

NARCIS (Netherlands)

Mc Cahery, Joseph; Bratton, W.

2015-01-01

The increase in institutional ownership of recent decades has been accompanied by an enhanced role played by institutions in monitoring companies’ corporate governance behaviour. Activist hedge funds and private equity firms have achieved a degree of success in actively shaping the business plans of

24 CFR 1000.58 - Are there limitations on the investment of IHBG funds?

Science.gov (United States)

2010-04-01

... investment of IHBG funds? 1000.58 Section 1000.58 Housing and Urban Development Regulations Relating to..., DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT NATIVE AMERICAN HOUSING ACTIVITIES General § 1000.58 Are there... its rights under § 1000.60. (e) Expenditure of funds for affordable housing activities under section...

48 CFR 52.232-33 - Payment by Electronic Funds Transfer-Central Contractor Registration.

Science.gov (United States)

2010-10-01

... Government under this contract shall be made by electronic funds transfer (EFT), except as provided in... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Payment by Electronic... CONTRACT CLAUSES Text of Provisions and Clauses 52.232-33 Payment by Electronic Funds Transfer—Central...

34 CFR 364.29 - What are the requirements for coordinating Federal and State sources of funding?

Science.gov (United States)

2010-07-01

... State sources of funding? 364.29 Section 364.29 Education Regulations of the Offices of the Department... and State sources of funding? (a) The State plan must describe efforts to coordinate Federal and State funding for centers and IL services. (b) The State plan must identify the amounts, sources, and purposes...

75 FR 31699 - Indian Self-Determination Act Contracts and Annual Funding Agreements-Appeal Procedures

Science.gov (United States)

2010-06-04

... Indian Self-Determination Act Contracts and Annual Funding Agreements--Appeal Procedures AGENCIES: Bureau... Contract Disputes Act, 41 U.S.C. 601-613. Effective January 6, 2007, Congress abolished the Interior Board... technical amendments to their joint regulations governing contracts and annual funding agreements under the...

46 CFR 390.8 - Investment of the fund.

Science.gov (United States)

2010-10-01

... MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION REGULATIONS UNDER PUBLIC LAW 91-469 CAPITAL... the quality of securities, restrictions on the type of stock in which a fund may invest, related... preferred stocks. The party or the party's trustee may invest in the following common and preferred stocks...

ELECTIONS PENSION FUND CANDIDATE NO 1

CERN Multimedia

2000-01-01

This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name: MAURINFirst Name:Guy I have been a member of the personnel since 1967 and as early as 1972 I was involved, in my capacity as President of the Staff Association, in the improvement of the Pension Fund benefits. As for most of us the Pension Fund is the only social provident scheme to which we belong, it is important to ensure that it is well managed and in balance. As a member of the Governing Board since 1974 and Vice-Chairman of this Board since 1977, I have continued to pursue these objectives.One of the main responsibilities of the Governing Board is our asset investment policy. The Investment Committee, of which I am Chairman, must have an overall view of the management of our 4 billion Swiss francs and seek the best yield with minimum risk. The investment structure must continuously be adapted...

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2003-01-01

The Governing Board held its 116th meeting on 6 May 2003, which was mainly devoted to two presentations, the first by J.-P. Matheys, Chairman of the Working Group set up to examine a request from ESO, who reported on the group's first meeting, and the second by Guy Maurin, Chairman of the Investment Committee, on the latter's meeting of 9 April. Concerning ESO's request to the Governing Board of the Pension Fund relating to changes that ESO wishes to make to the conditions of membership of its staff members, J.-P. Matheys reported that at the first meeting of the Working Group specially set up to examine this request the members had agreed that the Group should give priority to ensuring that ESO's request had no financial or legal repercussions for the Fund. The Group had also expressed its agreement with the Governing Board's opinion that any amendment to the Pension Fund Rules and Regulations should be avoided. Furthermore, the Group had reached the conclusion that it would be impossible to submit recommend...

17 CFR 270.30b1-7 - Monthly report for money market funds.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Monthly report for money... money market funds. (a) Report. Every registered open-end management investment company, or series thereof, that is regulated as a money market fund under § 270.2a-7 must file with the Commission a monthly...

12 CFR 218.741 - Exemption for banks effecting transactions in money market funds.

Science.gov (United States)

2010-01-01

... money market funds. 218.741 Section 218.741 Banks and Banking FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS... EXCHANGE ACT OF 1934 (REGULATION R) § 218.741 Exemption for banks effecting transactions in money market... issued by a money market fund, provided that: (1) The bank either (i) Provides the customer, directly or...

78 FR 59771 - Proposed Information Collection (Create Payment Request for the VA Funding Fee Payment System (VA...

Science.gov (United States)

2013-09-27

... Payment Request for the VA Funding Fee Payment System (VA FFPS); a Computer Generated Funding Fee Receipt.... Title: Create Payment Request for the VA Funding Fee Payment System (VA FFPS); A Computer Generated... through the Federal Docket Management System (FDMS) at www.Regulations.gov or to Nancy J. Kessinger...

41 CFR 102-77.15 - Who funds the Art-in-Architecture efforts?

Science.gov (United States)

2010-07-01

...-Architecture efforts? 102-77.15 Section 102-77.15 Public Contracts and Property Management Federal Property Management Regulations System (Continued) FEDERAL MANAGEMENT REGULATION REAL PROPERTY 77-ART-IN-ARCHITECTURE Art-in-Architecture § 102-77.15 Who funds the Art-in-Architecture efforts? To the extent not...

77 FR 67865 - Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants...

Science.gov (United States)

2012-11-14

... Parts 1, 3, 22 et al. Enhancing Protections Afforded Customers and Customer Funds Held by Futures... Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations... amend existing regulations to require enhanced customer protections, risk management programs, internal...

31 CFR 501.604 - Reports by U.S. financial institutions on rejected funds transfers.

Science.gov (United States)

2010-07-01

... REPORTING, PROCEDURES AND PENALTIES REGULATIONS Reports § 501.604 Reports by U.S. financial institutions on rejected funds transfers. (a) Who must report. Any financial institution that rejects a funds transfer... institution, domestic bank, financial institution or U.S. financial institution, as those terms are defined in...

Hedging Strategies and the Financing of the 1992 International Oil Pollution Compensation Fund.

OpenAIRE

André SCHMITT; Sandrine SPAETER

2005-01-01

The maritime oil transport is regulated by the 1992 Civil Liability Convention for Oil Damage and the 1992 Oil Pollution Compensation Fund. In this compensation regime, contributions of oil firms are based on the aggregate risk of the Fund and are assessed each time an oil spill is registered. In this paper, we present the main characteristics of such a compensation regime and we explain why oil firms would benefit from a reorga- nization of the financing of the Fund by introducing appropriat...

Information theory in econophysics: stock market and retirement funds

Science.gov (United States)

Vogel, Eugenio; Saravia, G.; Astete, J.; Díaz, J.; Erribarren, R.; Riadi, F.

2013-03-01

Information theory can help to recognize magnetic phase transitions, what can be seen as a way to recognize different regimes. This is achieved by means of zippers specifically designed to compact data in a meaningful way at is the case for compressor wlzip. In the present contribution we first apply wlzip to the Chilean stock market interpreting the compression rates for the files storing the minute variation of the IPSA indicator. Agitated days yield poor compression rates while calm days yield high compressibility. We then correlate this behavior to the value of the five retirement funds related to the Chilean economy. It is found that the covariance between the profitability of the retirement funds and the compressibility of the IPSA values of previous day is high for those funds investing in risky stocks. Surprisingly, there seems to be no great difference among the three riskier funds contrary to what could be expected from the limitations on the portfolio composition established by the laws that regulate this market.

78 FR 26711 - Federal Agricultural Mortgage Corporation Funding and Fiscal Affairs; Farmer Mac Liquidity...

Science.gov (United States)

2013-05-08

... Funding and Fiscal Affairs; Farmer Mac Liquidity Management ACTION: Proposed rule; reopening of comment... proposed rule that would amend its liquidity management regulations for the Federal Agricultural Mortgage... comment on the proposed liquidity regulations. [[Page 26712

Mutual Fund Performances of Polish Domestic Equity Fund Managers

Directory of Open Access Journals (Sweden)

ömer faruk tan

2015-10-01

Full Text Available Purpose of the article: The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers during the period from January 2009 to November 2014. After the global financial crisis of 2008, in this period of quantitative easing (QE, thanks to an increase in the money supply, a capital flow from developed countries to developing countries was observed. In this study, we try to analyse that although the financial market in Poland made an incredible progress, whether fund managers show better or worse performance than the market. Methodology/Methods: In order to evaluate fund manager performances, Jensen alpha (1968 is computed, which depicts selectivity skills of fund managers. For determining market timing ability of fund managers, Treynor & Mazuy (1966 regression analysis and Henriksson & Merton (1981 regression analysis are applied. Fund performances are evaluated using Warsaw Stock Exchange Index as the benchmark index. Scientific aim: In this study, we have tried to evaluate selectivity skills and market timing ability of Polish fund managers. A total of 14 equity fund managers’ performances are analysed. The study can be guiding especially for investors who are interested in Polish equity fund performances in a period where emerging stock markets outperformed with quantitative easing. Findings: Jensen (1968 alphas indicate that over this period fund managers did not have selective ability, as none of the 14 funds had statistically significant positive alphas. Furthermore, Treynor & Mazuy (1966 and Henriksson & Merton (1981 regression analysis indicate that over the same period fund managers did not also have market timing ability, as again none of the 14 funds had statistically significant positive coefficients. Conclusions: In this work, we can detect that in the era of quantitative easing, although the financial market in Poland made an incredible progress, the fund returns were

5 CFR 532.217 - Appropriated fund survey jobs.

Science.gov (United States)

2010-01-01

... Laundry Worker 1 Food Service Worker 2 Cook 8 (e) A lead agency must obtain prior approval of OPM to add a... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false Appropriated fund survey jobs. 532.217 Section 532.217 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL SERVICE REGULATIONS...

The National Security Education Trust Fund Financial Statements for FY 1994

National Research Council Canada - National Science Library

Gimble, Thomas

1995-01-01

.... We evaluated the management control structure established for the Trust Fund, and we assessed compliance with applicable laws and regulations that could have a material effect on the financial statements...

Regulação sistêmica e política de financiamento da educação básica Systemic regulation and basic education funding policies

Directory of Open Access Journals (Sweden)

Marisa Ribeiro Teixeira Duarte

2005-10-01

Full Text Available Este artigo discute a atual organização federativa da política de financiamento na regulação dos sistemas públicos responsáveis pela oferta de serviços que efetivem o direito comum à educação básica. Considera-se que a engenharia política de financiamento, estabelecida após 1996, foi capaz de induzir maior autonomia e descentralização de gestão, a adoção local de programas definidos centralmente, porém apresentou baixa capacidade de redução das desigualdades de recursos intersistemas de ensino e interescolares. O estudo procurou analisar os possíveis efeitos das alterações advindas da aprovação do Fundo de Manutenção e Desenvolvimento da Educação Básica (FUNDEB na regulação dos sistemas de ensino.The present paper discusses the current federative organization of the funding policy in the regulation of the public systems responsible for providing services that enforce the common right to basic education. Although the political engineering of funding established after 1996 allowed for more autonomy and decentralization of management and the local adoption of centrally defined programs, it did not reduce much the inequalities of intersystem and interschool teaching resources. This study analyzes the possible effects of the changes introduced by the approval of the Fund for the Development of Basic Education (FUNDEB in the regulation of the public school systems.

Department of Defense Financial Management Regulation. Volume 13. Nonappropriated Funds Policy and Procedures

National Research Council Canada - National Science Library

1994-01-01

.... In addition, it directs statutory and regulatory financial reporting requirements. This Volume prescribes standard accounting principles and practices for all DoD nonappropriated fund instrumentalities (NAFIs...

The Financial Regulations of the Agency. Amendment of Regulation 7.03

International Nuclear Information System (INIS)

1972-01-01

On 8 December 1971 the Board of Governors amended the second sentence of Financial Regulation 7. 03, and the Regulation now reads as follows: There shall be established a Working Capital Fund in an amount and for purposes to be determined from time to time by the Board of Governors, with the approval of the General Conference. The source of moneys of the Working Capital Fund shall be advances from Member States, and these advances shall be in accordance with their respective base rates of assessment provided for in sub-paragraph (b) of the operative paragraph of Resolution GC(XV)/RES/283 adopted by the General Conference in 1971. Each advance shall be carried to the credit of the Member State which has made such advance

25 CFR 75.19 - Distribution of judgment funds.

Science.gov (United States)

2010-04-01

... ROLL OF THE EASTERN BAND OF CHEROKEE INDIANS, NORTH CAROLINA § 75.19 Distribution of judgment funds. The membership roll of the Eastern Band of Cherokee Indians of North Carolina will be brought up to... shall be in accordance with regulations in this part 75, except as otherwise provided in paragraphs (b...

Elections of members to the Governing Board of the Pension Fund

CERN Multimedia

2006-01-01

This year, one member and one alternate are to be elected. The candidate who obtains the most votes will be elected member and the other candidate will be her/his alternate. Timetable (extract): Monday 6 November 2006 Second publication of the candidates' publicity in the Bulletin and distribution of the ballot papers at CERN. Monday 20 November 2006 Voting closes at 12 midday. Counting of votes from 2.30 p.m. Tuesday 21 November 2006 Forwarding of results to the Communications Section for publication in the Bulletin of 27 November 2006. CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance...

Assistance to schoolized childhood: the school fund

Directory of Open Access Journals (Sweden)

Sélia Ana Zonin

2018-03-01

Full Text Available This article has as central theme the constitution of the school fund in the primary public schools of Santa Catarina in the first half of the twentieth century. This initiative, promoted by the public authority, aimed at assisting impoverished students through the donation of school material, uniforms, meals, transportation and medical and dental care. The reflection presented here is based on documents produced by the State, such as laws, decrees, regulations and circulars, in addition to others produced by schools, especially reports containing the description of the activities inherent to the school fund. It is considered that the analysis contributes to the understanding of policies that will be implemented over the years inside and outside the school context.

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2000-01-01

The Governing Board held its 97th meeting on 5 December. On this occasion, it took note of the Draft Resolution on the Conclusions of the Five-Yearly Review 2000, one of which relates to the adjustment of the contribution rates to the Pension Fund which would rise from 9.37 % to 10.12 % of the reference salary for the members and fall from 21 % to 20.25 % of the reference salary for the Organization with effect from 1.1.2001. The Governing Board noted that those adjustments would not alter the overall contribution rate, which remains at 30.37 %. Consequently, it agreed to the proposed changes. The corresponding amendments to the Rules and Regulations of the Pension Fund will come into force with effect from 1.1.2001. The Board also took note of a request in the draft Resolution relating to three studies in addition to the triennial actuarial review as at 1.1.2001, namely 1) to study the financial consequences for the Fund of the proposed increase in the staff of 170 posts over the period 2002-2008, 2) to asse...

31 CFR 208.3 - Payment by electronic funds transfer.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Payment by electronic funds transfer. 208.3 Section 208.3 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE MANAGEMENT OF FEDERAL AGENCY...

Are Sunshine Private Funds More Beneficial than Publicly Offered Funds to the Fund Managers in Their Investment Performance?

Institute of Scientific and Technical Information of China (English)

YAN Wu; XIONG Hang

2016-01-01

From the perspective of the comparison between the investment performances of the fund managers before and after investment transfer from publicly offered funds to sunshine private funds,we can better explore the influences of the two institutional environments on the investment performances of the fund managers.This paper conducts a comparative analysis of the fund managers,investment performances before and after their investment transfer with the help of a number of fund performance evaluation models.The results show that the overall investment ability of the fund managers have been improved significantly when they transfer from publicly offered funds to sunshine private funds.If decomposing the overall investment ability into time-choosing and stock-picking abilities,the improvement of the fund managers' overall investment ability is mainly reflected in the significant improvement of their time-choosing ability after the transfer,while their stock-picking ability would then decrease a little.At the same time,by studying the personal characteristics of the fund managers,it is found that those who had investment research experience can obtain better investment performances.

7 CFR 1783.3 - What definitions are used in this regulation?

Science.gov (United States)

2010-01-01

... SERVICE, DEPARTMENT OF AGRICULTURE (CONTINUED) REVOLVING FUNDS FOR FINANCING WATER AND WASTEWATER PROJECTS (REVOLVING FUND PROGRAM) General § 1783.3 What definitions are used in this regulation? Administrative... 7 Agriculture 12 2010-01-01 2010-01-01 false What definitions are used in this regulation? 1783.3...

Rating mutual funds

DEFF Research Database (Denmark)

Bechmann, Ken L.; Rangvid, Jesper

2007-01-01

We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund's peers. Within each investment category, the rating assigns...... the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atp...... five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have...

34 CFR 648.65 - How does the institution of higher education disburse and return funds?

Science.gov (United States)

2010-07-01

... 34 Education 3 2010-07-01 2010-07-01 false How does the institution of higher education disburse and return funds? 648.65 Section 648.65 Education Regulations of the Offices of the Department of... does the institution of higher education disburse and return funds? (a) An institution that receives a...

45 CFR 1180.59 - Records related to grant funds.

Science.gov (United States)

2010-10-01

... 45 Public Welfare 3 2010-10-01 2010-10-01 false Records related to grant funds. 1180.59 Section 1180.59 Public Welfare Regulations Relating to Public Welfare (Continued) NATIONAL FOUNDATION ON THE...; and (e) Other records necessary to facilitate an effective audit. [71 FR 6372, Feb. 8, 2006] ...

Rating Mutual Funds

DEFF Research Database (Denmark)

Bechmann, Ken L.; Rangvid, Jesper

We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund’s peers. Within each investment category, the rating assigns......, whereas the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atp...... five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have...

[Extramural research funds and penal law--status of legislation].

Science.gov (United States)

Ulsenheimer, Klaus

2005-04-01

After decades of smooth functioning, the cooperation of physicians and hospitals with the industry (much desired from the side of the government in the interest of clinical research) has fallen in legal discredit due to increasingly frequent criminal inquires and proceedings for unduly privileges, corruption, and embezzlement. The discredit is so severe that the industry funding for clinical research is diverted abroad to an increasing extent. The legal elements of embezzlement assume the intentional violation of the entrusted funds against the interest of the customer. Undue privileges occur when an official requests an advantage in exchange for a service (or is promised one or takes one) in his or somebody else's interest. The elements of corruption are then given when the receiver of the undue privilege provides an illegal service or takes a discretionary decision under the influence of the gratuity. The tension between the prohibition of undue privileges (as regulated by the penal law) and the granting of extramural funds (as regulated by the administrative law in academic institutions) can be reduced through a high degree of transparency and the start of control possibilities--public announcement and authorization by the officials--as well as through exact documentation and observance of the principles of separation of interests and moderation. With the anti-corruption law of 1997, it is possible to charge of corruption also physicians employed in private institutions. In contrast, physicians in private practice are not considered in the above criminal facts. They can only be charged of misdemeanor, or called to respond to the professional board, on the basis of the law that regulates advertising for medicinal products (Heilmittelwerbegesetz).

Random matrix theory and fund of funds portfolio optimisation

Science.gov (United States)

Conlon, T.; Ruskin, H. J.; Crane, M.

2007-08-01

The proprietary nature of Hedge Fund investing means that it is common practise for managers to release minimal information about their returns. The construction of a fund of hedge funds portfolio requires a correlation matrix which often has to be estimated using a relatively small sample of monthly returns data which induces noise. In this paper, random matrix theory (RMT) is applied to a cross-correlation matrix C, constructed using hedge fund returns data. The analysis reveals a number of eigenvalues that deviate from the spectrum suggested by RMT. The components of the deviating eigenvectors are found to correspond to distinct groups of strategies that are applied by hedge fund managers. The inverse participation ratio is used to quantify the number of components that participate in each eigenvector. Finally, the correlation matrix is cleaned by separating the noisy part from the non-noisy part of C. This technique is found to greatly reduce the difference between the predicted and realised risk of a portfolio, leading to an improved risk profile for a fund of hedge funds.

Funding medical education: should we follow a different model to general higher education?

Directory of Open Access Journals (Sweden)

Kieran Walsh

2015-09-01

Full Text Available ISSUE. There has been much recent discussion on the funding of medical education. There has also been much discussion about the funding of higher education more generally. EVIDENCE. The topics of discussion have included the rising costs of education; who should pay; the various potential models of funding; and how best to ensure maximum returns from investment. IMPLICATIONS. Medical education has largely followed the emerging models of funding for higher education. However there are important reasons why the funding models for higher education may not suit medical education. These reasons include the fact that medical education is as important to the public as it is to the learner; the range of funding sources available to medical schools; the strict regulation of medical education; and the fact that the privatisation and commercialisation of higher education may not been in keeping with the social goals of medical schools and the agenda of diversification within the medical student population.

The Outlook for the Development of Investments Funds in the Republic of Croatia

Directory of Open Access Journals (Sweden)

Dijana Jurić

2005-12-01

Full Text Available During the nineties, investment funds recorded rapid development in most developed countries and became important agents on the financial markets. In the developing and transitional countries the investment funds industry, although it too has recorded accelerated rates of growth, is still essential lagging behind that of the developed countries. In Croatia the investment funds started developing with the appearance of the private investment funds; however, they did not, contrary to expectations, make a very significant contribution to the development of institutional investors on the capital market. The market is driven primarily by banking or financial conglomerates, which also dominate the investment fund industry. Today the Croatian investment fund market is a very enterprising and dynamic segment of the financial system and hence the establishment of adequate regulation and supervision as well as the development of the capital market must be the main determinants of its further growth and development.

77 FR 71530 - Cuban Assets Control Regulations

Science.gov (United States)

2012-12-03

... operating expenses or other official business of third-country diplomatic or consular missions in Cuba... authorized to process funds transfers for the operating expenses or other official business of third-country... Regulations to authorize the processing of funds transfers for the operating expenses or other official...

77 FR 30923 - Electronic Fund Transfers (Regulation E)

Science.gov (United States)

2012-05-24

... similar to a debit card that is linked to a traditional checking account. The Bureau is particularly interested in learning more about this product, including its costs, benefits, and risks to consumers. The... methods: Electronic: http://www.regulations.gov . Follow the instructions for submitting comments. Mail...

34 CFR 222.192 - What local funds may be considered as available for this project?

Science.gov (United States)

2010-07-01

... § 222.192 What local funds may be considered as available for this project? To determine the amount of... 34 Education 1 2010-07-01 2010-07-01 false What local funds may be considered as available for this project? 222.192 Section 222.192 Education Regulations of the Offices of the Department of...

Elections of Members to the Governing Board of the Pension Fund

CERN Document Server

2003-01-01

Members of the Pension Fund are informed of the elections of the 2004 Governing Board, in accordance with the Regulations for Elections to the Governing Board of the Pension Fund approved by the Finance Committee on 11 October 1989. One member and one alternate are to be elected. Nomination forms (pdf) are provided in this Bulletin and must be deposited with the Administration of the Fund by midday on Monday 29 September at the latest. These elections will take place following the timetable given below: Monday 29 September 2003 Closure of the submission of candidatures at the Administration of the Fund, at 12 hrs. Candidates are responsible for sending in their «publicity» in French and English in a WORD document to the Administrator of the Fund (e-mail: Christian.Cuenoud@Cern.ch) as soon as possible after having submitted their candidature and at the latest by 7 October for publication in the Bulletin of 13 October. Monday 3 November 2003 Second publication of the candidates' publicity in the Bulletin ...

Elections of members to the Governing Board of the Pension Fund

CERN Multimedia

2004-01-01

Members of the Pension Fund are informed of the elections of the 2005 Governing Board, in accordance with the Regulations for Elections to the Governing Board of the Pension Fund approved by the Finance Committee on 11 October 1989. Two members and two alternates are to be elected. Nomination forms are provided in this Bulletin and must be deposited with the Administration of the Fund by midday on Monday 27 September at the latest. These elections will take place following the timetable given below: Monday 27 September 2004 Closure of the submission of candidatures at the Administration of the Fund (Building 5/1-025), at 12 hrs. Candidates are responsible for sending in their â€ﾜpublicity” in French and English in a WORD document to the Administrator of the Fund (e-mail: Christian.Cuenoud@Cern.ch) as soon as possible after having submitted their candidature and at the latest by 4 October for publication in the Bulletin of 11 October. Monday 1st November 2004 Second publication of the ...

ELECTIONS OF MEMBERS TO THE GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2001-01-01

Members of the Pension Fund are informed of the elections of the 2002 Governing Board, in accordance with the Regulations for Elections to the Governing Board of the Pension Fund approved by the Finance Committee on 11 October 1989. Two members and two alternates are to be elected. Nomination forms are provided in this Bulletin (overleaf) and must be deposited with the Administration of the Fund by midday on Monday 1st October at the latest. These elections will take place following the timetable given below: Monday 1st October 2001 Closure of the submission of candidatures at the Administration of the Fund, at 12 hrs. Candidates are responsible for sending in their «publicity» in French and English in a WORD document to the Administrator of the Fund (e-mail: Christian.Cuenoud@Cern.ch) as soon as possible after having submitted their candidature and at the latest by 9 October for publication in the Bulletin of 15 October. Monday 5 November 2001 Second publication of the candidates' publici...

Elections of Members to the Governing Board of the Pension Fund

CERN Multimedia

2005-01-01

Members of the Pension Fund are informed of the elections of the 2006 Governing Board, in accordance with the Regulations for Elections to the Governing Board of the Pension Fund approved by the Finance Committee on 11 October 1989. One member and two alternates are to be elected. Nomination forms are provided in this Bulletin and must be deposited with the Administration of the Fund by midday on Monday 3 October at the latest. These elections will take place following the timetable given below: Monday 3 october 2005 Closure of the submission of candidatures at the Administration of the Fund, at 12 hrs. Candidates are responsible for sending in their “publicity” in French and English in a WORD document to the Administrator of the Fund (e-mail: Christian.Cuenoud@Cern.ch) as soon as possible after having submitted their candidature and at the latest by 10 October for publication in the Bulletin of 17 October. Monday 31 october 2005 Second publication of the candidates' publicity in the Bulletin...

Elections of members to the Governing Board of the Pension Fund

CERN Multimedia

2006-01-01

Members of the Pension Fund are hereby informed of the 2007 elections to the Governing Board, in accordance with the Regulations for Elections to the Governing Board of the Pension Fund approved by the Finance Committee on 11 October 1989. One member and one alternate are to be elected. Nomination forms are provided in this Bulletin and must be deposited with the Administration of the Fund (office 33-S-022) by midday on Monday 2 October at the latest. These elections will take place following the timetable given below: Monday 2 October 2006 Closing date for the submission of candidatures to the Administration of the Fund (building 33-S-022), at 12 o'clock midday.Candidates must send their 'manifesto'in French and English in a WORD document to the Administrator of the Fund (e-mail: Christian.Cuenoud@cern.ch) as soon as possible after submitting their candidature, and at the latest by 9 October for publication in the Bulletin of 16 October. Monday 30 October 2006 Second publication of the candidates'ma...

Elections of members to the Governing Board of the Pension Fund

CERN Multimedia

2006-01-01

Members of the Pension Fund are hereby informed of the 2007 elections to the Governing Board, in accordance with the Regulations for Elections to the Governing Board of the Pension Fund approved by the Finance Committee on 11 October 1989. One member and one alternate are to be elected. Nomination forms are provided in this Bulletin and must be deposited with the Administration of the Fund (office 33-S-022) by midday on Monday 2 October at the latest. These elections will take place following the timetable given below: Monday 2 October 2006 Closing date for the submission of candidatures to the Administration of the Fund (building 33-S-022), at 12 o'clock midday. Candidates must send their 'manifesto'in French and English in a WORD document to the Administrator of the Fund (e-mail: Christian.Cuenoud@cern.ch) as soon as possible after submitting their candidature, and at the latest by 9 October for publication in the Bulletin of 16 October. Monday 30 October 2006 Second publication of the candidates'm...

45 CFR 2524.10 - For what purposes will technical assistance and training funds be made available?

Science.gov (United States)

2010-10-01

... OTHER SPECIAL GRANTS § 2524.10 For what purposes will technical assistance and training funds be made... 45 Public Welfare 4 2010-10-01 2010-10-01 false For what purposes will technical assistance and training funds be made available? 2524.10 Section 2524.10 Public Welfare Regulations Relating to Public...

KT Fund: Five years of funding for impact

CERN Multimedia

CERN Bulletin

2015-01-01

Cryogenic safety, ion beam therapy, event management for communities, emergency lighting… this year’s applications for funding through the Knowledge Transfer Fund demonstrate the breadth of possible applications of CERN technology beyond high-energy physics.     The use of high index glass spherical targets as retroreflectors for a 3D interferometer is the subject of one of the 2015 KT Fund Projects.   Following the 2015 selection committee held in January, the KT Fund has funded a total of seven new projects that aim to further develop CERN technologies to a level where they can be transferred and subsequently make a positive impact on society. “CERN’s ambitious scientific programme requires state-of-the-art technologies that are not always directly reusable by society because they were not designed with this purpose in mind,” explains David Mazur, Section Leader of the IP Dissemination Section. “Since 2011, the KT...

76 FR 81019 - Electronic Fund Transfers (Regulation E)

Science.gov (United States)

2011-12-27

... Requirements for gift cards and gift certificates. Appendix A to Part 1005--Model Disclosure Clauses and Forms... financial institution to a consumer to defer payment of debt, incur debt and defer its payment, or purchase... purchase or sale of a security or commodity, if the security or commodity is: (i) Regulated by the...

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The Pension Fund Governing Board (PFGB) held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, responsi...

Fund management plan

International Nuclear Information System (INIS)

1983-05-01

The Nuclear Waste Policy Act of 1982, P.L. 97-425 (the Act), provides for establishment of two separate special funds in the US Treasury, the Interim Storage Fund and the Nuclear Waste Fund (the Funds). The Interim Storage Fund (Sec. 136) is the financing mechanism for the provision of federal interim storage capacity, not to exceed 1900 metric tons, for spent nuclear fuel (SNF) from civilian reactors. Basically, interim storage of SNF is the responsibility of the owners and generators of nuclear wastes. Storage at government facilities will be provided only if the utilities do not have adequate storage capacity. The Nuclear Waste Fund (Sec. 302) is the statutory financing approach for the Department's radioactive waste disposal program. P.L. 97-425 directs utilities to pay a mandatory fee to cover DOE's expected costs for nuclear waste disposal. The Funds are administered by the Department of Energy. This Plan identifies how DOE will implement and manage the Nuclear Waste and Interim Storage Funds

The Role of Structural Funding for Stability in the German Banking Sector

OpenAIRE

Schupp, Fabian; Silbermann, Leonid

2017-01-01

We analyze whether, and if so by how much, stable funding would have contributed to the financial soundness of German banks in the time period between 1995 and 2013, before the Basel III liquidity regulation to address excessive maturity mismatches in the wake of the financial crisis via the Net Stable Funding Ratio can be expected to have been fully implemented. Using a dataset that contains information on critical events of German banks, we find that financing loans using fewer customer dep...

Challenges of public procurement in EU funded projects

Directory of Open Access Journals (Sweden)

Marko Šostar

2017-01-01

Full Text Available Membership in the European Union implies adjustment of EU projects to the rules of Structural Funds, but also adoption of legal regulations, thus influencing the process of implementation of the public procurement in EU funded projects. Each successful applicant who expressed the need for procurement of goods, services and works of a certain value, must respect the principles of public procurement. Irregularities in the procurement process can lead to the failure of returning the EU funds even several years after the end of the project. Therefore, the knowledge and proper implementation of public procurement is the main precondition for the correct implementation of each project. In order to obtain information about the current absorption capacity of the public procurement liable parties, and to identify key obstacles that stakeholders face in procurement procedures, the research was conducted by surveying 30 entities that are subject of public procurement in Croatia. Research results imply the poor quality of public procurement in the implemented projects, which often results in financial corrections, disapproving project reports, etc.

34 CFR 403.70 - How must funds be used under the State Programs and State Leadership Activities?

Science.gov (United States)

2010-07-01

... State Leadership Activities? 403.70 Section 403.70 Education Regulations of the Offices of the... the Basic Programs? State Programs and State Leadership Activities § 403.70 How must funds be used under the State Programs and State Leadership Activities? A State shall use funds reserved under section...

Funding medical education: should we follow a different model to general higher education? Commentary.

Science.gov (United States)

Walsh, Kieran

2015-01-01

There has been much recent discussion on the funding of medical education. There has also been much discussion about the funding of higher education more generally. The topics of discussion have included the rising costs of education; who should pay; the various potential models of funding; and how best to ensure maximum returns from investment. Medical education has largely followed the emerging models of funding for higher education. However there are important reasons why the funding models for higher education may not suit medical education. These reasons include the fact that medical education is as important to the public as it is to the learner; the range of funding sources available to medical schools; the strict regulation of medical education; and the fact that the privatisation and commercialisation of higher education may not been in keeping with the social goals of medical schools and the agenda of diversification within the medical student population.

Danish mutual fund performance

DEFF Research Database (Denmark)

Christensen, Michael

2013-01-01

This article provides the first independent performance analysis of Danish mutual funds. We analyse selectivity and market timing abilities for 71 mutual funds that have been in operation from 2001 to 2010. The results show great fund performance diversity. Half the funds have performed neutrally......, whereas 42% of the funds have shown significantly negative performance and only 7% of the funds have over-performed their benchmark. Furthermore, 14% of the funds analysed possess market timing abilities, but for 8 out of 10 funds, their market timing ability has been unsuccessful....

Governance of pension funds: interlocking and compensation of Australian superannuation fund boards

OpenAIRE

Ooi, Elizabeth Meishan

2017-01-01

This thesis documents the incidence and determinants of board interlocking (where directors simultaneously sit on multiple boards) in pension funds and examines its effect on fund performance. It also investigates the determinants of pension fund director compensation. The motivation to examine these issues stems from the distinctive interlocking and compensation practices in pension funds. Data on a sample of 249 Australian pension funds from 2004 to 2011 is collected from fund documents ...

Return Persistence and Fund Flows in the Worst Performing Mutual Funds

OpenAIRE

Jonathan B. Berk; Ian Tonks

2007-01-01

We document that the observed persistence amongst the worst performing actively managed mutual funds is attributable to funds that have performed poorly both in the current and prior year. We demonstrate that this persistence results from an unwillingness of investors in these funds to respond to bad performance by withdrawing their capital. In contrast, funds that only performed poorly in the current year have a significantly larger (out)flow of funds/return sensitivity and consequently show...

34 CFR 674.17 - Federal interest in allocated funds-transfer of Fund.

Science.gov (United States)

2010-07-01

... Federal interest in that Fund: (1) A capital distribution of the liquid assets of the Fund according to... 34 Education 3 2010-07-01 2010-07-01 false Federal interest in allocated funds-transfer of Fund... Provisions § 674.17 Federal interest in allocated funds—transfer of Fund. (a) If an institution responsible...

Analysis of International Monetary Fund under conditions of globalization of economic processes

Directory of Open Access Journals (Sweden)

V.V. Ksendzuk

2016-06-01

Full Text Available Globalization in the economy requires proper management of countries' financial resources as the regulation of international financial market is one of the most important tasks of the successful development of the world economy and individual national economies. The International Monetary Fund since the beginning of its creation was intended to regulate the financial situation in the post-war period in world space. In present conditions of information development of the world economic system the role and importance of international financial institutions are changing. Thus, the policies and activities of the IMF are increasingly criticized, that is substantiated and requires some restructuring and reforming areas of the Fund activity. During the research the basic aspects of IMF activities in 2015 have been analyzed and the suggestions for its further effective development have been presented. In particular, it is advisable to use the specific individual approach to the problems of particular economies and to view the sizes of quotas and their functional purposes that will allow to develop new funding mechanisms that are based on social and ecological needs of society. This, in turn, will reduce the impact of developed countries on the activities of the financial institution

Pension Fund

CERN Multimedia

HR Department

2009-01-01

In line with the decisions taken by the Council in June and September 2007 concerning the new governance of the Pension Fund, amendments to Section 2 «Structure and Functions» of the Rules of the Fund entered into force on 1st January 2009 (Article I 2.08 – Composition of the Investment Committee and Article I 2.08bis – Chairman of the Investment Committee). Amendment n°27 may be downloaded (PDF document) directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 767 2742, mailto:Barbara.Bordjah@cern.ch).

ADVERTISING ON FACEBOOK: THE EFFECT ON FUND FLOWS OF FUND FAMILY

OpenAIRE

Kang, Jiaqi

2017-01-01

Using data for the top 100 US mutual fund families for the period between Jan 2009 to Jun 2016, this paper studies the relationship between mutual fund families’ advertising on Facebook and their fund flow. In particular, I examine whether advertising via social media helps mutual funds to attract new fund flow. I also include the number of followers to proxy for visibility and past returns to control for performance. In line with previous research, I find that large part of the variation in ...

Funding Science with Science: Cryptocurrency and Independent Academic Research Funding

Directory of Open Access Journals (Sweden)

Edward Lehner

2017-12-01

Full Text Available Scientific funding within the academy is an often complicated affair involving disparate and competing interests. Private universities, for instance, are vastly outpacing public institutions in garnering large, prestigious, science-related grants and external research investment. Inequities also extend to the types of research funded, with government, corporate, and even military interests privileging certain types of inquiry. This article proposes an innovative type of science research fund using cryptocurrencies, a fast-growing asset class. Although not a total funding solution, staking coins, specifically, can be strategically invested in to yield compound interest. These coins use masternode technologies to collateralize the network and speed transaction pace and may pay dividends to masternode holders, allowing institutions that purchase these types of central hubs to potentially engage in a lucrative form of dividend reinvestment. Using cryptocurrencies as a new funding stream may garner large amounts of capital and creation of nonprofit institutes to support the future of funding scientific research within educational institutions.

Liquidity Regulation, the Central Bank, and the Money Market

OpenAIRE

Scheubel, Beatrice; Körding, Julia

2013-01-01

As reliance on excessively short-term wholesale funding has been one of the major causes for the 2007-2009 financial crisis, recent advances in global liquidity regulation try to curb the excessive reliance on short-term wholesale funding without being clear on how such an approach will affect the overall equilibrium on money markets. In particular, liquidity regulation may interfere with the central bank's influence on short-term money market rates. This paper tries to fill the gap in unders...

25 CFR 170.925 - Is ERFO funding supplemental to IRR Program funding?

Science.gov (United States)

2010-04-01

... RESERVATION ROADS PROGRAM Miscellaneous Provisions Emergency Relief § 170.925 Is ERFO funding supplemental to... construction and maintenance funds for FHWA-approved repairs. If IRR construction or maintenance funds are used... used to reimburse the construction or maintenance funds expended. ...

Funding ATLAS 2012 key indicators for publicly funded research in Germany

CERN Document Server

Deutsche Forschungsgemeinschaft (DFG)

2013-01-01

The Funding ATLAS is a reporting system (previously referred to as the Funding Ranking) employed by the German Research Foundation (DFG) to provide information in the form of indicators of key developments in publicly funded research in Germany every three years. This English version of the Funding ATLAS 2012 presents selected findings from the more comprehensive German edition. At the core of the report are indicators that provide information on which subject areas have received funding at higher education and other research institutions in the period 2008-2010. This report also includes, as a supplement not found in the German edition, the decisions on the Excellence Initiative, which were taken shortly after the German edition of the Funding ATLAS 2012 was published. The report also addresses the subject of internationality by presenting selected indicators that show how attractive Germany's research institutions are for visiting scientists. In summary, the DFG Funding ATLAS furnishes reliable indicators o...

Picking Funds with Confidence

DEFF Research Database (Denmark)

Grønborg, Niels Strange; Lunde, Asger; Timmermann, Allan

We present a new approach to selecting active mutual funds that uses both holdings and return information to eliminate funds with predicted inferior performance through a sequence of pair-wise comparisons. Our methodology determines both the number of skilled funds and their identity, funds...... identified ex-ante as being superior earn substantially higher risk-adjusted returns than top funds identified by conventional alpha ranking methods. Importantly, we find strong evidence of variation in the breadth of the set of funds identified as superior, as well as fluctuations in the style and industry...... exposures of such funds over time and across different volatility states....

Management of Existing Funding Systems in Switzerland

International Nuclear Information System (INIS)

Maxeiner, H.

2006-01-01

), Periodical determination of estimated D and D and WM costs, Assessment of owners contributions, Stipulation of investment policy. Investment committee: 6 members (4 operators), Investment strategy and guidelines -> Management committee, Implement investment strategy and guidelines, Selection procedures for asset managers, auditors..., Supervision of payment transactions. Cost committee: 7 members (3 operators and regulator), Calculate costs and specify annual contributions, Deal with non-budgeted expenses. 3 - Investments and reporting: Investment concept: Mixed asset management mandates with identical start-up, investments and guidelines given to 3 (former 4) banks for Decommissioning fund and 10 banks, Invest in CHF and non-CHF bonds, CHF and non-CHF equities and real estate, Investments and compliance with guidelines monitored by Investment Committee und external experts. Transparent Reporting: (Detailed) Annual reports

Fund management plan

International Nuclear Information System (INIS)

1984-08-01

This revision of the Fund Management Plan updates the original plan published in May 1983. It is derived from and supplements the Mission Plan of the Office of Civilian Radioactive Waste Management. A major purpose in preparing this Plan is to inform the public about management of the Nuclear Waste Fund and the Interim Storage Fund. The purpose of the Interim Storage Fund is to finance the provision of the Federal interim storage capacity of up to 1900 metric tons of spent nuclear fuel. The Nuclear Waste Fund is a separate account for all revenues and expenditures related to the geological disposal and monitored retrieval storage of civilian radioactive waste

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.

PENSION FUND

CERN Multimedia

1999-01-01

The Governing Board of the Pension Fund held its first three meetings of the year on 2 February, 2 March and 13 April.At the first of these meetings the Board first heard a presentation by Mrs H. Richmond of JP Morgan on the results of the currency overlay programme applied to the Fund's assets. Thanks to the policy pursued by this company, volatility, i.e. portfolio risk for assets denominated in currencies other than the Swiss franc, has been reduced. However, despite the fact that JP Morgan has considerable expertise in this field, no gain has been achieved over the past year. The Governing Board heard a report by the Investment Committee Chairman G. Maurin on the meetings of 21-22 and 28 January at which the Pension Fund's various fund managers had been interviewed on their results. Decisions were taken on benchmarks aimed at optimising management and on the terms of reference of the Internal Management Unit. It was also decided to place two fund managers on a watching list and to request them to make eve...

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The PFGB held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, resp...

Pension Fund

CERN Multimedia

2003-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 8 October 2003 at 14.30 hrs The Agenda comprises: 1. Opening RemarksJ. Bezemer 2. Annual Report 2002: Presentation and results Copies of the Report are available from divisional secretariats. C. Cuénoud 3. Overview of the present situation with regard to pension funds C. Cuénoud 4. Performance of the Fund since the year 2000 and aspects of the ongoing asset/liability modelling exercise G. Maurin 5. Questions from members and beneficiariesPersons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. 6. Conclusions J. Bezemer As usual, participants are invited to drinks after the assembly. NB The minutes of the 2002 General Assembly are available from the Administration of the Fund tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch)

Mechanisms of Funding for Universal Service Obligations: the Electricity Case

International Nuclear Information System (INIS)

Mirabel, Francois; Poudou, Jean-Christophe

2001-06-01

The transition towards a more competitive regime in network industries (and specially in electricity sector) raises the relevant question of funding for the Universal Service Obligations (USOs). Our paper focuses on two ways of funding for universal service and equal treatment obligations (?Ubiquity and Non Discrimination constraints?): the funding through access charge (CS regime) or taxation (T regime). Using a network model including competition between an historical monopoly (in charge for the USOs) and an entrant, we obtain some results concerning gains and losses of social welfare due to those mechanisms. We show that most of the time it is socially better to let the historical monopoly be active whatever the type of funding for USOs applying, and whatever profitability of the firms is. However, when the entrant is active, we can highlight that the introduction of the T regime (compared to the CS one) implies either welfare deterioration or an entry prevention strategy by the historical firm. Therefore, the T regime could not be an argument for the regulator to promote vertical separation of the historical firm (according to the European community line). (authors)

Mechanisms of funding for Universal Service Obligations: the electricity case

International Nuclear Information System (INIS)

Mirabel, F.; Poudou, J.C.

2004-01-01

The transition towards a more competitive regime in network industries (and specially in electricity sector) raises the relevant question of funding for the Universal Service Obligations (USOs). Our paper focuses on two ways of funding for universal service and equal treatment obligations ''Ubiquity and Nondiscrimination constraints, UND'': the funding through access charge (CS regime) or taxation (T regime). Using a network model including competition between a historical monopoly (in charge for the USOs) and an entrant, we obtain some results concerning gains and losses of social welfare due to those mechanisms. We show that most of the time it is socially better to let the historical monopoly be active whatever the type of funding for USOs applying, and whatever profitability of the firms is. However, when the entrant is active, we can highlight that the introduction of the T regime (compared to the CS one) implies either welfare deterioration or an entry prevention strategy by the historical firm. Therefore, the T regime could not be an argument for the regulator to promote vertical separation of the historical firm (according to the European community line). (author)

Mechanisms of funding for Universal Service Obligations. The electricity case

International Nuclear Information System (INIS)

Mirabel, Francois; Poudou, Jean-Christophe

2004-01-01

The transition towards a more competitive regime in network industries (and specially in electricity sector) raises the relevant question of funding for the Universal Service Obligations (USOs). Our paper focuses on two ways of funding for universal service and equal treatment obligations ('Ubiquity and Nondiscrimination constraints, UND'): the funding through access charge (CS regime) or taxation (T regime). Using a network model including competition between a historical monopoly (in charge for the USOs) and an entrant, we obtain some results concerning gains and losses of social welfare due to those mechanisms. We show that most of the time it is socially better to let the historical monopoly be active whatever the type of funding for USOs applying, and whatever profitability of the firms is. However, when the entrant is active, we can highlight that the introduction of the T regime (compared to the CS one) implies either welfare deterioration or an entry prevention strategy by the historical firm. Therefore, the T regime could not be an argument for the regulator to promote vertical separation of the historical firm (according to the European community line)

Shifting investments strategy from equity funds to money market funds – the case of Romanian open - end fund market during the financial crisis

Directory of Open Access Journals (Sweden)

Radu, I.

2012-01-01

Full Text Available Mutual funds are one of the key suppliers of liquidity in Romanian capital market. This paper uses quarterly data on Romanian open-end funds starting with 2006 until 2010. We find that significant negative flows (outflows were registered beginning with the end of 2007 (equity funds, during 2008 (equity funds, balanced funds, other funds and bond funds in the last 2 quarters of the year and from 2009 to 2010 (in the case of money market funds. There is evidence that the changing market conditions attract differently the incoming flows in these mutual funds. This is the reason why such perturbations affect investors’ confidence for these investment vehicles and impose the reorientation of the investment funds and of their investors to other alternatives in order to preserve their capital.

Pension funds' herding

NARCIS (Netherlands)

Broeders, D.; Chen, D.; Minderhoud, P.; Schudel, W.

2016-01-01

This paper uses unique and detailed transaction data to analyse herding behavior among pension funds. We distinguish between weak, semi strong and strong herding behaviour. Weak herding occurs if pension funds have similar rebalancing strategies. Semi strong herding arises when pension funds react

31 CFR 361.1 - Scope of regulations.

Science.gov (United States)

2010-07-01

... 361.1 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE... (hereafter consignors). Failure by any consignor or agent or employee thereof to comply with these regulations may delay recoveries, preclude reimbursement from the fund for the payment of Government losses in...

Governing Board of the Pension Fund

CERN Multimedia

2005-01-01

The Governing Board of the Pension Fund held its one hundred-and-twenty-eighth and one hundred and-twenty-ninth meetings on 2 November and 7 December 2004 respectively. At the first of these two meetings, the Governing Board was requested to deal with an urgent request relating to the procedure for the election of two members and two alternates to the Board. The members of the Board decided to cancel the voting procedure under way at that time on the grounds that one of the candidates had benefited from special publicity from the Staff Association that ran counter to the spirit of the Rules and Regulations of the Fund and could potentially influence the outcome of the elections. It was decided that a new round of voting should be organised to ensure a fair procedure. As announced in the Weekly Bulletin of 6 December 2004, the new vote was deferred to January 2005. The Governing Board then took note of a document setting out the large number of proposals from its members concerning possible measures to impr...

ACCOUNTING TREATMENTS ON FORESTRY SPECIAL FUNDS AND SPECIFIC PROBLEMS IN ROMANIA

Directory of Open Access Journals (Sweden)

Hada Teodor

2013-07-01

Full Text Available This study, theoretically and practically, presents the accounting system for forestry special purpose funds in Romania. In addition, the main problems Romanian forestry faces nowadays are highlighted in the content, given the legislative changes expected in the near future. Accounting treatments specific to Romanian forestry regarding special funds, namely the conservation and regeneration fund, the accessibility fund, the environmental fund and the improvement fund are governed in the current law, mainly by the Forestry Code in Romania - Law 46/2008 supplemented by other specialized works used within the National Forest Directorate in Romania. Among the specific forestry regulations, special purpose funds are an area of interest in the current economic crisis being presented under several aspects: establishing the Fund, its utility and calculation method, its recording into accounting, or its specific tax implications. The main objective of this paper is to provide both a framework for analysis and presentation of the problems faced by forestry activity in Romania, and the accounting treatments specific to forestry activities, by illustrating the main entries made through financial and accounting documents. Given that we fully realize the environment’s importance in our lives, we understand the very close relationship between the forestry business’ enactment, its financing and its supervision. Special funds are the basis for financing forestry projects. Their study covers a gap in the specialized literature, providing specialists, practitioners and other stakeholders a framework. In the current economic and political context, the forestry problems, environmental issues in general are perceived to be more stringent. The solutions identified as a firm response to the existing problems are therefore of major importance, of which, in this study, we have identified and proposed several solutions. Practical examples have as grounds real data

Net Stable Funding Ratio: Impact on Funding Value Adjustment

OpenAIRE

Siadat, Medya; Hammarlid, Ola

2017-01-01

In this paper we investigate the relationship between Funding Value Adjustment (FVA) and Net Stable Funding Ratio (NSFR). FVA is defined in a consistent way with NSFR such that the new framework of FVA monitors the costs due to keeping NSFR at an acceptable level, as well. In addition, the problem of choosing the optimal funding strategy is formulated as a shortest path problem where the proposed FVA framework is applied in the optimization process. The solution provides us with the optimal f...

Natural resource trust funds : a comparison of Alberta and Alaska resource funds

Energy Technology Data Exchange (ETDEWEB)

Warrack, A.A.; Keddie, R.R. [Alberta Univ., Edmonton, AB (Canada)

2002-09-01

Alberta and Alaska both have an economy based largely on natural resources. The cyclical nature of their economies poses a challenge to stability and sustained prosperity. During the oil crisis of 1973-1974, Alberta and Alaska began receiving oil and gas royalties. The idea of an endowment-type fund began taking shape. This fund would assist in the gradual transition from dependence on non-renewable resources to the responsible management of these resources. Both the Alberta Heritage Savings Trust Fund and the Alaska Permanent Fund were created in 1976. The governments of both jurisdictions set aside revenues from natural resource royalties to provide economic stability. Both jurisdictions followed different policies in terms of management, structure, governance, and objectives. In this paper, the authors compared both funds, examining the policy options which had an impact on their growth and successes. The results showed that in Alaska, monies are paid directly to eligible persons, while allocation decisions in Alberta have been made by the government. The government manages the fund in Alberta, while in Alaska, the fund is managed by a separate entity. The Alaskan fund continues to grow, while the the size of the Alberta fund has remained unchanged for a number of years and is not growing. 21 refs., 5 figs.

The effects of liquidity and share restrictions on hedge fund performance in bull and bear markets

OpenAIRE

El-Alawa, Y. (Yasmin)

2016-01-01

Abstract Hedge funds are increasingly becoming a popular alternative investment vehicle. They are much more flexible and can freely choose from a pool of investment strategies due to their limited regulations. This gives them the flexibility to exploit opportunities in order to generate high returns at low risk. In order to have access to the freedom and flexibility to engage in different investment strategies, hedge funds ...

Benefits and disadvantages of self-regulation of environmental noise from military training

Science.gov (United States)

Luz, George A.

2002-05-01

In a 1981 Executive decision, the Administration's Office of Management and Budget (OMB) told the Environmental Protection Agency to end funding of the Office of Noise Abatement and Control (ONAC). This decision, coupled with a specific exemption for military equipment contained in the Noise Control Act of 1972, ensured that the military departments would be self-regulating in regard to noise. This self-regulation for noise stands in contrast to the external regulation of other pollutants, such as air and water emissions. Two possible disadvantages of self-regulation are (1) reduced funding for noise management compared with funding for externally regulated pollutants, and (2) lack of an independent and external set of standards for determining acceptable limits on community noise exposure. Three possible benefits are (1) avoiding the costs of mitigating trivial violations of external standards, (2) maintaining a long-standing policy of preventing noise problems through land use planning, and (3) enabling negotiated solutions between installations and their neighboring communities. The paper ends with an examination of a negotiated solution for a community subjected to noise from the detonation of obsolete ammunition.

Sovereign wealth funds as a new instrument of climate protection policy? A case study of Norway as a pioneer of ethical guidelines for investment policy

Energy Technology Data Exchange (ETDEWEB)

Reiche, Danyel [American University of Beirut (AUB), Faculty of Arts and Sciences, Department of Political Studies and Public Administration (PSPA), Jesup Hall, Room 205, P.O.Box 11-0236, Riad El Solh, Beirut 1107 2020 (Lebanon); Wuppertal Institute (Germany)

2010-09-15

In 1990 a sovereign wealth fund was founded in Norway in which the country invests surpluses from oil and gas industry sales. The fund is designed to secure the state's ability to act in a post-petroleum era. At the end of the 1990's the voice of Norwegian civil society insisted that the sovereign wealth fund should not only ensure intergenerational justice, but should also contribute to the implementation of values and norms of the present country. At the end of 2004 the parliament finally agreed upon ethical regulations for the investment of the sovereign wealth fund. Now the second largest sovereign wealth fund in the world only invests in businesses that adhere to those ethical regulations. In the present paper, I seek to illustrate the emergence and outcomes of this new development in the Norwegian sovereign wealth fund. (author)

Do firm characteristics influence mutual fund performance? An empirical study for European mutual funds

NARCIS (Netherlands)

de Jong, F.C.J.M.; Wingens, L.

2013-01-01

This study investigates the influence of fund management firm characteristics on mutual fund performance. Using a sample of European domiciled open-end equity funds for the period 1998-2008, this study finds that the funds of private companies have performed better than the funds of public

Funding innovation

CERN Multimedia

Marina Giampietro

2012-01-01

For the first time, six knowledge and technology transfer activities are set to benefit from a dedicated fund made available by the Knowledge Transfer group. This initiative cements CERN’s commitment to sharing its technological knowledge and expertise with society.   GEM detectors for flame detection and early earthquake prediction, radio-frequency absorbers for energy recovery, and exotic radioisotopes for medical applications are among the projects funded by the recently introduced KT Fund. “CERN’s scientific programme generates a considerable amount of intellectual property, a natural driver for innovation,” explains Giovanni Anelli, Head of the Knowledge Transfer Group. “Very often, though, financial support is needed to bring the newly-born technologies a step further and make them ready for transfer to other research institutes or to companies.” This is where the KT fund comes into play. It provides vital support in the early sta...

Institutional Root Cause of the Irregularity of Social Security Funds in China

Institute of Scientific and Technical Information of China (English)

Bingwen Zheng

2007-01-01

This paper analyzes institutional defects in the Chinese social security system, based on irregularities in social security funds revealed in the Audit Report by the China National Audit Office. The author divides the irregularities into five categories according to the nature of fund use. The results show that the institutional root cause of the irregularities lies in the unreasonable design and operation of the social security system, which currently faces management and institutional risks. This paper argues that simple rhetoric about strengthening regulation and supervision cannot help to reduce illegal practices, or to realize risk control. The only solution is to reform the social security system. Specifically, the Chinese Government should regulate the administrative cost of the social security system,and the behavior of its agencies, through legislation, reform the investment regime to increase rate of return of pension assets, and adjust and reshape the existing social security system, so as to elevate its pooling level.

Comparing the determinants of fund flows in domestically managed Malaysian Islamic and conventional equity funds.

OpenAIRE

Othman, J.; Asutay, M.; Jamailan, N.

2018-01-01

Purpose: This paper aims to provide an empirical evidence on the fund flows-past return performance relationship by also considering the management expense ratio, the portfolio turnover, the fund size and the fund age of Islamic equity funds (IEF) investors in comparison with conventional equity funds (CEF) investors. Design/methodology/approach: By using panel data, the sample of Malaysian domestic managed equity funds are considered comprised of 20 individual funds from IEF a...

Are fund of hedge fund returns asymmetric?

OpenAIRE

Lynch, Margaret; Hutson, Elaine; Stevenson, Max

2004-01-01

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

Elections of members to the Governing Board of the Pension Fund

CERN Multimedia

2005-01-01

This year, one member and two alternates are to be elected. The candidate who obtains the most votes will be elected member and the other candidates will be their alternates. These elections will take place following the timetable given below: Monday 21 November 2005 Voting closes at 12:00. Counting of votes from 14:30. Tuesday 22 November 2005 Forwarding of results to the Communications Section for publication in the Bulletin of 28 November. CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name: MARTEL First Name: Pedro I arrived at CERN as a Staff member in 1995, and have been working with Engineering Databases since then. I am also personally interested in (macro and micro) economic issues. As a member of the Staff Association's Executive Commission in charge ...

Elections of members to the Governing Board of the Pension Fund

CERN Multimedia

Pension Fund

2005-01-01

This year, one member and two alternates are to be elected. The candidate who obtains the most votes will be elected member and the other candidates will be their alternates. These elections will take place following the timetable given below: Monday 31 October 2005 Second publication of the candidates' publicity in the Bulletin and distribution of the ballot papers at CERN. Monday 21 November 2005 Voting closes at 12:00. Counting of votes from 14:30. Tuesday 22 November 2005 Forwarding of results to the Communications Section for publication in the Bulletin of 28 November. CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name: MARTEL First Name: Pedro I arrived at CERN as a Staff member in 1995, and have been working with Engineering Databases since then. I ...

Elections of members to the Governing Board of the Pensions Fund

CERN Document Server

2004-01-01

This year, two members and two alternates are to be elected. The candidates who obtain most votes will be elected members and the other candidates will be their alternates. Timetable (extract) : Monday 22 November 2004 Voting closes at 12 hrs. Counting of votes from 14.30 hrs. Tuesday 23 November 2004 Forwarding of results to the Communications Section for publication in the Bulletin of 29 November. ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have always been interested in our working conditions. As a member of the Executive Committee of the Staff Association I participated from 1980 to 1984 in the Working G...

Elections of members to the Governing Board of the Pensions Fund

CERN Multimedia

Pension Fund

2004-01-01

This year, two members and two alternates are to be elected. The candidates who obtain most votes will be elected members and the other candidates will be their alternates. Timetable (extract) : Monday 1 November 2004 Second publication of the candidates' publicity in the Bulletin (see thereafter) and distribution of the ballot papers at CERN. Monday 22 November 2004 Voting closes at 12 hrs. Counting of votes from 14.30 hrs. Tuesday 23 November 2004 Forwarding of results to the Communications Section for publication in the Bulletin of 29 November. ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have a...

Internal Controls and Compliance with Laws and Regulations for the National Defense Stockpile Transaction Fund Financial Statements for FY 1996

National Research Council Canada - National Science Library

Lane, F

1997-01-01

The Chief Financial Officers Act of 1990, as amended by the Federal Financial Management Act of 1994, requires an annual audit of revolving funds such as the National Defense Stockpile Transaction Fund...

Addressing health inequalities by using Structural Funds. A question of opportunities.

Science.gov (United States)

Neagu, Oana Maria; Michelsen, Kai; Watson, Jonathan; Dowdeswell, Barrie; Brand, Helmut

2017-03-01

Making up a third of the EU budget, Structural and Investment Funds can provide important opportunities for investing in policies that tackle inequalities in health. This article looks back and forward at the 2007-2013 and 2014-2020 financial periods in an attempt to inform the development of health equity as a strand of policy intervention under regional development. It combines evidence from health projects funded through Structural Funds and a document analyses that locates interventions for health equity under the new regulations. The map of opportunities has changed considerably since the last programming period, creating more visibility for vulnerable groups, social determinants of health and health systems sustainability. As the current programming period is progressing, this paper contributes to maximizing this potential but also identifying challenges and implementation gaps for prospective health system engagement in pursuing health equity as part of Structural Funds projects. The austerity measures and their impact on public spending, building political support for investments as well as the difficulties around pursuing health gains as an objective of other policy areas are some of the challenges to overcome. European Structural and Investment Funds could be a window of opportunity that triggers engagement for health equity if sectors adopt a transformative approach and overcome barriers, cooperate for common goals and make better use of the availability of these resources. Copyright © 2017 Elsevier B.V. All rights reserved.

Gas tax fund and public transit fund outcomes report

International Nuclear Information System (INIS)

2009-01-01

Federal gas tax and public transit agreements were signed in 2005 by the Government of Canada, the Province of Ontario, the Association of Municipalities of Ontario (AMO) and the City of Toronto in order to address long-term community sustainability and invest in municipal infrastructure. The agreement committed to providing $1.9 billion to Ontario municipalities over a 5-year period. An additional $2.4 billion has been provided for a further 4-year period from 2010 to 2014. The funds are used by communities to invest in capacity building or environmentally sustainable municipal infrastructure projects. This report identified the intermediate and ultimate outcomes of the federal gas tax fund and public transit fund as of December 2008. Outcomes were presented in the categories of community energy systems, public transit, water and wastewater, solid waste, and roads and bridges. Funding highlights and economic spin-offs for the projects were also presented, as well as summaries of ancillary social outcomes. 6 tabs., 4 figs.

Analysis of the mutual funds and pension funds in Spain: evolution and performance

Directory of Open Access Journals (Sweden)

Mercedes Alda García

2012-06-01

Full Text Available Mutual funds and pension funds are the most important investment products in Spain. Nonetheless, it should not be confused with each other, or take them as equivalent; since the latter have also the characteristic of a long-term savings product, in order to obtain additional funds for retirement. These differences may influence the investor when deciding on one of these instruments, but also the manager, developing different management strategies.Therefore, on this paper we examine the main magnitudes of both markets in Spain. Moreover, we analyze the performance of two Spanish fund samples (one with global equity mutual funds and another with global equity pension funds with the purpose of showing if their performance is efficient, and if there are differences on their management.

A Fund of Wisdom

DEFF Research Database (Denmark)

Seabrooke, Leonard; Broome, André

2006-01-01

The International Monetary Fund spends most of its time monitoring its member states' economic performance and advising on institutional change. While much of the literature sees the Fund as a policy enforcer in "emerging market" and "frontier" economies, little attention has been paid to exploring...... for change on the basis of like-characteristics among economies. Many Western states, particularly small open economies, consider the Fund's advice as important not only for technical know-how, but because Fund assessments are significant to international and domestic political audiences. This article traces...... the Fund's advice on taxation and monetary reform to two coordinated market economies, Denmark and Sweden, and two liberal market economies, Australia and New Zealand from 1975 to 2004. It maps how the Fund advocated "policy revolutions" and "policy recombinations" during this period, advice that coincided...

The development of funding policies for hospices: is casemix-based funding an option?

Science.gov (United States)

Carter, H; MacLeod, R; Hicks, E; Carter, J

1999-06-25

The 1993 health reforms, with their emphasis on the purchasing of defined amounts or units of service, have led to the implementation of casemix-based funding for the acute medical and surgical services of the public hospitals. Despite growing interest in New Zealand in casemix-based funding for non-acute services such as palliative care, the nature of this service and the characteristics of its patient population pose particular difficulties for the development and implementation of casemix. This paper examines the feasibility of implementing casemix-based funding for hospice/palliative care services and discusses the development of casemix classification systems for palliative care. Problems associated with implementing casemix-based funding are considered including: the dual funding of hospices, the multi-agency nature of palliative care service provision and the need for the Health Funding Authority to identify and specify the hospice services it is willing to fund. While it is concluded that these problems will impede the introduction of casemix-based funding of hospice care, they highlight important issues that the hospice movement must address if it is to ensure its future within the new health environment.

An Analysis of the Correlation between Size and Performance of Private Pension Funds

Directory of Open Access Journals (Sweden)

Vasile ROBU

2011-03-01

Full Text Available Using present performance measures, we find that inflation rate is barely covered by Romanian private pension funds strategies. The paper looks at effects of scale on performance. This issue is investigated empirically using data from Romanian private pension funds. We find results consistent with prior literature in that size, measured as total net assets, erodes performance. The highly regulated Romanian private pension environment gives rise to various interpretations for size detracting performance that do not sprout from the “asymmetric information” theory. We explain the empirical results as an effect of “perfect scaling”.

Financial Literacy and Mutual Fund Investments : Who Buys Actively Managed Funds?

OpenAIRE

Müller, Sebastian; Weber, Martin

2008-01-01

Previous research indicates that lacking financial sophistication among private investors might be important in explaining the strong growth in active management over the past. Based on questionnaire data with more than 3,000 mutual fund customers, we therefore construct an objective financial literacy score and analyze the relationship between financial literacy and mutual fund investment behavior. While sophisticated investors are indeed more aware of passive, low cost fund alternatives lik...

Funding begets biodiversity

DEFF Research Database (Denmark)

Ahrends, Antje; Burgess, Neil David; Gereau, Roy E.

2011-01-01

Aim Effective conservation of biodiversity relies on an unbiased knowledge of its distribution. Conservation priority assessments are typically based on the levels of species richness, endemism and threat. Areas identified as important receive the majority of conservation investments, often...... facilitating further research that results in more species discoveries. Here, we test whether there is circularity between funding and perceived biodiversity, which may reinforce the conservation status of areas already perceived to be important while other areas with less initial funding may remain overlooked......, and variances decomposed in partial regressions. Cross-correlations are used to assess whether perceived biodiversity drives funding or vice versa. Results Funding explained 65% of variation in perceived biodiversity patterns – six times more variation than accounted for by 34 candidate environmental factors...

Mutual Fund Flight-to-Liquidity

DEFF Research Database (Denmark)

Rzeznik, Aleksandra

This paper examines the liquidity choices of mutual funds during times of market uncertainty. I find that when markets are uncertain, mutual funds actively increase the liquidity of their portfolio – often referred to as a ‘flight-to-liquidity.’ In aggregate, mutual fund behaviour has implications...... for the market; the market driven flight-toliquidity places upward pressure on the liquidity premium. I examine the underlying mechanisms driving fund behaviour. I show that market volatility is associated with lower fund performance and withdrawals, which causes funds to adjust the composition...... of their portfolio towards more liquid assets in order to meet potential redemptions. This causal chain is consistent with Vayanos (2004), who argues that fund managers are investors with time-varying liquidity preferences due to threat of withdrawal. Aggregated over funds, the effect is substantial: a one standard...

Mutual Fund Flight-to-Liquidity

DEFF Research Database (Denmark)

Rzeznik, Aleksandra

This paper examines the liquidity choices of mutual funds during times of market uncertainty. I find that when markets are uncertain, mutual funds actively increase the liquidity of their portfolio { often referred to as a `flight-to-liquidity.' In aggregate, mutual fund behaviour has implications...... for the market; the market driven flight-toliquidity places upward pressure on the liquidity premium. I examine the underlying mechanisms driving fund behaviour. I show that market volatility is associated with lower fund performance and withdrawals, which causes funds to adjust the composition...... of their portfolio towards more liquid assets in order to meet potential redemptions. This causal chain is consistent with Vayanos (2004), who argues that fund managers are investors with time-varying liquidity preferences due to threat of withdrawal. Aggregated over funds, the effect is substantial: a one standard...

Importance of the fund management company in the performance of socially responsible mutual funds

OpenAIRE

Belghitar, Yacine; Clark, Ephraim; Deshmukh, Nitin

2017-01-01

We compare the performance of a sample of U.K.-based socially responsible investment (SRI) funds with similar conventional funds using a matched-pair analysis based on size, age, investment universe, and fund management company (FMC). We find that both the SRI and conventional funds outperform the market index about 50% of the time, even after fees. Subsample tests show that the SRI funds in our sample perform better in the pre- and postfinancial crisis periods but underperform during the fin...

75 FR 19241 - Financial Crimes Enforcement Network; Amendment to the Bank Secrecy Act Regulations; Defining...

Science.gov (United States)

2010-04-14

... definition of mutual fund in the rule requiring mutual funds to establish anti-money laundering (``AML...-money laundering programs and compliance procedures.\\1\\ Regulations implementing the BSA appear at 31... transactions.\\7\\ \\5\\ Anti-Money Laundering Programs for Mutual Funds, 67 FR 21117 (April 29, 2002); Customer...

Nuclear Waste Fund management

International Nuclear Information System (INIS)

Rosselli, R.

1984-01-01

The Nuclear Waste Policy Act of 1982 (NWPA) established two separate special bank accounts: the Nuclear Waste Fund (NWF) was established to finance all of the Federal Government activities associated with the disposal of High-Level Waste (HLW) or Spent Nuclear Fuel (SNF). The Interim Storage Fund (ISF) is the financial mechanism for the provision of Federal Interim Storage capacity, not to exceed 1900 metric tons of SNF at civilian power reactors. The management of these funds is discussed. Since the two funds are identical in features and the ISF has not yet been activated, the author's remarks are confined to the Nuclear Waste Fund. Three points discussed include legislative features, current status, and planned activities

11 CFR 201.3 - Public funding, audits and litigation: Ex parte contacts prohibited.

Science.gov (United States)

2010-01-01

... soon after the communication as is reasonably possible but no later than three business days after the... communication as is reasonably possible but no later than three business days after the communication, unless... REGULATIONS EX PARTE COMMUNICATIONS § 201.3 Public funding, audits and litigation: Ex parte contacts...

MANAGEMENT ACCOUNTING IN EUROPEAN SOCIAL FUND FINANCED PROJECTS IN ROMANIA

OpenAIRE

Dogar Cristian; Tatiana Dãnescu

2012-01-01

Associating spent amounts in European Social Fund (ESF) financed interventions to eligible activities could be important premises for safeguarding the sound financial management principle. Incorporating management accounting in the beneficiaries accounting systems may provide primary warranties about compliance to the above mentioned principle as described in the EC Regulation 1605-2002 This study aims to explore some facts in actual accounting management implementation, as a base for future ...

The soil remediation fund for petrol stations in Belgium

International Nuclear Information System (INIS)

Naeyer, F. de; Van Dyck, E.; Janssens, J.P.; Duliere, A.; Fondaire, D.; Bodart, O.

2005-01-01

In the Flemish, Brussels-Capital and Walloon Region, petrol stations are subjected to strict operating standards, to avoid soil contamination as much as possible in the future. Besides these operating requirements, regional authorities also issued regulations regarding the remediation of contaminated soils. For many petrol stations operators, land owners and users, these rules and regulations are a heavy financial burden. As a result, the soil contamination threaten to become a public charge, due to a lack of adequate remediation by the stakeholders. After years of negotiating between the petroleum industry and the government the negotiations finally resulted in a cooperation agreement between the Federal Government, the Flemish, Walloon and Brussels-Capital Regions regarding the execution and financing of the remediation of contaminated soil at petrol stations. The cooperation agreement, signed in Brussels on 13 December 2002 and approved by all Regions and the Federal Government, makes it possible to provide a structured approach for the remediation of the soil contamination at petrol stations in Belgium. In the cooperation agreement the establishment of an Inter-regional Soil Remediation Committee is provided to guarantee the fund's independence and to observe the fund's operation. The official start is given through the accreditation of BOFAS by the Inter-regional Soil Remediation Committee. To calculate the amount that would be necessary for the remediation of the soil contamination at petrol stations and the contribution to the fund, an economical research has been carried out. This research indicated that the total cost for the remediation of the soil contamination at petrol stations in Belgium is situated between 400 and 450 million EUR. BOFAS has calculated that 5.000 petrol stations can comply with the conditions mentioned in the cooperation agreement. Operators, Owners or Actual users can submit an application if they comply with the legally established

The soil remediation fund for petrol stations in Belgium

Energy Technology Data Exchange (ETDEWEB)

Naeyer, F. de; Van Dyck, E. [OVAM, Mechelen (Belgium); Janssens, J.P.; Duliere, A. [BIM, Brussel (Belgium); Fondaire, D. [DGRNE, Liege (Belgium); Bodart, O. [Governement Wallon, Namur (Belgium)

2005-07-01

In the Flemish, Brussels-Capital and Walloon Region, petrol stations are subjected to strict operating standards, to avoid soil contamination as much as possible in the future. Besides these operating requirements, regional authorities also issued regulations regarding the remediation of contaminated soils. For many petrol stations operators, land owners and users, these rules and regulations are a heavy financial burden. As a result, the soil contamination threaten to become a public charge, due to a lack of adequate remediation by the stakeholders. After years of negotiating between the petroleum industry and the government the negotiations finally resulted in a cooperation agreement between the Federal Government, the Flemish, Walloon and Brussels-Capital Regions regarding the execution and financing of the remediation of contaminated soil at petrol stations. The cooperation agreement, signed in Brussels on 13 December 2002 and approved by all Regions and the Federal Government, makes it possible to provide a structured approach for the remediation of the soil contamination at petrol stations in Belgium. In the cooperation agreement the establishment of an Inter-regional Soil Remediation Committee is provided to guarantee the fund's independence and to observe the fund's operation. The official start is given through the accreditation of BOFAS by the Inter-regional Soil Remediation Committee. To calculate the amount that would be necessary for the remediation of the soil contamination at petrol stations and the contribution to the fund, an economical research has been carried out. This research indicated that the total cost for the remediation of the soil contamination at petrol stations in Belgium is situated between 400 and 450 million EUR. BOFAS has calculated that 5.000 petrol stations can comply with the conditions mentioned in the cooperation agreement. Operators, Owners or Actual users can submit an application if they comply with the legally

U.S. nuclear plant decommissioning funding adequacy - by individual funds, utilities, reactors, and industry-wide - assessed by Monte Carlo and baseline trend methods: 1998, 2000, 2001, and 2004

International Nuclear Information System (INIS)

Williams, Daniel G.

2007-01-01

- but still wide - also pertains to the more aggregated results for utilities, reactors, and industry-wide. This variability applies not only at a given point in time, but also across time. Funding adequacies that are substantially below benchmark may be of concern to regulators and other policymakers because of the increased risk of a funding shortfall at scheduled (or premature) permanent plant shutdown. Moreover, when explicitly considering risk - i.e., Monte Carlo analysis - this variability is extremely large. For example, for 2004, while 35% of fund balances - on average - are below benchmark (median values), 82% are below at the lower 5% confidence level but only 8% are below at the upper 5% level. Future outcomes are obviously very uncertain! The public at large, future ratepayers, and/or utilities (i.e., stockholders) may be assessed for funding shortfalls; but, who should bear such responsibility? Have utilities, NRC, and state Public Utility Commissions (PUCs) adequately assessed risk when formulating, and approving, the future funding plans for these 222 individual decommissioning trust funds?

Pension Fund

CERN Multimedia

HR Department

2008-01-01

The 2007 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 20 June 2008, is now available from the Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact Emilie Clerc (Tel. + 41 22 767 87 98), building 5-5/017. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/

78 FR 76892 - Proposed Collection; Comment Request for Regulation Project

Science.gov (United States)

2013-12-19

... DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Regulation Project AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments... Liabilities for Pension Funding Purposes. OMB Number: 1545-2095. Regulation Project Number: REG-139236-07 (TD...

An Empirical Study of Mutual Fund Performance and Its Relation with Fund Size

OpenAIRE

Lu, Daofen

2007-01-01

The increasing popularity of mutual fund investment is a remarkable phenomenon of recent decades. Mutual funds have been among the largest investors and played an important role in the financial market worldwide. The evaluation of mutual fund performance has been achieving a great deal of academic interest since the 1960s. This study employed a time-series data to examine the performance of sixty actively-managed equity growth funds of the United States during the period of July, 2002 to June...

Nurse-midwives in federally funded health centers: understanding federal program requirements and benefits.

Science.gov (United States)

Carter, Martha

2012-01-01

Midwives are working in federally funded health centers in increasing numbers. Health centers provide primary and preventive health care to almost 20 million people and are located in every US state and territory. While health centers serve the entire community, they also serve as a safety net for low-income and uninsured individuals. In 2010, 93% of health center patients had incomes below 200% of the Federal Poverty Guidelines, and 38% were uninsured. Health centers, including community health centers, migrant health centers, health care for the homeless programs, and public housing primary care programs, receive grant funding and enjoy other benefits due to status as federal grantees and designation as federally qualified health centers. Clinicians working in health centers are also eligible for financial and professional benefits because of their willingness to serve vulnerable populations and work in underserved areas. Midwives, midwifery students, and faculty working in, or interacting with, health centers need to be aware of the regulations that health centers must comply with in order to qualify for and maintain federal funding. This article provides an overview of health center regulations and policies affecting midwives, including health center program requirements, scope of project policy, provider credentialing and privileging, Federal Tort Claims Act malpractice coverage, the 340B Drug Pricing Program, and National Health Service Corps scholarship and loan repayment programs. © 2012 by the American College of Nurse-Midwives.

Performance-Based Funding Brief

Science.gov (United States)

Washington Higher Education Coordinating Board, 2011

2011-01-01

A number of states have made progress in implementing performance-based funding (PFB) and accountability. This policy brief summarizes main features of performance-based funding systems in three states: Tennessee, Ohio, and Indiana. The brief also identifies key issues that states considering performance-based funding must address, as well as…

24 CFR 1000.56 - How are NAHASDA funds paid by HUD to recipients?

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false How are NAHASDA funds paid by HUD to recipients? 1000.56 Section 1000.56 Housing and Urban Development Regulations Relating to Housing..., DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT NATIVE AMERICAN HOUSING ACTIVITIES General § 1000.56 How are...

24 CFR 214.311 - Funding.

Science.gov (United States)

2010-04-01

... Internet or other electronic media. (b) Local funding sources. HUD recommends that approved agencies seek and secure funding from funding sources that may include local and state governments, private... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Funding. 214.311 Section 214.311...

Hedge Fund Contagion and Liquidity

OpenAIRE

Nicole M. Boyson; Christof W. Stahel; Rene M. Stulz

2008-01-01

Using hedge fund indices representing eight different styles, we find strong evidence of contagion within the hedge fund sector: controlling for a number of risk factors, the average probability that a hedge fund style index has extreme poor performance (lower 10% tail) increases from 2% to 21% as the number of other hedge fund style indices with extreme poor performance increases from zero to seven. We investigate how changes in funding and asset liquidity intensify this contagion, and find ...

Understaning the "funding effect"

Science.gov (United States)

Oreskes, N.

2016-12-01

There is a long history of industry funding of scientific and engineering research in the USA. Much of this work has been of high quality. Research demonstrates, however, that corporate funding can represent a threat to scientific independence and integrity. Studies show that sponsors' interests can affect research results, particularly when sponsors have a strong interest in a particular research outcome. The effects may occur through the impact of subconscious bias on sampling, study design, data interpretation, and/or reporting of results. Corporate funding can also skew research toward investigating certain questions at the expense of others, downplaying the significance of adverse findings, and/or failing to report adverse results. Gifts can affect behavior, even when they are unrelated to research activities. These impacts that are so substantial that they have a name: "the funding effect."[i] Evidence shows that scientists who strive to be objective and fair-minded may nonetheless fall prey to the funding effect. In many cases, the challenges of corporate gifts and funding can be addressed through education and improved self-awareness, agreements that protect researchers' freedom to publish without sponsor approval, sensible disclosure policies, and reasonable sanctions for failures of disclosure. However, in some cases, it may be appropriate for researchers and scientific societies to decline funding.

IMPORTANT COMMUNICATION: Pension Fund elections - Cancellation of the current voting procedure

CERN Multimedia

2004-01-01

As you are aware, voting is currently under way for the election of two members and two alternates to the Governing Board of the Pension Fund. To this end, all members of the Pension Fund have recently received ballot papers. To ensure fair process, the Regulations for elections of the Pension Fund prescribe that all candidates standing for election must be given an equal amount of publicity space in the Weekly Bulletin to introduce themselves. Accordingly, as on previous occasions, each of the four candidates for this year's elections was granted a slot in the Weekly Bulletins of 11 October and 1 November 2004. While voting was already in process, a flash was published by the Staff Association, endorsing one of the four candidates and inviting members to vote for that particular person only. Thus, one candidate received substantial additional publicity compared to the other three candidates. The matter was raised at the meeting of the Governing Board of 2 November and the Board decided that the ...

A model to compare a defined benefit pension fund with a defined contribution provident fund

Directory of Open Access Journals (Sweden)

J.M. Nevin

2003-12-01

Full Text Available During 1994 universities and certain other institutions were given the option of setting up private retirement funds as an alternative to the AIPF. Because of the underfundedness of the AIPF only a substantially reduced Actuarial Reserve Value could be transferred to the new fund on behalf of each member. Employees at these institutions had to make the difficult decision of whether to remain a member of the AIPF or to join a new fund. Several institutions created defined contribution funds as an alternative to the AIPF. In such funds the member carries the investment risk and most institutions felt the need to provide some form of top-up of the Transfer Value. A simple mathematical model is formulated to aid in the comparison of expected retirement benefits under the AIPF and a private fund and to investigate the management problem of distributing additional top-up funds in a fair manner amongst the various age groups within the fund.

Evaluation of implementation viability gap funding (VGF) policy on toll road investment in Indonesia

Science.gov (United States)

Mahani, Iris; Tamin, Rizal Z.; Pribadi, Krishna S.; Wibowo, Andreas

2017-11-01

VGF policy for toll road investment in Indonesia must be reviewed. Since 2012 the Government of Indonesia (GOI) has issued viability gap funding (VGF) policy for PPP infrastructure project through ministry of finance decision (PMK) No.223/2012. One of VGF purpose is to improve the financial feasibility. In the toll road investment in Indonesia, the implementation of this policy has some problems. This study aimed to evaluate the policy by seeking implementation constraints so can be given an alternative. This research was conducted qualitatively, included aspects of implementation process VGF policy. The analysis process is based on literature study and in-depth interviews to related parties include business entity, ministry of finance, and the ministry of public works, Indonesia Toll Road Authority (BPJT) and professional societies. The literature review conducted by reviewing existing policies and best practices in countries that already practice VGF. The conclusion of this study are 1) There is a conflict of regulation in viability gap funding (VGF) for toll road investment in Indonesia; 2) If Government of Indonesia (GOI) want implement construction grant as VGF, so the regulation must improve in time limited for submission and clearly define limited given in regulation; 3) If GOI want implement partial construction as VGF, so the regulation must be improve in guideline for submission and given.

Funding strategies for wilderness management

Science.gov (United States)

Carolyn Alkire

2000-01-01

Funding wilderness protection will continue to be a challenge for public land managers. With continuing competition for federal funds and balanced budget goals, other sources of funds may be necessary to supplement annual federal appropriations. This paper identifies and evaluates five potential funding strategies and provides examples of each that are currently in use...

Funding Mechanisms, Cost Drivers, and the Distribution of Education Funds in Alberta: A Case Study.

Science.gov (United States)

Neu, Dean; Taylor, Alison

2000-01-01

Critical analysis of historical financial data of the Calgary Board of Education (CBE) examined the impact of Alberta's 1994 funding changes on the CBE and the distribution of Alberta's education funding. Findings illustrate how funding mechanisms are used to govern from a distance and how seemingly neutral accounting/funding techniques function…

Sources of funding for community schemes

Energy Technology Data Exchange (ETDEWEB)

NONE

1999-11-01

There is an increasing level of interest amongst community groups in the UK to become involved in the development of renewable energy schemes. Often however these community groups have only limited funds of their own, so any additional funds that can be identified to help fund their renewable energy scheme can be very useful. There are a range of funding sources available that provide grants or loans for which community groups are eligible to apply. Few of these funding sources are targeted towards renewable energy specifically, nevertheless the funds may be applicable to renewable energy schemes under appropriate circumstances. To date, however, few of these funds have been accessed by community groups for renewable energy initiatives. One of the reasons for this low take-up of funds on offer could be that the funding sources may be difficult and time-consuming to identify, especially where the energy component of the fund is not readily apparent. This directory draws together details about many of the principal funding sources available in the UK that may consider providing funds to community groups wanting to develop a renewable energy scheme. (author)

A pigovian approach to liquidity regulation

NARCIS (Netherlands)

Perotti, E.; Suarez, J.

2011-01-01

This paper discusses liquidity regulation when short-term funding enables credit growth but generates negative systemic risk externalities. It focuses on the relative merit of price versus quantity rules, showing how they target different incentives for risk creation. When banks differ in credit

34 CFR 692.112 - May a State use the funds it receives from the GAP Program to pay administrative costs?

Science.gov (United States)

2010-07-01

... 34 Education 3 2010-07-01 2010-07-01 false May a State use the funds it receives from the GAP Program to pay administrative costs? 692.112 Section 692.112 Education Regulations of the Offices of the... Assistance and How May It Be Used? § 692.112 May a State use the funds it receives from the GAP Program to...

78 FR 27239 - General Services Administration Acquisition Regulation; Submission for OMB Review; Industrial...

Science.gov (United States)

2013-05-09

... Services Administration Acquisition Regulation; Submission for OMB Review; Industrial Funding Fee and Sales... Budget (OMB) a request to review and approve a reinstatement of a previously approved information collection requirement regarding industrial funding fee and sales reporting. A notice was published in the...

Risk analytics for hedge funds

Science.gov (United States)

Pareek, Ankur

2005-05-01

The rapid growth of the hedge fund industry presents significant business opportunity for the institutional investors particularly in the form of portfolio diversification. To facilitate this, there is a need to develop a new set of risk analytics for investments consisting of hedge funds, with the ultimate aim to create transparency in risk measurement without compromising the proprietary investment strategies of hedge funds. As well documented in the literature, use of dynamic options like strategies by most of the hedge funds make their returns highly non-normal with fat tails and high kurtosis, thus rendering Value at Risk (VaR) and other mean-variance analysis methods unsuitable for hedge fund risk quantification. This paper looks at some unique concerns for hedge fund risk management and will particularly concentrate on two approaches from physical world to model the non-linearities and dynamic correlations in hedge fund portfolio returns: Self Organizing Criticality (SOC) and Random Matrix Theory (RMT).Random Matrix Theory analyzes correlation matrix between different hedge fund styles and filters random noise from genuine correlations arising from interactions within the system. As seen in the results of portfolio risk analysis, it leads to a better portfolio risk forecastability and thus to optimum allocation of resources to different hedge fund styles. The results also prove the efficacy of self-organized criticality and implied portfolio correlation as a tool for risk management and style selection for portfolios of hedge funds, being particularly effective during non-linear market crashes.

Securing decommissioning funds. Why organization matters?

International Nuclear Information System (INIS)

Tchapga, F.

2005-01-01

Full text: Securing decommissioning funds requires that the financial resources set aside for the purpose of decommissioning be managed prudently. Decommissioning of nuclear power plant is prescribed by National Atomic Laws or by other nuclear legislation. It is a mandatory operation. The operators of nuclear power plants set money aside for that purpose. This is known as 'Decommissioning reserve fund'. Decommissioning implies costs very distant in time. Thus, it is obvious, from an economic point of view, that the funds set aside should be managed. As decommissioning is mandatory, the funds accumulated should be secured. In others words, they should be available when needed. Availability of funds is influenced by endogenous and exogenous factors. Endogenous factors are a matter of design of the reserve funds. They include the management of the funds, its monitoring and control... Availability of funds is influenced by these factors, depending on the rules to which the behaviour of the manager of the funds is subjected. In contrast, exogenous factors deal with the energy context. These factors are mainly the electricity sector organisation and/or the overall economic situation. They are decisive factors of the economic performance of the reserve fund for a given design. Therefore, the requirement of availability of funds, when needed, is a matter of compatibility between the design of the decommissioning funds and the electricity context. Put differently, reserve fund's design need to be consistent with the electricity context's features in respect of the availability of funds. Current reserve funds were designed in a context of monopoly regime. In this context, availability of decommissioning funds was not questionable. At least, as far as the design of the reserve funds is concerned. This is because nuclear generator didn't confront any competition pressure. Electricity prices were set trough rate base mechanism, and all the business risks were borne by the

25 CFR 47.11 - Can these funds be used as matching funds for other Federal programs?

Science.gov (United States)

2010-04-01

... EDUCATION UNIFORM DIRECT FUNDING AND SUPPORT FOR BUREAU-OPERATED SCHOOLS § 47.11 Can these funds be used as matching funds for other Federal programs? A Bureau-operated school may use funds that it receives under...

Public Funding of Political Parties

DEFF Research Database (Denmark)

Ortuno-Ortin, Ignacio; Schultz, Christian

This paper concerns public funding of parties. Parteis receive public funds depending on their vote share. Funds finance electoral campaigns. Two cases are investigated. In the first, some voters are policy motivated and some are ?impressionable? ? their vote depends directly on campaign...... expenditures. In the second, campaigning is informative and all voters are policy motivated. Public funds increase policy convergence in both cases. The effect is larger, the more funding depends on vote shares. When campaigns are informative, there may be multiple euqilibria. Intuitively, a large party can...

78 FR 18221 - Disclosures at Automated Teller Machines (Regulation E)

Science.gov (United States)

2013-03-26

... Disclosures at Automated Teller Machines (Regulation E) AGENCY: Bureau of Consumer Financial Protection... the EFTA to eliminate a requirement that a fee notice be posted on or at automated teller machines... legislation, though the Electronic Fund Transfer Act and Regulation E use the term ``automated teller machine...

Regulation of electricity prices?

International Nuclear Information System (INIS)

Mihok, P.

2006-01-01

In this paper author deals with the regulation of electricity prices in the Slovak Republic. Author contests the social policy of the government through doped prices of electricity. Two thirds of electricity is generated in nuclear power plants in Slovakia. Hence, it is necessary to focus on the solution of problem of nuclear waste. In 2004 Ministry of Economy stated, that the deficit in nuclear fund, from which the country have to fully cover the costs of liquidation and final disposal of nuclear waste, is estimated in the amount of around 89 billion Slovak crowns (≅ 3.7 billion $). From it, so called historical deficit, which originated because of late foundation of fund, represents officially 15 billion Slovak crowns (≅ 0.62 billion $). In Slovakia exists the real risk, that by maintenance of present state by creation and draw of the fund, it will be possible to ensure only 39 per cent of financial sources necessary for full financial handling of the back part of nuclear energetic. Even though the Ministry of Economy in connection with privatisation of Slovenske elektrarne designed to decrease the transfers of operators of nuclear power plants into nuclear fund. In 2006 the Parliament decreased by the law the level of gains of the fund from sale of nuclear electricity (the second from two components of the gains of the fund) from 6.8 to 5.95 per cent from annual revenues. So the tax of forced reduction of the price of nuclear electricity will be represented by loading of the further generations

24 CFR 1000.122 - May NAHASDA grant funds be used as matching funds to obtain and leverage funding, including any...

Science.gov (United States)

2010-04-01

... considered an affordable housing activity? 1000.122 Section 1000.122 Housing and Urban Development... Housing Activities § 1000.122 May NAHASDA grant funds be used as matching funds to obtain and leverage...

31 CFR 594.203 - Holding of funds in interest-bearing accounts; investment and reinvestment.

Science.gov (United States)

2010-07-01

... tangible property, such as chattels or real estate, or of other blocked property, such as debt or equity... GLOBAL TERRORISM SANCTIONS REGULATIONS Prohibitions § 594.203 Holding of funds in interest-bearing...). However, the Office of Foreign Assets Control may issue licenses permitting or directing such sales or...

INDEXING AND INDEX FUNDS

Directory of Open Access Journals (Sweden)

HAKAN SARITAŞ

2013-06-01

Full Text Available Proponents of the efficient market hypothesis believe that active portfolio management is largely wasted effort and unlikely to justify the expenses incurred. Therefore, they advocate a passive investment strategy that makes no attempt to outsmart the market. One common strategy for passive management is indexing where a fund is designed to replicate the performance of a broad-based index of stocks and bonds. Traditionally, indexing was used by institutional investors, but today, the use of index funds proliferated among individual investors. Over the years, both international and domestic index funds have disproportionately outperformed the market more than the actively managed funds have.

12 CFR 615.5010 - Funding Corporation.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Funding Corporation. 615.5010 Section 615.5010... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Funding § 615.5010 Funding Corporation. (a) The Funding Corporation shall issue, market, and handle the obligations of the banks issued under section 4.2(b) through...

Regulating financial markets: Costs and trade-offs

NARCIS (Netherlands)

Górnicka, L.A.

2015-01-01

This thesis studies the interactions between the institutional design of financial systems, and the financial agents that regulatory institutions supervise. It explores the channels through which financial regulation affects financial agents’ lending, funding, and risk-taking decisions. By

Risk Management Framework for Hedge Funds: Role of Funding and Redemption Options on Leverage

OpenAIRE

Dai, John; Sundaresan, Suresh

2009-01-01

We develop a model of hedge fund returns, which reflect the contractual relationships between a hedge fund, its investors and its prime brokers. These relationships are modelled as short option positions held by the hedge fund, wherein the “funding option” reflects the short option position with prime brokers and the “redemption option” reflects the short option position with the investors. Given an alpha producing human capital, the hedge fund’s ability to deploy leverage to magnify its alph...

Activity Fund Accounting.

Science.gov (United States)

Cool, David W.

1983-01-01

Addresses the need of school districts in many states to decide on an appropriate mingling of centralization and decentralization in the operation of activity funds. Argues for analysis of activity fund operation through a breakdown into such major components as policy, the accounting system, and reporting and auditing. (JBM)

Western Michigan University: Quasi-Revolving Fund. Green Revolving Funds in Action: Case Study Series

Science.gov (United States)

Billingsley, Christina

2011-01-01

Western Michigan University has designed an innovative "Quasi-Revolving Fund" model that demonstrates the institution's full commitment to incorporating sustainability into campus operations. The Quasi-Revolving Fund recaptures money from cost-savings, similar to a typical green revolving fund, but it also sources capital from the…

Inspector General, DOD, Oversight of the Audit of the FY 2000 Military Retirement Fund Financial Statements

Science.gov (United States)

2001-02-28

statements and to report on the adequacy of internal controls and compliance with laws and regulations. We contracted the audit of the FY 2000 Military...performed on the oversight of the audit of the FY 2000 Military Retirement Fund Financial Statements.

Non-communicable diseases: mapping research funding organisations, funding mechanisms and research practices in Italy and Germany.

Science.gov (United States)

Stephani, Victor; Sommariva, Silvia; Spranger, Anne; Ciani, Oriana

2017-10-02

Evidence shows that territorial borders continue to have an impact on research collaboration in Europe. Knowledge of national research structural contexts is therefore crucial to the promotion of Europe-wide policies for research funding. Nevertheless, studies assessing and comparing research systems remain scarce. This paper aims to further the knowledge on national research landscapes in Europe, focusing on non-communicable disease (NCD) research in Italy and Germany. To capture the architecture of country-specific research funding systems, a three-fold strategy was adopted. First, a literature review was conducted to determine a list of key public, voluntary/private non-profit and commercial research funding organisations (RFOs). Second, an electronic survey was administered qualifying RFOs. Finally, survey results were integrated with semi-structured interviews with key opinion leaders in NCD research. Three major dimensions of interest were investigated - funding mechanisms, funding patterns and expectations regarding outputs. The number of RFOs in Italy is four times larger than that in Germany and the Italian research system has more project funding instruments than the German system. Regarding the funding patterns towards NCD areas, in both countries, respiratory disease research resulted as the lowest funded, whereas cancer research was the target of most funding streams. The most reported expected outputs of funded research activity were scholarly publication of articles and reports. This cross-country comparison on the Italian and German research funding structures revealed substantial differences between the two systems. The current system is prone to duplicated research efforts, popular funding for some diseases and intransparency of research results. Future research will require addressing the need for better coordination of research funding efforts, even more so if European research efforts are to play a greater role.

NREL Funding Reductions

Science.gov (United States)

Energy Laboratory (NREL) announced today that it will further reduce its work force as a result of million. Recent indications, however, are that NREL's funding will be lowered by an additional $27 million employees. NREL Director Charles F. Gay said the additional funding cuts are a result of lower than expected

ALTERNATIVE FUNDING THECNIQUES. COMPARATIVE ANALYSIS

Directory of Open Access Journals (Sweden)

Elena Mihaela ILIESCU

2018-05-01

Full Text Available The main objective of this paper isto highlight the dynamics, diversity and especially the availability of an alternative financial market, developed outside of the traditional banking system, on online trading platforms, a market that can constitute an efficient solution, at the expense of entities open to fast funding, wide raging, with limited guaranties and minimum procedural and legislative formalities. For this purpose, we shall analyze briefly the main alternative financing methods, both empirically and qualitatively, in terms of similarities and differences between the two of them, inclusively of the amount that can be employed in this process through different methods. The current paper aims to be a practical guide meant to support those facing difficulties in obtaining financing for start-ups, implementing or/and developing business and entrepreneurship initiatives, and also a guide for those who want to be informed regarding the latest funding techniques. Another aspect to be considered is the legal framework in which this process takes place, because the regulation for these levers remains constantly behind the development process of new methods. The classic financiers should also consider reviewing the lending policy as the amounts attracted and accessed through these alternative methods increase exponentially from one year to the other, the volume of sums involved surpassing each time the forecasts, making thus possible the transformations of these paradigms from the financial sector into preponderant financial funding’s.

Managerial multitasking in the mutual fund industry

OpenAIRE

Agarwal, Vikas; Ma, Linlin; Mullally, Kevin

2015-01-01

We examine the determinants and consequences of mutual fund managers simultaneously managing multiple funds. Well-performing managers multitask by taking over poorly performing funds or launching new funds. Subsequent to multitasking, funds run by managers prior to multitasking (i.e., incumbent funds) experience performance deterioration while the performance of the acquired funds improves. Multitasking increases the assets of fund companies but results in a wealth transfer from shareholders ...

25 CFR 170.614 - Can a tribe receive funds before BIA publishes the notice of funding availability?

Science.gov (United States)

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Can a tribe receive funds before BIA publishes the notice... Contracts and Agreements Under Isdeaa § 170.614 Can a tribe receive funds before BIA publishes the notice of funding availability? A tribe can receive funds before BIA publishes the notice of funding availability...

75 FR 35686 - Community Reinvestment Act Regulation Hearings

Science.gov (United States)

2010-06-23

... will post comments on the OTS Internet Site at http://www.ots.treas.gov/?p=LawsRegulations . Viewing... consider violations of additional consumer laws, such as the Truth in Savings Act, the Electronic Fund...

Funding Public Higher Education in Colorado: How Has the College Opportunity Funding Model Impacted Educational Funding and Performance?

Science.gov (United States)

Middlemist, George Edward

2017-01-01

During the 2004 legislative session, the Colorado General Assembly enacted Senate Bill 189 (SB189), which established the first system of college vouchers in the United States. The supporters of SB189 hoped that the voucher system, called the College Opportunity Fund (COF), would: 1) stabilize the flow of state funding to higher education; 2)…

Pension Fund

CERN Multimedia

2004-01-01

The Governing Board of the Pension Fund held its one-hundred-and-twenty-second meeting on 3 February 2004. Opening the meeting, the Chairman, J. Bezemer, welcomed W. Zapf's alternate T. Lagrange, A. Naudi's alternate P. Geeraert, and M. Goossens' alternate M. Vitasse, who were attending the Governing Board for the first time. The Governing Board heard a report from its Chairman on the meeting of the CERN Council on 19 December 2003, at which, under Pension Fund matters, the Council had approved a pensions adjustment of 0.7%. The Governing Board then heard a report on the main elements of the Investment Committee's meeting on 3 December 2003. During a presentation, Expert Timing System (Madrid) and the Compagnie de Trésorerie Benjamin de Rothschild (Geneva) had proposed a bond portfolio investment following the same quantitative investment principles as the equities portfolio they already managed for the Fund. After some deliberation, the Investment Committee had decided, on that basis, to award t...

Measures to Prevent Financial Fraud and Legalization of Illicit Funds

Directory of Open Access Journals (Sweden)

Chunitska Iryna I.

2017-06-01

Full Text Available The problems of preventing financial fraud and legalization of funds using mechanisms of the financial market are considered. The relevance of this problem in general and peculiar features of its research in developing economies are substantiated. The experience of organizations created to prevent the legalization of illicit funds is studied. It is determined that new organizations are created in response to the global challenges. It is justified that in Ukraine the fight against the legalization of illicit funds has actualized due to a lack of financial resources in the country, declaration of course towards European values and also as a result of the military conflict in the east of the country. The risk factors for financial fraud and illegal movement of financial flows are systematized according to the groups of conditions: pressure, favorable situation, propensity (justification. It is determined which levels of risk of generating illegal financial flows are inherent in different sectors of the economy depending on institutional factors. It is argued that the increase in the risks of illegal financial flows occurs under conditions of a low level of maturity of the institutional environment and a high level of information asymmetry. Types and tools of fraud in the financial market that increase the risks of illegal financial flows are systematized. It is determined that main types of fraud in the financial market are related to information manipulations and regulatory deficiencies. The world experience of legislative initiatives on counteracting the legalization of funds in financial markets is systematized. It is justified that, in order to prevent financial fraud and prevent legalization of illicit funds in Ukraine, it is necessary to ensure maximum transparency of information on the movement of financial flows in financial markets. In addition, regulators of the financial market should not only cooperate with each other but also prevent

PERFORMANCE EVALUATION OF TURKISH TYPE A MUTUAL FUNDS AND PENSION STOCK FUNDS BY USING TOPSIS METHOD

Directory of Open Access Journals (Sweden)

Nesrin ALPTEKIN

2009-07-01

Full Text Available In this paper, it is evaluated performance of Turkish Type A mutual funds and pension stock funds by using TOPSIS method which is a multicriteria decision making approach. Both of these funds compose of stocks in their portfolios, so it can be enabled to compare each other. Generally, mutual or pension funds are evaluated according to their risk and return. At this point, it is used traditional performance measurement techniques of funds like Sharpe ratio, Sortino ratio, Treynor index and Jensen’s alpha. TOPSIS method takes into consideration all of these fund performance measurement techniques and provides more reasonable performance measurement.

Funding Decommissioning - UK Experience

International Nuclear Information System (INIS)

MacKerron, Gordon

2006-01-01

'Funding' started with CEGB and SSEB (state-owned electric utilities) in 1976 using the internal un-segregated fund route (i.e unfunded). This continued until privatisation of electricity industry (excluding nuclear) in 1990. Assets bought with the internal un-segregated fund were mostly transferred into non-nuclear private utilities. New state-owned Nuclear Electric (England and Wales) was given a 'Fossil Fuel Levy', a consumer charge of 10% on retail bills, amounting to c. BP 1 bn. annually. This allowed Nuclear Electric to trade legally (A reserve of BP 2.5 bn. was available from Government if company ran out of money). By 1996 the newer nuclear stations (AGRS plus PWR) were privatised as British Energy. British Energy started an external segregated fund, the Nuclear Decommissioning Fund, with a starting endowment of c. BP 225 m. - and BE made annual contributions of British Pound 16 m. into the Fund. Assumptions were that BE had 70 to accumulate cash and could get a 3.5% average annual real return. Older stations (Magnox) were left in private sector and went to BNFL in 1997. Magnox inherited the surplus cash in BE - mostly unspent Fossil Fuel Levy receipts - of c. BP 2.6 bn. Government gave an 'Undertaking' to pay BP 3.8 bn. (escalating at 4.5% real annually) for Magnox liabilities, should Magnox Electric run out of cash. BNFL inherited the BP 2.6 bn. and by 2000 had a 'Nuclear Liabilities Investment Portfolio' of c. BP 4 bn. This was a quasi-segregated internal fund for liabilities in general. [Note: overall UK nuclear liabilities in civilian sector were running at c. BP 48 bn. by now]. BE started profitable and paid BP 100 m. annually in dividends to private investors for several years. BE ran into severe financial problems after 2001 and Government organised restructuring aid, now approved by European Commission. Terms include: - BE now to contribute BP 20 m. a year into an expanded Nuclear Liabilities Fund; - A bond issue of BP 275 m. to go to Fund; - 65

COMPARATIVE STUDY OF OWN FUNDS IN THE BANKING SYSTEM

Directory of Open Access Journals (Sweden)

Tesu Ramona

2012-12-01

about 20 percentages of total equity and subordinated debt were the main components and revaluation reserves. Re-evaluation reserves have preserved funding contributions to Tier 2. An for evaluation of the level of capitalization of credit institutions, the central bank uses solvable indicator, as the only indicator currently regulated for this purpose. It also provides banks in Romania at the conditions for additional capital requirements related to Basel III framework to be taken by the European regulatory Capital Requirement Directive IV. As a final conclusion of the research in the own funds field we want to mention and express our opinion that the methods and techniques of managing risk, calculation of capital need permanent revision and adaptation to the changes that take place on the financial market the appearance of Basel Agreement 3, which are absolutely necessary in the actual economic and financial context. The presentation of concrete cases concerning the bank back-ups represent the personal work which completes the study concerning the analysis of managing banking risks, the role of bank back-ups in the bank capital adequacy mechanism.

Australia's private health insurance industry: structure, competition, regulation and role in a less than 'ideal world'.

Science.gov (United States)

Shamsullah, Ardel

2011-02-01

Australia's private health insurance funds have been prominent participants in the nation's health system for 60 years. Yet there is relatively little public awareness of the distinctive origins of the health funds, the uncharacteristic organisational nature of these commercial enterprises and the peculiarly regulated nature of their industry. The conventional corporate responsibility to shareholders was, until recently, completely irrelevant, and remains marginal to the sector. However, their purported answerability to contributors, styled as 'members', was always doubtful for most health funds. After a long period of remarkable stability in the sector, despite significant shifts in health funding policy, recent years have brought notable changes, with mergers, acquisitions and exits from the industry. The research is based on the detailed study of the private health funds, covering their history, organisational character and industry structure. It argues that the funds have always been divorced from the disciplines of the competitive market and generally have operated complacently within a system of comprehensive regulation and generous subsidy. The prospect of the private health funds enjoying an expanded role under a form of 'social insurance', as suggested by the National Health and Hospitals Reform Commission, is not supported.

Investible benchmarks & hedge fund liquidity

OpenAIRE

Freed, Marc S; McMillan, Ben

2011-01-01

A lack of commonly accepted benchmarks for hedge fund performance has permitted hedge fund managers to attribute to skill returns that may actually accrue from market risk factors and illiquidity. Recent innovations in hedge fund replication permits us to estimate the extent of this misattribution. Using an option-based model, we find evidence that the value of liquidity options that investors implicitly grant managers when they invest may account for part or even all hedge fund returns. C...

Mutual aid fund commission

CERN Multimedia

Staff Association

2011-01-01

The composition of the Board of the Mutual Aid Fund for 2011 is as follows: President: Pascal Droux Vice-president: Connie Potter Treasurer: Louis Pereira Deputy treasurer: Barbara Brugger Secretary: Sonia Casenove Deputy secretary: Isabelle Mardirossian Members: Christopher David Thomas   Jean-Claude Vialis (GAC member)   Marie-Luce Falipou   Gunilla Santiard (Jean-Claude Vialis’s alternate) The role of the Fund is to provide financial help to members of personnel and beneficiaries of the Pension Fund who are in need of exceptional financial assistance. All requests are treated in the strictest confidence. Should you wish to apply for aid from the Fund, kindly contact any member of the Board as given above or Social Services, tel.74479 – 73867.

Funding Ohio Community Colleges: An Analysis of the Performance Funding Model

Science.gov (United States)

Krueger, Cynthia A.

2013-01-01

This study examined Ohio's community college performance funding model that is based on seven student success metrics. A percentage of the regular state subsidy is withheld from institutions; funding is earned back based on the three-year average of success points achieved in comparison to other community colleges in the state. Analysis of…

Bitter Sweetness For Fund Managers

Institute of Scientific and Technical Information of China (English)

2007-01-01

An influx of small investors eager to earn money puts heavy pressure on fund managers Fund managers control millions in capital and call the shots in the stock market. They can make a fortune from a single judgment. The debut of fund management operation

CERN Pension Fund move

CERN Multimedia

HR Department

2007-01-01

The CERN Pension Fund has moved to new offices on the 5th floor of Building 5. The Benefits Service of the Fund is now located in Offices 5-5-017 - 5-5-021 - 5-5-023. We remind you that the office hours are: Tuesday/Wednesday/Thursday from 10 am to 12 am and from 3 pm to 5 pm. The Fund would like to take this opportunity to warmly thank all the persons involved in the relocation.

28 CFR 23.30 - Funding guidelines.

Science.gov (United States)

2010-07-01

... 28 Judicial Administration 1 2010-07-01 2010-07-01 false Funding guidelines. 23.30 Section 23.30 Judicial Administration DEPARTMENT OF JUSTICE CRIMINAL INTELLIGENCE SYSTEMS OPERATING POLICIES § 23.30 Funding guidelines. The following funding guidelines shall apply to all Crime Control Act funded...

Decommissioning funding: ethics, implementation, uncertainties

International Nuclear Information System (INIS)

2006-01-01

This status report on Decommissioning Funding: Ethics, Implementation, Uncertainties also draws on the experience of the NEA Working Party on Decommissioning and Dismantling (WPDD). The report offers, in a concise form, an overview of relevant considerations on decommissioning funding mechanisms with regard to ethics, implementation and uncertainties. Underlying ethical principles found in international agreements are identified, and factors influencing the accumulation and management of funds for decommissioning nuclear facilities are discussed together with the main sources of uncertainties of funding systems. (authors)

Open-end Investment Funds in Croatia

Directory of Open Access Journals (Sweden)

Bojan Morić Milovanović

2006-03-01

Full Text Available This work discusses investment funds in Croatia, with a particular emphasis on openend investment funds. After a short review of the development of the funds, the perception of the funds is analysed, as are the trends in total assets and in average yields. The degree of concentration of open-end investment funds is shown with statistical measures of concentration (the Gini Coefficient, the Lorenz Curve and concentration ratios. All these indicators show that the concentration is moderate to strong. The greatest yields are given by the equity funds, but these are also the most risky.

INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Cristian GHEORGHE

2014-05-01

Full Text Available National laws governing collective investment undertakings were updated as a result of European secondary law modernization with a view to approximating the conditions of competition between those undertakings at Community level, while at the same time ensuring more effective and more uniform protection for unit-holders. Such coordination intended to facilitate the removal of the restrictions on the free movement of units of UCITS in the internal market. For the purposes of internal regulation UCITS means an undertaking: (a with the sole object of collective investment in transferable securities or in other liquid financial assets of capital raised from the public and which operate on the principle of risk-spreading; and (b with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ assets. The UCITS may be constituted in accordance with contract law (as common funds managed by management companies, trust law (as unit trusts, or statute (as investment companies. Key investor information should be provided as a specific document to investors, before the subscription of the UCITS, in order to help them to reach informed investment decisions. Investment funds enjoy in Romania a new regulatory framework: the contract of common society hosted by new Civil Code and the new Emergency Ordinance regarding UCITS.

12 CFR 619.9185 - Funding Corporation.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Funding Corporation. 619.9185 Section 619.9185 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM DEFINITIONS § 619.9185 Funding Corporation. The term Funding Corporation refers to the Federal Farm Credit Banks Funding Corporation...

75 FR 81979 - Proposed Notice of Funding Opportunity (NOFO) for Social Innovation Fund 2011 Awards; Request for...

Science.gov (United States)

2010-12-29

... Social Innovation Fund 2011 Awards; Request for Feedback AGENCY: Corporation for National and Community... of Funding Opportunity (NOFO) for Social Innovation Fund Awards. SUMMARY: The Corporation for... the 2011 Social Innovation Fund competition. This release will initiate a public input period that...

How a new funding model will shift allocations from the Global Fund to Fight AIDS, tuberculosis, and malaria.

Science.gov (United States)

Fan, Victoria Y; Glassman, Amanda; Silverman, Rachel L

2014-12-01

Policy makers deciding how to fund global health programs in low- and middle-income countries face important but difficult questions about how to allocate resources across countries. In this article we present a typology of three allocation methodologies to align allocations with priorities. We then apply our typology to the Global Fund to Fight AIDS, Tuberculosis, and Malaria. We examined the Global Fund's historical HIV allocations and its predicted allocations under a new funding model that creates an explicit allocation methodology. We found that under the new funding model, substantial shifts in the Global Fund's portfolio are likely to result from concentrating resources in countries with more HIV cases and lower per capita incomes. For example, South Africa, which had 15.8 percent of global HIV cases in 2009, could see its Global Fund HIV funding more than triple, from historic levels that averaged 3.0 percent to 9.7 percent of total Global Fund allocations. The new funding model methodology is expected, but not guaranteed, to improve the efficiency of Global Fund allocations in comparison to historical practice. We conclude with recommendations for the Global Fund and other global health donors to further develop their allocation methodologies and processes to improve efficiency and transparency. Project HOPE—The People-to-People Health Foundation, Inc.

Funding in Spain

International Nuclear Information System (INIS)

Santiago, Juan Luis

2006-01-01

Decommissioning strategies currently considered are: Immediate dismantling (for all LWR), Deferred dismantling (only for Vandellos-I). Dismantling is assumed to commence 3 years after shutdown. End point: Release the site for industrial uses without radiological restrictions. Considerations for Planning and Funding: 40 years of lifetime for the nuclear power plants currently in operation (7.6 GWe installed). Decommissioning of NPPs: Vandellos I (Partial dismantling (Level 2) in 2003, Total dismantling (Level 3) after a 30 years period); Rest of NPPs: Total dismantling (Level 3), as regards calculation and planning 3 years after final reactor shutdown. Distribution of Responsibilities: Decommissioning is planned to start about 3 years after plant shutdown. During this period the Utility is still responsible for the plant and should remove the spent fuel and condition all the operational wastes, prior to the transfer of responsibility to Enresa. After transfer, Enresa is fully responsible for decommissioning. Decommissioning Funding and Management Rules: The cost of the decommissioning of nuclear installations are financed by the producers of such wastes. The financing of these responsibilities is by way of a Fund set up for this purpose. The costs are calculated by Enresa by means of an annual study, which reviews the status of the techniques and assesses the associated costs, this study being submitted in the General Radioactive Waste Plan to the Ministry of Economy for its approval. The Fund, managed by Enresa, is raised by a charge on the electricity price. The accumulated fund is administrated by Enresa under the supervision of the competent governmental authorities. Rules are established by a Fund Control Committee reporting to the Ministry of Economy. Financing via electricity Billing: The costs of activities arising as a result of radioactive waste management are to be financed by the producers. For NPPs, Establishment of a percentage quota on electricity

HEDGE FUND MANAGERIAL INCENTIVES AND PERFORMANCE

Directory of Open Access Journals (Sweden)

Nor Hadaliza ABD RAHMAN

2011-07-01

Full Text Available The growth of the hedge fund industry over the decades has brought an interesting form of performance contract between the portfolio managers and their investors. The contractual relation has given an impact to the performance of the hedge fund industry, which benefited both fund managers and investors. Furthermore, it has created more investors and fund managers to participate in this high risk and high return investment. Currently, many issues on fee structures and performancebased incentives have been discussed. Do these issues affect the performance of the hedge fund in the market? This paper will investigate the issues in Australian market. It will empirically analyze the hedge fund performance in relation to the market performance and whether managerial incentives and discretions associated with better fund performance.

CERN Pension Fund move

CERN Multimedia

HR Department

2007-01-01

The CERN Pension Fund has moved to new offices at the 5th floor of Building 5. The Benefits Service of the Fund will henceforth receive you in the offices: 5-5-017 - 5-5-021 - 5-5-023. We remind you that the office hours are: Tuesday/Wednesday/Thursday from 10 am to 12 am and from 3 pm to 5 pm. The Fund would like to take this opportunity to warmly thank all the persons involved in the Removal.

33 CFR 135.9 - Fund address.

Science.gov (United States)

2010-07-01

... FINANCIAL RESPONSIBILITY AND COMPENSATION OFFSHORE OIL POLLUTION COMPENSATION FUND General § 135.9 Fund address. The address to which correspondence relating to the Coast Guard's administration of the Fund... 33 Navigation and Navigable Waters 2 2010-07-01 2010-07-01 false Fund address. 135.9 Section 135.9...

Decommissioning Funding: Ethics, Implementation, Uncertainties

International Nuclear Information System (INIS)

2007-01-01

This status report on decommissioning funding: ethics, implementation, uncertainties is based on a review of recent literature and materials presented at NEA meetings in 2003 and 2004, and particularly at a topical session organised in November 2004 on funding issues associated with the decommissioning of nuclear power facilities. The report also draws on the experience of the NEA Working Party on Decommissioning and Dismantling (WPDD). This report offers, in a concise form, an overview of relevant considerations on decommissioning funding mechanisms with regard to ethics, implementation and uncertainties. Underlying ethical principles found in international agreements are identified, and factors influencing the accumulation and management of funds for decommissioning nuclear facilities are discussed together with the main sources of uncertainties of funding systems

77 FR 10461 - Federal Acquisition Regulation; Unallowability of Costs Associated With Foreign Contractor Excise...

Science.gov (United States)

2012-02-22

... Acquisition Regulation; Unallowability of Costs Associated With Foreign Contractor Excise Tax AGENCIES.... Additionally, the law stipulates that no funds are to be disbursed to any foreign contractor in order to... payment. Additionally, the law stipulates that no funds are to be disbursed to any foreign contractor in...

Private equity and venture capital: investment fund structures in the Czech Republic

Directory of Open Access Journals (Sweden)

Marek Zinecker

2011-01-01

Full Text Available A working private equity and venture capital market (PE/VC market stimulates the business environment in a positive manner and impacts the level of economic growth of national economies. A study of the Austrian Private Equity and Venture Capital Organisation/AVCO (2004, p. 6 defines prerequisites for a correct operation of the PE/VC market. It views the legislative provision for suitable legal fund structures for PE/VC investments and their tax treatment as a key factor. In its publication, Private Equity & Venture Capital in the Czech Republic (2010, p. 14, the Czech Venture Capital Association/CVCA stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market (fundraising, investment volumes, establishment of the infrastructure required for the operation of PE/VC funds. The purpose of this article is, based on an analysis of the relevant information sources, to assess how the current Czech legislation regulates the legal fund structures for PE/VC investments and their tax treatment. Proposals for a potential improvement of the situation are based on a comparison of the legislative framework applicable in the Czech Republic and the requirements defined by the European Venture Capital Association/EVCA, as well as the AVCO study (2004, 2006.

PENSION FUND

CERN Multimedia

Administration of the Fund

2001-01-01

The Administration of the Fund has just signed a contract with the 'La Suisse' insurance company, making life insurance available to persons leaving CERN under very similar conditions to those offered to the members of the CERN personnel. From now on, persons retiring from the Organization will be able to take out this new insurance at the moment of retirement, provided that they have been members of CERN's collective life insurance scheme for the last five years of service. Exceptionally, until the end of 2001, 'La Suisse' has agreed to allow persons who are already retired to take out this insurance, subject to their state of health (health questionnaire to be completed) and with a maximum insured amount set at 150,000 CHF. We therefore invite any retired persons interested in this insurance to consult the detailed terms and conditions, either on the Pension Fund's Web site (http://pensions.web.cern.ch/pensions) or by writing to the Administration of the Fund. For those wishing to apply, the documents to be...

Pension Fund

CERN Multimedia

2003-01-01

The Governing Board of the Pension Fund held its hundred and seventeenth meeting on 3 June 2003. On that occasion, it examined the recommendations made by the External Auditors in their report on their audit of the 2002 annual accounts and the replies by the Pension Fund's Administration. The Governing Board was gratified by the small number of remarks by the External Auditors. It also confirmed its agreement to the procedure followed by the Administration of the Pension Fund in the handling of transfer values. Under other items on the agenda, the Board once again examined ESO's request relating to the terms and conditions of membership by its staff members. In this regard, the Board wishes to receive from ESO a definitive request (following the necessary consultation procedures with the representatives of the personnel and discussions within ESO's governing bodies) so that the working group can continue its work on a clear basis and so that the Governing Board is in a position to take up a position in the m...

State fund of decommissioning of nuclear installations and handling of spent nuclear fuels and nuclear wastes (Slovak Republic)

International Nuclear Information System (INIS)

Kozma, Milos

2006-01-01

State Fund for Decommissioning of Nuclear Installations and Handling of Spent Nuclear Fuels and Nuclear Wastes was established by the Act 254/1994 of the National Council of the Slovak Republic as a special-purpose fund which concentrates financial resources intended for decommissioning of nuclear installations and for handling of spent nuclear fuels and radioactive wastes. The Act was amended in 2000, 2001 and 2002. The Fund is legal entity and independent from operator of nuclear installations Slovak Power Facilities Inc. The Fund is headed by Director, who is appointed and recalled by Minister of Economy of the Slovak Republic. Sources of the Fund are generated from: a) contributions by nuclear installation operators; b) penalties imposed by Nuclear Regulatory Authority of the Slovak Republic upon natural persons and legal entities pursuant to separate regulation; c) bank credits; d) interest on Fund deposits in banks; e) grants from State Budget; f) other sources as provided by special regulation. Fund resources may be used for the following purposes: a) decommissioning of nuclear installations; b) handling of spent nuclear fuels and radioactive wastes after the termination of nuclear installation operation; c) handling of radioactive wastes whose originator is not known, including occasionally seized radioactive wastes and radioactive materials stemming from criminal activities whose originator is not known, as confirmed by Police Corps investigator or Ministry of Health of the Slovak Republic; d) purchase of land for the establishment of nuclear fuel and nuclear waste repositories; e) research and development in the areas of decommissioning of nuclear installations and handling of nuclear fuels and radioactive wastes after the termination of the operation of nuclear installations; f) selection of localities, geological survey, preparation, design, construction, commissioning, operation and closure of repositories of spent nuclear fuels and radioactive wastes

76 FR 35138 - Federal Agricultural Mortgage Corporation Funding and Fiscal Affairs; Farmer Mac Risk-Based...

Science.gov (United States)

2011-06-16

... Funding and Fiscal Affairs; Farmer Mac Risk-Based Capital Stress Test, Version 5.0 AGENCY: Farm Credit... credit rating agency) in regulations addressing the Risk-Based Capital Stress Test (RBCST or stress test...) (repealing and replacing Pub. L. 110-234). B. Risk-Based Capital and Credit Ratings Under our rules, Farmer...

Asset Allocation of Mutual Fund Investors

OpenAIRE

Dengpan Luo

2003-01-01

This paper studies mutual fund investors' asset allocation decisions using monthly flow data of U.S mutual fund industry from 1984 to 1998. We find that mutual fund investors change their asset allocations between stocks and bonds in reaction to business conditions tracked by changes in expected stock market returns. They tend to allocate less into stock funds during the trough of a business cycle when expected stock market returns are higher and to allocate more into stock funds during the p...

The Funding of Virtual Universities

Science.gov (United States)

Poulin, Russell; Michelau, Demaree K.

2009-01-01

This article reviews categorization models and the outcomes of a virtual university funding survey. Although categorization of types of funding mechanisms is a necessary analytical tool, it often hides the many and varied political decisions that created them. In commenting on the implications of the type of funding model, political forces behind…

Funding emergency care: Australian style.

Science.gov (United States)

Bell, Anthony; Crilly, Julia; Williams, Ged; Wylie, Kate; Toloo, Ghasem Sam; Burke, John; FitzGerald, Gerry

2014-08-01

The ongoing challenge for ED leaders is to remain abreast of system-wide changes that impact on the day-to-day management of their departments. Changes to the funding model creates another layer of complexity and this introductory paper serves as the beginning of a discussion about the way in which EDs are funded and how this can and will impact on business decisions, models of care and resource allocation within Australian EDs. Furthermore it is evident that any funding model today will mature and change with time, and moves are afoot to refine and contextualise ED funding over the medium term. This perspective seeks to provide a basis of understanding for our current and future funding arrangements in Australian EDs. © 2014 Australasian College for Emergency Medicine and Australasian Society for Emergency Medicine.

76 FR 39645 - Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150...

Science.gov (United States)

2011-07-06

... Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets... Investment Advisers Registration Act of 2010--the new rules define ``venture capital fund'' and provide an... Venture Capital Strategy 8. Is a Private Fund 9. Application to Non-U.S. Advisers 10. Grandfathering...

Performance Evaluation of Investment (Mutual Funds

Directory of Open Access Journals (Sweden)

Povilas Vyšniauskas

2014-12-01

Full Text Available The efficiency of an investment fund is one of the main components in evaluating the performance of the fund. This study seeks for introducing and comparing risk and performance evaluation ratios. The paper is aimed at testing the worked out ratios and at distinguishing between the best ones for the purpose of evaluating the performance of Lithuanian mutual funds. Scientific studies show that a standard deviation, alpha, beta, Sharpe and Treynor ratios are mostly employed for identifying the performance of mutual funds that are also compared with their benchmark index to establish if these funds are outperformed and if is it worth paying management fees to investment banks for managing mutual funds. Historical data were selected for the period from 2012-01-02 to 2013-10-15 analysing the prices of monthly funds. The paper points out the areas of a practical application of the proposed model for investment fund valuation, which may not only provide valuable outcomes for practitioners but also may inspire further research on this article.

The funding black hole

CERN Multimedia

2008-01-01

Two physics students at the University of Bristol have organised a petition against the recently-announced funding cut of 80 million by the body that funds physics research in the UK, the Science and Technology Facilities Council (STFC).

Fanconi Anemia Research Fund

Science.gov (United States)

... Support Publications Fundraising News What is the Fanconi Anemia Research Fund? Fanconi anemia is an inherited disease that can lead to ... population. Lynn and Dave Frohnmayer started the Fanconi Anemia Research Fund, in 1989 to find effective treatments ...

7 CFR 247.25 - Allowable uses of administrative funds and other funds.

Science.gov (United States)

2010-01-01

... subgrantees must comply with part 3019 of this title. State and local agencies may use procurement procedures... authority regarding the settlement of all contractual and administrative issues arising out of procurements... administrative funds provided to State and local agencies? Administrative funds may be used for costs that are...

Rethinking Federal Regulation of Sexual Harassment

Science.gov (United States)

Melnick, R. Shep

2018-01-01

Over the past decade, federal regulation of education under Title IX has been sucked into the impetuous vortex of partisan polarization. Title IX of the Education Amendments of 1972 prohibits schools that receive federal funding from discriminating on the basis of sex. For decades, intercollegiate athletics was the main source of controversy.…

78 FR 24386 - Electronic Fund Transfers; Determination of Effect on State Laws (Maine and Tennessee)

Science.gov (United States)

2013-04-25

... property as early as two years after purchase. Once a gift card has been deemed abandoned, some or all of... obtain merchandise, not cash, from the purchase of gift cards. A handful of commenters urged the Bureau... unclaimed gift cards are inconsistent with and preempted by the Electronic Fund Transfer Act and Regulation...

Financial Crisis: A New Measure for Risk of Pension Fund Portfolios.

Directory of Open Access Journals (Sweden)

Marinella Cadoni

Full Text Available It has been argued that pension funds should have limitations on their asset allocation, based on the risk profile of the different financial instruments available on the financial markets. This issue proves to be highly relevant at times of market crisis, when a regulation establishing limits to risk taking for pension funds could prevent defaults. In this paper we present a framework for evaluating the risk level of a single financial instrument or a portfolio. By assuming that the log asset returns can be described by a multifractional Brownian motion, we evaluate the risk using the time dependent Hurst parameter H(t which models volatility. To provide a measure of the risk, we model the Hurst parameter with a random variable with mixture of beta distribution. We prove the efficacy of the methodology by implementing it on different risk level financial instruments and portfolios.

Financial Crisis: A New Measure for Risk of Pension Fund Portfolios.

Science.gov (United States)

Cadoni, Marinella; Melis, Roberta; Trudda, Alessandro

2015-01-01

It has been argued that pension funds should have limitations on their asset allocation, based on the risk profile of the different financial instruments available on the financial markets. This issue proves to be highly relevant at times of market crisis, when a regulation establishing limits to risk taking for pension funds could prevent defaults. In this paper we present a framework for evaluating the risk level of a single financial instrument or a portfolio. By assuming that the log asset returns can be described by a multifractional Brownian motion, we evaluate the risk using the time dependent Hurst parameter H(t) which models volatility. To provide a measure of the risk, we model the Hurst parameter with a random variable with mixture of beta distribution. We prove the efficacy of the methodology by implementing it on different risk level financial instruments and portfolios.

The Performance-based Funding Scheme of Universities

Directory of Open Access Journals (Sweden)

Juha KETTUNEN

2016-05-01

Full Text Available The purpose of this study is to analyse the effectiveness of the performance-based funding scheme of the Finnish universities that was adopted at the beginning of 2013. The political decision-makers expect that the funding scheme will create incentives for the universities to improve performance, but these funding schemes have largely failed in many other countries, primarily because public funding is only a small share of the total funding of universities. This study is interesting because Finnish universities have no tuition fees, unlike in many other countries, and the state allocates funding based on the objectives achieved. The empirical evidence of the graduation rates indicates that graduation rates increased when a new scheme was adopted, especially among male students, who have more room for improvement than female students. The new performance-based funding scheme allocates the funding according to the output-based indicators and limits the scope of strategic planning and the autonomy of the university. The performance-based funding scheme is transformed to the strategy map of the balanced scorecard. The new funding scheme steers universities in many respects but leaves the research and teaching skills to the discretion of the universities. The new scheme has also diminished the importance of the performance agreements between the university and the Ministry. The scheme increases the incentives for universities to improve the processes and structures in order to attain as much public funding as possible. It is optimal for the central administration of the university to allocate resources to faculties and other organisational units following the criteria of the performance-based funding scheme. The new funding scheme has made the universities compete with each other, because the total funding to the universities is allocated to each university according to the funding scheme. There is a tendency that the funding schemes are occasionally

7 CFR 771.12 - Funding applications.

Science.gov (United States)

2010-01-01

... availability of funds. However, when multiple applications are received on the same date and available funds... determines to be most critical for the accomplishment of program objectives, will be funded first. ...

Creative partnerships for funding nursing research.

Science.gov (United States)

McCann, Judith J; Hills, Elizabeth Blanchard; Zauszniewski, Jaclene A; Smith, Carol E; Farran, Carol J; Wilkie, Diana J

2011-02-01

The Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer Research (STTR) program are two federal funding mechanisms that some nurses in academic positions have used to support research and development of innovative nursing products or services. Both the SBIR and STTR mechanisms are excellent sources of funding for nurse researchers who want to capitalize on relationships with small businesses or obtain seed money to fund high-risk projects with potential to attract new venture capital. This article provides an overview of National Institutes of Health (NIH)-funded SBIR and STTR programs and summarizes similarities and differences between the programs. The article also describes unique features of NIH SBIR and STTR funding mechanisms that differentiate them from other R-series funding mechanisms, reviews evaluation criteria for SBIR and STTR projects, and discusses critical partners and resources for proposal development. Finally, the article describes characteristics of successful partnerships and provides examples of SBIR/STTR-funded projects.

Establishing a green lights revolving fund

Energy Technology Data Exchange (ETDEWEB)

NONE

1996-07-01

The report details the experiences of the City of Houston in establishing a Green Lights Revolving Fund. It provides examples of key documents and guidelines which can be used in other jurisdictions to establish an internal revolving fund to provide continuing monies through recapture of cost savings for an ongoing program of energy improvements in governmental facilities. It provides guidelines on how to establish a continuing source of funds for governmental facility energy improvements. The report provides background information on the ongoing energy improvement programs in the City of Houston, including its participation in the Environmental Protection Agency`s Green Lights Program. It reviews the steps required to establish a Green Lights Revolving Fund, including the administrative, legal, budgetary, accounting, interdepartmental, mayoral, and governing body approvals and actions needed to create a self-sustaining revolving fund devoted to energy improvements. The report also describes two funding sources in addition to the grant seed funds which were used to increase the initial funds available in the Green Lights Revolving Fund. It provides sample documents for modification and use in other jurisdictions that want to use similar funding sources. It reports the initial project submission and selection procedure and criteria, and provides a transferable project application kit based on the criteria specified. It also details a sample repayment memorandum of understanding between departments, which can be used in other governments. Other transferable products provided in the report are sample energy audit summaries which were conducted by qualified, independent staff to determine the accuracy of the departmental project costs and savings payback calculations.

75 FR 55541 - NOAA Regional Ocean Partnership Funding Program-FY2011 Funding Competition

Science.gov (United States)

2010-09-13

...-01] RIN 0648-ZC20 NOAA Regional Ocean Partnership Funding Program--FY2011 Funding Competition AGENCY: National Ocean Service, National Oceanic and Atmospheric Administration (NOAA), Department of Commerce...-profit organizations (requirements described in full announcement) that NOAA is soliciting proposals for...

Funding oil and gas ventures

International Nuclear Information System (INIS)

Billingsley, L.T.

1992-01-01

This paper is addressed to geologists who must raise external funds for prospect acquisition, exploratory and development drilling, or to a limited extent, production acquisition. In the ranks of independent geologists, external funding is what separates a dreamer with a good idea from a successful oil and gas producer who gets ideas evaluated on a regular basis. The quantity of external funding usually dictates the level of drilling activity for independent geologists and small companies. Companies or individuals with high levels of internal cash flow set budgets to determine their drilling activity. The purpose of this paper is to provide an independent geologist with an overview of raising external funding. The scope is purposely general. The real motivation behind this paper is not to provide a cookbook for selling prospects. Instead, the author hopes to stimulate geologists to become students of salesmanship and thereby increase the effectiveness of their fund

77 FR 16030 - FY2012 Supplemental Funding for Brownfields Revolving Loan Fund (RLF) Grantees

Science.gov (United States)

2012-03-19

... loan fund to enhance remediation and provide funds on a continuing basis; and (IV) Such other similar... be started and completed expeditiously (i.e. ``shovel-ready'' projects) and will lead to...

Funding models for outreach ophthalmology services.

Science.gov (United States)

Turner, Angus W; Mulholland, Will; Taylor, Hugh R

2011-01-01

This paper aims to describe funding models used and compare the effects of funding models for remuneration on clinical activity and cost-effectiveness in outreach eye services in Australia. Cross-sectional case study based in remote outreach ophthalmology services in Australia. Key stake-holders from eye services in nine outreach regions participated in the study. Semistructured interviews were conducted to perform a qualitative assessment of outreach eye services' funding mechanisms. Records of clinical activity were used to statistically compare funding models. Workforce availability (supply of ophthalmologists), costs of services, clinical activity (surgery and clinic consultation rates) and waiting times. The supply of ophthalmologists (full-time equivalence) to all remote regions was below the national average (up to 19 times lower). Cataract surgery rates were also below national averages (up to 10 times lower). Fee-for-service funding significantly increased clinical activity. There were also trends to shorter waiting times and lower costs per attendance. For outreach ophthalmology services, the funding model used for clinician reimbursement may influence the efficiency and costs of the services. Fee-for-service funding models, safety-net funding options or differential funding/incentives need further exploration to ensure isolated disadvantaged areas prone to poor patient attendance are not neglected. In order for outreach eye health services to be sustainable, remuneration rates need to be comparable to those for urban practice. © 2011 The Authors. Clinical and Experimental Ophthalmology © 2011 Royal Australian and New Zealand College of Ophthalmologists.

78 FR 17939 - Announcement of Funding Awards; Capital Fund Safety and Security Grants; Fiscal Year 2012

Science.gov (United States)

2013-03-25

...; Capital Fund Safety and Security Grants; Fiscal Year 2012 AGENCY: Office of the Assistant Secretary for... availability of the Safety and Security funds with PIH Notice 2012-38 (Notice), which was issued September 7... Fund Safety and Security grant program. FOR FURTHER INFORMATION CONTACT: For questions concerning the...

78 FR 56728 - Announcement of Funding Awards; Capital Fund Safety and Security Grants; Fiscal Year 2013

Science.gov (United States)

2013-09-13

...; Capital Fund Safety and Security Grants; Fiscal Year 2013 AGENCY: Office of the Assistant Secretary for... availability of the Safety and Security funds with PIH Notice 2013-10 (Notice), which was issued May 3, 2013... Fund Safety and Security grant program. FOR FURTHER INFORMATION CONTACT: For questions concerning the...

77 FR 23492 - Announcement of Funding Awards; Capital Fund Safety and Security Grants; Fiscal Year 2011

Science.gov (United States)

2012-04-19

...; Capital Fund Safety and Security Grants; Fiscal Year 2011 AGENCY: Office of the Assistant Secretary for... notified of the availability of the Safety and Security funds with PIH Notice 2011-56 (Notice), which was... award recipients under the Capital Fund Safety and Security grant program. FOR FURTHER INFORMATION...

Are international fund flows pro- or counter-cyclical?

NARCIS (Netherlands)

Li, Suxiao; de Haan, Jakob; Scholtens, Bert; Yang, Haizhen

2015-01-01

We investigate whether international fund flows are pro-or counter-cyclical by employing a concordance index. International fund flows are investments in bond and equity markets by institutional investors, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. We find that

31 CFR 500.573 - Certain donations of funds and goods to meet basic human needs authorized.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Certain donations of funds and goods to meet basic human needs authorized. 500.573 Section 500.573 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY...

Fund allocation within Australian dental care: an innovative approach to output based funding.

Science.gov (United States)

Tennant, M; Carrello, C; Kruger, E

2005-12-01

Over the last 15 years in Australia the process of funding government health care has changed significantly. The development of dental funding models that transparently meet both the service delivery needs for data at the treatment level and policy makers' need for health condition data is critical to the continued integration of dentistry into the wider health system. This paper presents a model of fund allocation that provides a communication construct that addresses the needs of both policy makers and service providers. In this model, dental treatments (dental item numbers) have been grouped into eight broad dental health conditions. Within each dental health condition, a weighted average price is determined using the Department of Veterans Affairs' (DVA) fee schedule as the benchmark, adjusted for the mix of care. The model also adjusts for the efficiency differences between sectors providing government funded dental care. In summary, the price to be applied to a dental health condition category is determined by the weighted average DVA price adjusted by the sector efficiency. This model allows governments and dental service providers to develop funding agreements that both quantify and justify the treatment to be provided. Such a process facilitates the continued integration of dental care into the wider health system.

Fund managers’ contracts and short-termism

OpenAIRE

Casamatta, Catherine; Pouget, Sébastien

2009-01-01

This paper considers the problem faced by long-term investors who have to delegate the management of their money to professional fund managers. Investors can earn profits if fund managers collect long-term information. We investigate to what extent the delegation of fund management prevents long-term information acquisition, inducing short-termism. We also study the design of long-term fund managers' compensation contracts. Absent moral hazard, short-termism arises only because of the cost...

Market conditions and hedge fund survival

OpenAIRE

Mark A. Carlson; Jason Steinman

2008-01-01

As the hedge fund industry has grown, there has been increased concern that, during sharp market moves, hedge fund failures could exacerbate the deterioration in financial conditions and deepen a crisis. However, there has not been much formal analysis regarding the impact of financial market conditions on hedge fund survival. To help fill this gap, this paper examines the relationship between financial market conditions and the likelihood of hedge fund failure after controlling for performan...

The Phony Funding Crisis

Science.gov (United States)

Guthrie, James W.; Peng, Arthur

2010-01-01

If one relies on newspaper headlines for education funding information, one might conclude that America's schools suffer from a perpetual fiscal crisis, every year perched precariously on the brink of financial ruin, never knowing whether there will be sufficient funding to continue operating. Budgetary shortfalls, school district bankruptcies,…

Educational Technology Funding Models

Science.gov (United States)

Mark, Amy E.

2008-01-01

Library and cross-disciplinary literature all stress the increasing importance of instructional technology in higher education. However, there is a dearth of articles detailing funding for library instructional technology. The bulk of library literature on funding for these projects focuses on one-time grant opportunities and on the architecture…

Genomics Research: World Survey of Public Funding

Directory of Open Access Journals (Sweden)

Cook-Deegan Robert M

2008-10-01

Full Text Available Abstract Background Over the past two decades, genomics has evolved as a scientific research discipline. Genomics research was fueled initially by government and nonprofit funding sources, later augmented by private research and development (R&D funding. Citizens and taxpayers of many countries have funded much of the research, and have expectations about access to the resulting information and knowledge. While access to knowledge gained from all publicly funded research is desired, access is especially important for fields that have broad social impact and stimulate public dialogue. Genomics is one such field, where public concerns are raised for reasons such as health care and insurance implications, as well as personal and ancestral identification. Thus, genomics has grown rapidly as a field, and attracts considerable interest. Results One way to study the growth of a field of research is to examine its funding. This study focuses on public funding of genomics research, identifying and collecting data from major government and nonprofit organizations around the world, and updating previous estimates of world genomics research funding, including information about geographical origins. We initially identified 89 publicly funded organizations; we requested information about each organization's funding of genomics research. Of these organizations, 48 responded and 34 reported genomics research expenditures (of those that responded but did not supply information, some did not fund such research, others could not quantify it. The figures reported here include all the largest funders and we estimate that we have accounted for most of the genomics research funding from government and nonprofit sources. Conclusion Aggregate spending on genomics research from 34 funding sources averaged around $2.9 billion in 2003 – 2006. The United States spent more than any other country on genomics research, corresponding to 35% of the overall worldwide public

7 CFR 3419.7 - Redistribution of funds.

Science.gov (United States)

2010-01-01

..., AND EXTENSION SERVICE, DEPARTMENT OF AGRICULTURE MATCHING FUNDS REQUIREMENT FOR AGRICULTURAL RESEARCH AND EXTENSION FORMULA FUNDS AT 1890 LAND-GRANT INSTITUTIONS, INCLUDING TUSKEGEE UNIVERSITY, AND AT... formula funds. Unmatched research and extension funds will be reapportioned in accordance with the...

45 CFR 2522.530 - May I use the Corporation's program grant funds for performance measurement and evaluation?

Science.gov (United States)

2010-10-01

... PARTICIPANTS, PROGRAMS, AND APPLICANTS Evaluation Requirements § 2522.530 May I use the Corporation's program... 45 Public Welfare 4 2010-10-01 2010-10-01 false May I use the Corporation's program grant funds for performance measurement and evaluation? 2522.530 Section 2522.530 Public Welfare Regulations...

34 CFR 403.161 - How must funds be used under the Comprehensive Career Guidance and Counseling Programs?

Science.gov (United States)

2010-07-01

... Guidance and Counseling Programs? 403.161 Section 403.161 Education Regulations of the Offices of the... the Special Programs? Comprehensive Career Guidance and Counseling Programs § 403.161 How must funds be used under the Comprehensive Career Guidance and Counseling Programs? (a) A State shall use not...

The Domino Effects of Federal Research Funding.

Science.gov (United States)

Lanahan, Lauren; Graddy-Reed, Alexandra; Feldman, Maryann P

2016-01-01

The extent to which federal investment in research crowds out or decreases incentives for investment from other funding sources remains an open question. Scholarship on research funding has focused on the relationship between federal and industry or, more comprehensively, non-federal funding without disentangling the other sources of research support that include nonprofit organizations and state and local governments. This paper extends our understanding of academic research support by considering the relationships between federal and non-federal funding sources provided by the National Science Foundation Higher Education Research and Development Survey. We examine whether federal research investment serves as a complement or substitute for state and local government, nonprofit, and industry research investment using the population of research-active academic science fields at U.S. doctoral granting institutions. We use a system of two equations that instruments with prior levels of both federal and non-federal funding sources and accounts for time-invariant academic institution-field effects through first differencing. We estimate that a 1% increase in federal research funding is associated with a 0.411% increase in nonprofit research funding, a 0.217% increase in state and local research funding, and a 0.468% increase in industry research funding, respectively. Results indicate that federal funding plays a fundamental role in inducing complementary investments from other funding sources, with impacts varying across academic division, research capacity, and institutional control.

The Analysis of Mutual Fund Performance: Evidence from U.S. Equity Mutual Funds

NARCIS (Netherlands)

D.P. Budiono (Diana)

2010-01-01

textabstractWe study the mutual fund performance for about 45 years. There are several key points that we can withdraw from this dissertation. First, to study the persistence of mutual fund performance, it is important to consider time-varying exposures because when they are ignored, the persistence

Improvement of Classification of Enterprise Circulating Funds

Directory of Open Access Journals (Sweden)

Rohanova Hanna O.

2014-02-01

Full Text Available The goal of the article lies in revelation of possibilities of increase of efficiency of managing enterprise circulating funds by means of improvement of their classification features. Having analysed approaches of many economists to classification of enterprise circulating funds, systemised and supplementing them, the article offers grouping classification features of enterprise circulating funds. In the result of the study the article offers an expanded classification of circulating funds, which clearly shows the role of circulating funds in managing enterprise finance and economy in general. The article supplements and groups classification features of enterprise circulating funds by: the organisation level, functioning character, sources of formation and their cost, and level of management efficiency. The article shows that the provided grouping of classification features of circulating funds allows exerting all-sided and purposeful influence upon indicators of efficiency of circulating funds functioning and facilitates their rational management in general. The prospect of further studies in this direction is identification of the level of attraction of loan resources by production enterprises for financing circulating funds.

Optimizing retirement funds : an institutional perspective

OpenAIRE

2012-01-01

M.Comm. Pension funds have risen to great prominence in the last two decades because they provide a service that fits the needs of individuals. The community at large are rapidly accepting and demanding facilities for proper retirement planning. Employees contribute towards retirement funds and their contributions are tax deductible while taxable to the employee upon retirement, generally at a lower rate. The employer, who has instituted the retirement fund, owes the fund because the emplo...

Liquidity Hoarding and Inefficient Abundant Funding

OpenAIRE

Enisse Kharroubi

2015-01-01

This paper studies banks’ choice between building liquidity buffers and raising funding ex post to deal with reinvestment shocks. We uncover the possibility of an inefficient liquidity squeeze equilibrium when ex post funding is abundant. In the model, banks typically build larger liquidity buffers when they expect funding to be expensive. However, when banks hold larger liquidity buffers, pledgeable income is larger and they hence can raise more funding, which in the aggregate raises the fun...

Amendments to the rules of the Pension Fund concerning family composition

CERN Multimedia

2006-01-01

The following amendments to the Rules and Regulations of the Pension Fund were approved by the Council on 16 December 2005: II 5.08 Non-entitlement to Pension for Surviving Spouse Notwithstanding any other provision of these Rules, a marriage to a beneficiary of a retirement pension taking place on or after 1st August 2006 shall not give rise to entitlement to a surviving spouse's pension. II 5.09 Procurement of an entitlement to Pension for Surviving Spouse Where, pursuant to Article II 5.08, there is no entitlement to a surviving spouse's pension, the beneficiary may acquire an entitlement to a surviving spouse's pension for his spouse by submitting a request within 180 days of the date of marriage. The corresponding premium for the surviving spouse's pension shall be deducted from his retirement pension, under conditions defined by the Administrator of the Fund in the light of the Consulting Actuary's calculations. II 6.09 Non-entitlement to Pension for Orphans Notwithstanding any other provision of...

The international regulation of Informal Value Transfer Systems

Directory of Open Access Journals (Sweden)

Anand Ajay Shah

2007-12-01

Full Text Available After the 11th September 2001 attacks on the United States international attention quickly focused on the sources and methods of terrorist financing. Among the methods terrorists and other criminal actors use to transfer funds are Informal Value Transfer Systems (IVTS which operate either outside the formal financial sector, or through use of the formal financial sector, but without leaving a full record of the transaction. Though the vast majority of funds moved through IVTS are the earnings of migrant workers and immigrant communities, the lack of uniform worldwide regulation of IVTS provides ample opportunity for abuse and misuse. The international community primarily responded to IVTS concerns through the Financial Action Task Force on Money Laundering, which issued a series of recommendations and best practices for states in regulating IVTS operations. While these recommendations are a secure beginning to regulation of IVTS operating within ethnic communities, they fail to address the more modern forms of IVTS that have come about in the post-Cold War globalised world. Comprehensive recommendations governing all types of IVTS, as well as concerted international cooperation and coordination are necessary to address this global phenomenon.

Interactions between Energy Efficiency Programs funded under the Recovery Act and Utility Customer-Funded Energy Efficiency Programs

Energy Technology Data Exchange (ETDEWEB)

Goldman, Charles A.; Stuart, Elizabeth; Hoffman, Ian; Fuller, Merrian C.; Billingsley, Megan A.

2011-02-25

Since the spring of 2009, billions of federal dollars have been allocated to state and local governments as grants for energy efficiency and renewable energy projects and programs. The scale of this American Reinvestment and Recovery Act (ARRA) funding, focused on 'shovel-ready' projects to create and retain jobs, is unprecedented. Thousands of newly funded players - cities, counties, states, and tribes - and thousands of programs and projects are entering the existing landscape of energy efficiency programs for the first time or expanding their reach. The nation's experience base with energy efficiency is growing enormously, fed by federal dollars and driven by broader objectives than saving energy alone. State and local officials made countless choices in developing portfolios of ARRA-funded energy efficiency programs and deciding how their programs would relate to existing efficiency programs funded by utility customers. Those choices are worth examining as bellwethers of a future world where there may be multiple program administrators and funding sources in many states. What are the opportunities and challenges of this new environment? What short- and long-term impacts will this large, infusion of funds have on utility customer-funded programs; for example, on infrastructure for delivering energy efficiency services or on customer willingness to invest in energy efficiency? To what extent has the attribution of energy savings been a critical issue, especially where administrators of utility customer-funded energy efficiency programs have performance or shareholder incentives? Do the new ARRA-funded energy efficiency programs provide insights on roles or activities that are particularly well-suited to state and local program administrators vs. administrators or implementers of utility customer-funded programs? The answers could have important implications for the future of U.S. energy efficiency. This report focuses on a selected set of ARRA-funded

[Applications and approved projectsof general program, young scientist fund and fund for less developedregion of national natural science funds in discipline of Chinese materia medica, NSFC in 2012].

Science.gov (United States)

Huang, Ming-Qing; Han, Li-Wei; Wu, Xiu-Hong; Bi, Ming-Gang; Shang, Hong-Cai; Liu, Yun-Fang; He, Wei-Ming; Li, Dan-Dan; Dong, Yan; Wang, Chang-En

2013-01-01

The applications accepted and approved by general program, young scientist fund and fund for less developed region of national natural science funds in the discipline of Chinese materia medica, NSFC in 2012 have been introduced. The research contents of the funded projects in the popular research areas have been summarized and the problems in the applications have been analyzed to give a reference to the scientists in the field of Chinese materia medica.

17 CFR 270.3c-1 - Definition of beneficial ownership for certain 3(c)(1) funds.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Definition of beneficial... AND EXCHANGE COMMISSION (CONTINUED) RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940 § 270.3c-1 Definition of beneficial ownership for certain 3(c)(1) funds. (a) As used in this section: (1) The term...

Administrator of 9/11 victim compensation fund to administer Hokie Spirit Memorial Fund distributions

OpenAIRE

Hincker, Lawrence

2007-01-01

Virginia Tech President Charles Steger has asked Kenneth R. Feinberg, who served as "Special Master of the federal September 11th Victim Compensation Fund of 2001," to administer distributions of the university Hokie Spirit Memorial Fund (HSMF).

Namibia - Vocational Training Grant Fund

Data.gov (United States)

Millennium Challenge Corporation — The impact evaluation of the Vocational Training Grant Fund (VTGF) subactivity in Namibia used a random assignment design to determine the effects of VTGF-funded...

Drug Revolving Fund-Based

African Journals Online (AJOL)

Background: The Drug Revolving Fund (DRF) was instituted in 1996 in Oyo State to ensure sustainable drug availability at primary health care level with a seed stock of drugs supplied by the Petroleum Trust Fund. This was discontinued in 1999 and replaced in January 2000, with free health service, which involves ...

Mutual Fund Competition and Stock Market Liquidity

OpenAIRE

Massa, Massimo

2004-01-01

We study how competition in the mutual fund industry affects stock market liquidity. We argue that mutual fund families operate as multi-product firms, jointly choosing fees, performance and number of funds and sharing common research facilities. The family-based organization generates economies of scale in information that induce a trade off between performance and number of funds. The presence of more and relatively less-informed funds impacts the market, increasing stock liquidity. This in...

33 CFR 135.7 - Delegation-Fund Administrator.

Science.gov (United States)

2010-07-01

... 33 Navigation and Navigable Waters 2 2010-07-01 2010-07-01 false Delegation-Fund Administrator. 135.7 Section 135.7 Navigation and Navigable Waters COAST GUARD, DEPARTMENT OF HOMELAND SECURITY... FUND General § 135.7 Delegation—Fund Administrator. (a) The Fund Administrator is delegated authority...

ADMINISTRATIVE EXPENDITURES OF SOCIAL SECURITY FUNDS IN UKRAINE

Directory of Open Access Journals (Sweden)

Nataliia Ivanchuk

2017-12-01

Full Text Available Along with the expenditures for social protection, social security funds finance administrative direction, which should correspond to the amount of functions performed by a particular fund. The purpose of the paper is to determine ways to reduce administrative expenditures of state social security funds in the conditions of reforming Ukrainian economy. For this purpose, the authors investigate distribution of the expenditures between social security funds, analyse dynamics and structure of assignments for fund administration, and suggest possible ways to rationalize maintenance cost for these institutions. Methodology. Administrative expenditures are an integral part of the cost of social security funds and include particular items of expenses in the budget of these institutions. Applying a systematic approach to calculating the administrative costs of social security funds of Ukraine the authors have taken into account the expenditures related to funding management, support for information systems, and organization of work with insured people. Results of the survey showed that in 2007–2016 Pension Fund of Ukraine incurred the largest part of social expenditures (more than 90% compared with other social insurance funds (less than 10%. At the same time, the administrative expenses were divided approximately into two halves between Pension Fund and other social security funds. In 2015, the government launched a reform of social insurance funds that aimed to reduce funds to three institutions but a decrease in the total amount of administrative expenditures has not been achieved yet. In addition, Pension Fund of Ukraine was least burdened with administrative expenses, while other social security funds with a relatively small share of social expenditures were burdened with administrative expenditures much more. Practical implications. Research showed that nowadays the existence of several social security funds in Ukraine is economically

Cash Holdings and Mutual Fund Performance

OpenAIRE

Mikhail Simutin

2014-01-01

Cash holdings of equity mutual funds impose a drag on fund performance but also allow managers to make quick investments in attractive stocks and satisfy outflows without costly fire sales. This article shows that actively managed equity funds with high abnormal cash—that is, with cash holdings in excess of the level predicted by fund attributes—outperform their low abnormal cash peers by over 2% per year. Managers carrying high abnormal cash compensate for the low return on cash by making su...

Risk-return of Belgian SRI funds

OpenAIRE

Van Liedekerke, Luc; De Moor, Lieven; Vanwalleghem, Dieter

2007-01-01

We analyse the risk-return profile of Belgian SRI funds versus conventional investment funds. We apply a four-factor conditional Carhart model to establish whether there are significant differences in risk-return profile between an SRI portfolio and a conventional portfolio and test for learning effects in SRI funds. We show that there is no difference in risk-return profile between SRI and conventional funds. If return is not the problem, then what is it that limits the development of an SRI...

Funding Opportunity: Genomic Data Centers

Science.gov (United States)

Funding Opportunity CCG, Funding Opportunity Center for Cancer Genomics, CCG, Center for Cancer Genomics, CCG RFA, Center for cancer genomics rfa, genomic data analysis network, genomic data analysis network centers,

7 CFR 3430.205 - Funding restrictions.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Funding restrictions. 3430.205 Section 3430.205... Funding restrictions. (a) Prohibition against construction. Funds made available under this subpart shall not be used for the construction of a new building or facility or the acquisition, expansion...

Performance control of Chinese investment funds

NARCIS (Netherlands)

Cao, X.

2002-01-01

The performance control of investment funds has long been a discussed focal point by both academics and practitioners because of the ready availability of fund data and the importance of fund performance in attracting investors. Unfortunately, this area was still an almost blank space in the Chinese

24 CFR 401.472 - Rehabilitation funding.

Science.gov (United States)

2010-04-01

... (MARK-TO-MARKET) Restructuring Plan § 401.472 Rehabilitation funding. (a) Sources of funds—(1) Project... has determined that funding from this source is available. (b) Statutory restrictions. Any... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Rehabilitation funding. 401.472...

40 CFR 35.272 - Funding coordination.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Funding coordination. 35.272 Section 35.272 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY GRANTS AND OTHER FEDERAL ASSISTANCE....272 Funding coordination. Recipients must use the lead-based paint program funding in a way that...

Empirical study on mutual fund objective classification.

Science.gov (United States)

Jin, Xue-jun; Yang, Xiao-lan

2004-05-01

Mutual funds are usually classified on the basis of their objectives. If the activities of mutual funds are consistent with their stated objectives, investors may look at the latter as signals of their risks and incomes. This work analyzes mutual fund objective classification in China by statistical methods of distance analysis and discriminant analysis; and examines whether the stated investment objectives of mutual funds adequately represent their attributes to investors. That is, if mutual funds adhere to their stated objectives, attributes must be heterogeneous between investment objective groups and homogeneous within them. Our conclusion is to some degree, the group of optimized exponential funds is heterogeneous to other groups. As a whole, there exist no significant differences between different objective groups; and 50% of mutual funds are not consistent with their objective groups.

77 FR 9231 - Lock+ Hydro Friends Fund XXVIII; FFP Project 59, LLC; Notice Announcing Preliminary Permit Drawing

Science.gov (United States)

2012-02-16

...+ Hydro Friends Fund XXVIII; FFP Project 59, LLC; Notice Announcing Preliminary Permit Drawing The... of the Commission, or her designee, will conduct a random drawing to determine the filing priority of... applications as provided in section 4.37 of its regulations.\\2\\ The priority established by this drawing will...

77 FR 9231 - Lock+ Hydro Friends Fund XL; FFP Project 56, LLC; Notice Announcing Preliminary Permit Drawing

Science.gov (United States)

2012-02-16

...+ Hydro Friends Fund XL; FFP Project 56, LLC; Notice Announcing Preliminary Permit Drawing The Commission..., or her designee, will conduct a random drawing to determine the filing priority of the applicants... section 4.37 of its regulations.\\2\\ The priority established by this drawing will be used to determine...

77 FR 9230 - Lock+ Hydro Friends Fund XLV; FFP Project 2, LLC; Notice Announcing Preliminary Permit Drawing

Science.gov (United States)

2012-02-16

...+ Hydro Friends Fund XLV; FFP Project 2, LLC; Notice Announcing Preliminary Permit Drawing The Commission... her designee, will conduct a random drawing to determine the filing priority of the applicants... section 4.37 of its regulations.\\2\\ The priority established by this drawing will be used to determine...

77 FR 9230 - Lock+ Hydro Friends Fund XLIII; FFP Project 53, LLC; Notice Announcing Preliminary Permit Drawing

Science.gov (United States)

2012-02-16

...+ Hydro Friends Fund XLIII; FFP Project 53, LLC; Notice Announcing Preliminary Permit Drawing The... Commission, or her designee, will conduct a random drawing to determine the filing priority of the applicants... section 4.37 of its regulations.\\2\\ The priority established by this drawing will be used to determine...

77 FR 9232 - Lock+ Hydro Friends Fund XXXVIII; FFP Project 1, LLC; Notice Announcing Preliminary Permit Drawing

Science.gov (United States)

2012-02-16

...+ Hydro Friends Fund XXXVIII; FFP Project 1, LLC; Notice Announcing Preliminary Permit Drawing The..., or her designee, will conduct a random drawing to determine the filing priority of the applicants... section 4.37 of its regulations.\\2\\ The priority established by this drawing will be used to determine...

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2002-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 2 October 2002 at 14.30 hrs The Agenda comprises: Opening Remarks (P. Levaux) Recent trends in the technical balance of pension funds (C. Cuénoud) Annual Report 2001: Presentation and results (C. Cuénoud) Copies of the Report are available from divisional secretariats. Position of the CERN Pension Fund with respect to market developments (G. Maurin) Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. Conclusions (P. Levaux) As usual, participants are invited to drinks after the assembly. NB The minutes of the 2001 General Assembly are available from the Administration of the Fund (tel.(+4122)767 9194; e-mail Graziella.Praire@cern.ch) SOME ASPECTS OF THE FUND'S ACTIVITIES IN 2001...

GOVERNING BOARD OF THE PENSION FUND

CERN Document Server

2001-01-01

The Governing Board met on 4 September in its first session since the summer break. On this occasion, the Board invited the two actuaries entrusted with the three-yearly actuarial review of the Fund, MP Actuaires SA (Geneva) and AON Consulting (Brussels), to present their results. Although the two studies were conducted independently and simultaneously, the Governing Board noted that the underlying methodology was remarkably similar in both cases. Both actuaries adopted a stochastic approach, both performed analyses based on the closed-fund method and on the open-fund method, and both made an evaluation of the risks for the appreciation of the Fund's financial position. This methodology produced consistent results which, while not always identical, are superimposable in terms of their order of magnitude. Under the closed-fund method, which involves assessing the Fund's financial situation as if it were closed on the date of calculation without any new members being admitted, both actuaries conclude that the s...

Decontamination and Decommissioning at Small Nuclear Facilities: Facilitating the Submission of Decommissioning Funding Plans

International Nuclear Information System (INIS)

Minor, D.A.; Grumbles, A.

2009-01-01

This paper describes the efforts of the Washington State Department of Health to ensure that small nuclear facilities have the tools each needs to submit Decommissioning Funding Plans. These Plans are required by both the U.S. Nuclear Regulatory Commission (NRC) and in some states - in the case of Washington state, the Washington State Department of Health is the regulator of radioactive materials. Unfortunately, the guidance documents provided by the U.S. NRC pertain to large nuclear facilities, such as nuclear fuel fabrication plants, not the small nuclear laboratory nor small nuclear laundry that may also be required to submit such Plans. These small facilities are required to submit Decommissioning Funding Plans by dint of their nuclear materials inventory, but have only a small staff, such as a Radiation Safety Officer and few authorized users. The Washington State Department of Health and Attenuation Environmental Company have been working on certain tools, such as templates and spreadsheets, that are intended to assist these small nuclear facilities prepare compliant Decommissioning Funding Plans with a minimum of experience and effort. (authors)

European Regulatory Framework for Money Market Funds

OpenAIRE

Portuese, Aurelien; MacNeil, Iain

2014-01-01

Money market funds are widely used by all types of investors, including households, corporate treasurers, pension funds, or insurance companies, who regard money market funds as a ‘safe’ short-term liquid asset class for investing cash. In this case they are proxies to cash deposits. Money market funds are themselves key lenders to issuers of short dated high quality money market instruments. They provide an important source of funding for a variety of institutions such as sovereigns, banks, ...

Comparison of the Navy Working Capital Fund and Mission Funding as Applied to Navy Shipyards

National Research Council Canada - National Science Library

Cain, Andrew M

2006-01-01

.... This funding shift has raised questions about the advantages and disadvantages each financial system provides shipyards, the operating differences that occur due to the funding change, and the future...

40 CFR 35.691 - Funding coordination.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Funding coordination. 35.691 Section 35.691 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY GRANTS AND OTHER FEDERAL ASSISTANCE...(g)) § 35.691 Funding coordination. Recipients must use the Lead-Based Paint program funding in a way...

Interest rate models for pension and insurance regulation

NARCIS (Netherlands)

Broeders, Dirk; de Jong, Frank; Schotman, Peter

2016-01-01

Liabilities of pension funds and life insurers typically have very long times to maturity. The valuation of such liabilities introduces particular challenges as it relies on long term interest rates. As the market for long term interest rates is less liquid, financial institutions and the regulator

Interest Rate Models for Pension and Insurance Regulation

NARCIS (Netherlands)

Broeders, D.W.G.A.; de Jong, Frank; Schotman, Peter

Liabilities of pension funds and life insurers typically have very long times to maturity. The valuation of such liabilities introduces particular challenges as it relies on long term interest rates. As the market for long term interest rates is less liquid, financial institutions and the regulator

Re-Framing Biotechnology Regulation.

Science.gov (United States)

Peck, Alison

Biotechnology is about to spill the banks of federal regulation. New genetic engineering techniques like CRISPR-Cas9 promise revolutionary breakthroughs in medicine, agriculture, and public health—but those techniques would not be regulated under the terms of the Coordinated Framework for Regulation of Biotechnology. This revolutionary moment in biotechnology offers an opportunity to correct the flaws in the framework, which was hastily patched together at the advent of the technology. The framework has never captured all relevant technologies, has never satisfied the public that risk is being effectively managed, and has never been accessible to small companies and publicly-funded labs that increasingly are positioned to make radical, life-saving innovations. This Article offers a proposal for new legislation that would reshape biotechnology regulation to better meet these goals. Key reforms include tying regulation to risk rather than technology category; consolidating agency review; capturing distinct regulatory expertise through inter-agency consultations; creating a clearinghouse to help guide applicants and disseminate information; setting up more comprehensive monitoring of environmental effects; and providing federal leadership to fill key data gaps and address socio-economic impacts.

Importance of funding in decommissioning cost estimates

International Nuclear Information System (INIS)

Mingst, B.C.

1987-01-01

Decommissioning cost estimates have been made by several study groups for the decommissioning of pressurized-water and boiling-water nuclear power stations. The results of these studies are comparable when corrected for inflation and the differences in contingency factors applied by the study groups. The estimated dismantling costs differ far less than a factor of 2 in all cases, despite the design differences found in the plants that were studied. An analysis of the different methods available for funding the dismantling of these facilities shows the much stronger effect that the choice of funding methods has on the net cost of decommissioning. The total cost of dismantling may vary more than a factor of 4 from one funding method to another, assuming current or recent historical inflation rates. The funding methods evaluated include sinking funds, deposits, negative-salvage value depreciation, and insurance. These funding methods are taken from the NRC's Notice of Proposed Rulemaking description of acceptable funding methods. The funding analysis for this study was performed using the DECOST-86 computer code. The evaluation of funding options for a nuclear facility, and the appropriate choice of the funding method best for that facility, are found to be more important than detailed engineering studies in determining the net cost of decommissioning during the early portions of the plant's operating lifetime

Department of Energy and Mines, Oil and Gas Revolving Fund financial statements for the year ended March 31, 1993

International Nuclear Information System (INIS)

1993-01-01

The Oil and Gas Revolving Fund of the Saskatchewan Department of Energy and Mines was set up to provide a system of accounting for costs related to regulating and providing certain services to the oil and gas industry. Costs are shared equally by the Department and the industry. The Fund's income from the industry comes from a well levy consisting of annual fees charged to license holders and unit operators of certain types of oil and gas wells. Audited financial statements for the year ending March 31, 1993 are presented

Department of Energy and Mines, Oil and Gas Revolving Fund financial statements for the year ended March 31, 1992

International Nuclear Information System (INIS)

1993-02-01

The Oil and Gas Revolving Fund of the Saskatchewan Department of Energy and Mines was set up to provide a system of accounting for costs related to regulating and providing certain services to the oil and gas industry. Costs are shared equally by the Department and the industry. The Fund's income from the industry comes from a well levy consisting of annual fees charged to license holders and unit operators of certain types of oil and gas wells. Audited financial statements for the year ending March 31, 1992 are presented

Consolidating Financial Statements of the Defense Finance and Accounting Service Revolving Fund of the Defense Business Operations Fund-FY 1992

National Research Council Canada - National Science Library

1993-01-01

...) Revolving Fund of the Defense Business Operations Fund (the Fund). The revolving Fund was created to provide finance and accounting services to DoD customers, charging them the full cost of those services...

The Drawbacks of Project Funding for Epistemic Innovation: Comparing Institutional Affordances and Constraints of Different Types of Research Funding

Science.gov (United States)

Franssen, Thomas; Scholten, Wout; Hessels, Laurens K.; de Rijcke, Sarah

2018-01-01

Over the past decades, science funding shows a shift from recurrent block funding towards project funding mechanisms. However, our knowledge of how project funding arrangements influence the organizational and epistemic properties of research is limited. To study this relation, a bridge between science policy studies and science studies is…

The Irish Enterprise Funding Environment, April 2012

OpenAIRE

2012-01-01

Funding is vital for enterprises to survive and at present bank lending is a central element of the funding environment for business in Ireland. This report provides an overview of the current funding environment for business in Ireland, both bank and non-bank sources. It also outlines the policy issues arising and proposes a wide range of actions to improve access to funding, many of which have been reflected in the Action Plan for Jobs. Implementation of funding measures in the Action Pl...

2001-2008 BBG Funding Overview

Data.gov (United States)

Broadcasting Board of Governors — This dataset presents BBG funding by Agency component for the period between FY 2001 and FY 2008. The data covers funding for each BBG broadcasting entity and for...

78 FR 65341 - Discretionary Grant Funds

Science.gov (United States)

2013-10-31

... Deviation: Non-Competitive Expansion Supplement Funds to the Healthcare Systems Bureau (HSB). SUMMARY: HRSA... of the Non-Competitive Award: $126,144. CFDA Number: 93.253. Period of Supplemental Funding: 10/1... period that is due to end August 31, 2014. The funding was based on providing services to 50 percent of...

A National Nuclear Fund was created

International Nuclear Information System (INIS)

Svolik, S.

2006-01-01

National Nuclear Fund for Decommissioning of the Nuclear Equipment and for Treatment of the Spent Nuclear Fuel and Radio Active Wastes - this is the full name of the newly established fund, because the State Fund of Liquidation of the Nuclear and Energetic Equipment has been cancelled by course of law. (author)

34 CFR 668.162 - Requesting funds.

Science.gov (United States)

2010-07-01

... Secretary, the Secretary may provide funds to an institution under the advance, reimbursement, just-in-time, or cash monitoring payment methods. (2) Each time an institution requests funds from the Secretary... received those funds. (c) Just-in-time payment method. Under the just-in-time payment method— (1) For each...

The 10 largest public and philanthropic funders of health research in the world: what they fund and how they distribute their funds.

Science.gov (United States)

Viergever, Roderik F; Hendriks, Thom C C

2016-02-18

Little is known about who the main public and philanthropic funders of health research are globally, what they fund and how they decide what gets funded. This study aims to identify the 10 largest public and philanthropic health research funding organizations in the world, to report on what they fund, and on how they distribute their funds. The world's key health research funding organizations were identified through a search strategy aimed at identifying different types of funding organizations. Organizations were ranked by their reported total annual health research expenditures. For the 10 largest funding organizations, data were collected on (1) funding amounts allocated towards 20 health areas, and (2) schemes employed for distributing funding (intramural/extramural, project/'people'/organizational and targeted/untargeted funding). Data collection consisted of a review of reports and websites and interviews with representatives of funding organizations. Data collection was challenging; data were often not reported or reported using different classification systems. Overall, 55 key health research funding organizations were identified. The 10 largest funding organizations together funded research for $37.1 billion, constituting 40% of all public and philanthropic health research spending globally. The largest funder was the United States National Institutes of Health ($26.1 billion), followed by the European Commission ($3.7 billion), and the United Kingdom Medical Research Council ($1.3 billion). The largest philanthropic funder was the Wellcome Trust ($909.1 million), the largest funder of health research through official development assistance was USAID ($186.4 million), and the largest multilateral funder was the World Health Organization ($135.0 million). Funding distribution mechanisms and funding patterns varied substantially between the 10 largest funders. There is a need for increased transparency about who the main funders of health research are

PERFORMANCE EVALUATION OF CHINESE NEW FUNDS

Institute of Scientific and Technical Information of China (English)

倪苏云; 翁轶丛; 吴冲锋

2001-01-01

he performance of Chinese investment funds was empirically analyzed using the following models, i.e. Jensen model, Treynor-Mazuy (T-M) model amd Merton-Henriksson model. The results show that T-M model is fitted to Chinese investment funds best among these three. But none of them can perfectly interpret the new funds' performance. So, the idea suggested by Jagannathan, Korajczyk (J-K) to extend the test was adopted in this paper, and the results show that J-K model augmented from the M-H can explain the source of excess return of fund Anxin.

Fossil Fuel Industry Funding of Climate-Relevant Research at U.S. Universities

Science.gov (United States)

Franta, B.; Supran, G.

2017-12-01

Commercial producers of lead, tobacco, petroleum, and other products have funded extensive scholarly research in ways designed to confuse the public about the dangers of those products and thwart regulation [1-3]. For example, strategy documentation of the U.S. oil and gas industry from the late 1990s describes using selective support for scientists as a strategy for creating an atmosphere of debate and uncertainty, with the ultimate goal of delaying and defeating climate policies [4]. In this context, we systematically examine current funding from commercial fossil fuel interests of climate-relevant research - such as energy technology and climate policy research - in U.S. universities. We quantify such funding using charitable giving databases, university websites, and other publicly available records. We find that, especially among the most influential universities, climate-related research programs are frequently dominated by funding from fossil fuel interests. Moreover, these relationships sometimes afford funders privileges including formal control over research directions. This work represents an advance in mapping the presence of commercial fossil fuel interests in academia and may contribute to discussions of appropriate funding systems for climate-relevant research. 1. Markowitz, G. and D. Rosner, Lead Wars: The Politics of Science and the Fate of America's Children. 1st ed. 2013: University of California Press. 2. Brandt, A.M., Inventing Conflicts of Interest: A History of Tobacco Industry Tactics. American Journal of Public Health, 2012. 102(1): p. 63-71. 3. Oreskes, N. and E.M. Conway, Merchants of Doubt: How a Handful of Scientists Obscured the Truth on Issues from Tobacco Smoke to Global Warming. 2011: Bloomsbury Press. 4. Walker, J., Global Climate Science Communications Action Plan. 1998. Workshop held at the headquarters of the American Petroleum Institute.

77 FR 9231 - Lock+ Hydro Friends Fund IV; FFP Project 55, LLC; Notice Announcing Preliminary Permit Drawing

Science.gov (United States)

2012-02-16

...+ Hydro Friends Fund IV; FFP Project 55, LLC; Notice Announcing Preliminary Permit Drawing The Commission... of the Commission, or her designee, will conduct a random drawing to determine the filing priority of... applications as provided in section 4.37 of its regulations.\\2\\ The priority established by this drawing will...

Comparison of the Navy Working Capital Fund and Mission Funding as Applied to Navy Shipyards

National Research Council Canada - National Science Library

Cain, Andrew M

2006-01-01

.... Specifically, the Navy has shifted two of its four shipyards, with authorization to shift the other two in FY07, from the Navy Working Capital Fund to mission funding through direct congressional appropriations...

European Funds Fraud: The Impact on the Process of Absorption of Structural and Cohesion Funds in Romania

Directory of Open Access Journals (Sweden)

Dumitru BELDIMAN

2016-06-01

Full Text Available The increase of the degree of absorption of European funds offered to Romania by the European Union represents one of its main objectives in the present and future situation. One of the main reasons that the funds are so important is the fact that, taking into consideration the microeconomic and macroeconomic situation that Romania is in, it represents an alternative financing mechanism of the economy that Romania can benefit in very advantageous conditions. Even under these conditions Romania- within 2007-2013 period of programming – couldn’t benefit from it by attracting as many structural and cohesion funds as possible, at least in comparison to other member states. In our opinion, that of the authors’ one of the reasons that led to such a low rate of absorption, alongside with the low administrative capacity of the state is the excessive bureaucracy, an inefficient legislative framework which is not harmonized with the European one, the lack of experience in using and administrating of European funds, the beneficiaries’ incapacity to sustain the financial support of the project (to assure the co-financing of the project, a low involvement of Romanian banking institutions in the process of supporting the beneficiaries of European funds. Another cause is the European funds fraud that happened in Romania. In the present article, the authors have decided to analyze the influence of European funds fraud on the degree of absorption of structural and cohesion funds in Romania.

Impact of Competition on Mutual Fund Marketing Expenses

Directory of Open Access Journals (Sweden)

Sitikantha Parida

2018-03-01

Full Text Available In this paper, I study the impact of market competition on mutual fund marketing expenses. In a sample of US domestic equity mutual funds, I find that marketing expenses decrease with the competition. This effect is stronger for top-performing funds. These results are counterintuitive, as one would ordinarily expect funds to incur more marketing expenses in response to pressure from competing funds. However, these results support the narrative that mutual funds employ marketing to draw attention to their performance in a tournament-like market, where the top-performing funds (the winners are rewarded with disproportionately high new investments. Higher competition decreases the chances of each fund to outperform the others and adversely affect their ability to attract new investments, and the funds respond by decreasing marketing expenses. Thus, competition appears to have implications for investor search cost.

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2002-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 2 October 2002 at 14.30 hrs The Agenda comprises: Opening Remarks (P. Levaux) Recent trends in the technical balance of pension funds (C. Cuénoud) Annual Report 2001: Presentation and results (C. Cuénoud) Copies of the Report are available from divisional secretariats. Position of the CERN Pension Fund with respect to market developments (G. Maurin) Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. Conclusions (P. Levaux) As usual, participants are invited to drinks after the assembly. NB The minutes of the 2001 General Assembly are available from the Administration of the Fund (tel.(+4122)767 9194; e-mail Graziella.Praire@cern.ch) SOME ASPECTS OF THE FUND'S ACTIVITIES IN 2001 The Governing Board (at 31 De...

Governing Board of the Pension Fund

CERN Document Server

2006-01-01

Most of the discussions at the meetings of the Governing Board of the Pension Fund on 20 September, 13 October and 15 November 2005 led to decisions by the Council at its Session on 15 and 16 December 2005 that will shape the future of the Pension Fund in more ways than one. The summary of these three most recent meetings of the Governing Board therefore focuses on the Council's decisions concerning: a package of equilibration measures for the CERN Pension Fund, consisting of proposals by the Governing Board and by the CERN Management; amendments to the Rules of the Pension Fund concerning family composition; an amendment to the Rules of the Pension Fund introducing a new Article III 1.06, 'The extension of the contract of a staff member beyond the age limit of 65'; the payment of compensation to the Pension Fund for the reduction observed in staff numbers between 2001 and 2004; the indexation of pensions for 2006. Regarding the first point above, the following measures were approved: The use of more r...

Governing Board of the Pension Fund

CERN Multimedia

2006-01-01

The Governing Board held its 146th and 147th meetings on 19 September and 1 November 2006 respectively. At the first of these two meetings, a technical amendment to the Rules of the Fund was discussed regarding the annual adjustment of pensions. The Governing Board made a proposal, which was approved by the CERN Council at its meeting on 19 October 2006, to make an amendment to Article II 1.15 of the Pension Fund's Rules (see below). As a result, in future years, as long as the funding ratio of the Pension Fund is below 100 %, only a fraction of the observed inflation will be granted, so that the funding ratio reaches 100 % by the end of 2033. The cumulated loss in purchasing power incurred by any beneficiary shall be limited to 8 % maximum (including, for those concerned, the 1.7 % loss as at 1 January 2005). The parameters of this mechanism shall be reviewed after each actuarial review, to take into account the updated financial position of the Fund. The factor to be applied to the consumer price index f...

Casemix funding in Australia.

Science.gov (United States)

Braithwaite, J; Hindle, D; Phelan, P D; Hanson, R

1998-06-01

Casemix funding for hospitals with the use of diagnosis-related groups (DRGs), which organise patients' conditions into similar clinical categories with similar costs, was introduced in Australia five years ago. It has been applied in different ways and to a greater or lesser extent in different Australian States. Only Victoria and South Australia have implemented casemix funding across all healthcare services. Attempts have been made to formally evaluate its impact, but they have not met the required scientific standards in controlling for confounding factors. Casemix funding remains a much-discussed issue. In this Debate, Braithwaite and Hindle take a contrary position, largely to stimulate policy debate; Phelan defends the casemix concept and advocates retaining its best features; and Hanson adds a plea for consumer input.

Funding for reactor decommissioning: the NRC perspective

International Nuclear Information System (INIS)

Wood, R.S.

1981-01-01

The cost of decommissioning a nuclear power plant is discussed. Four funding approaches that have received the most attention from the NRC are: prepayment into a trust fund of estimated decommissioning funds at the start of facility operation; annual contributions into a trust fund outside the control of the utility over the estimated life of a facility; internal reserve or sinking fund amortizations over the estimated life of a facility; and insurance or other surety mechanisms used separately or in conjunction with any of the first three mechanisms

Determinants of perceived and actual knowledge of commission paid by contributors in the pension funds industry

Directory of Open Access Journals (Sweden)

Pablo Farías

2017-01-01

Full Text Available This paper examines the determinants of perceived and actual knowledge of commission paid by contributors in the Chilean pension funds industry. Results show that price consciousness and brand credibility are positively associated with perceived and actual knowledge of commission paid by pension fund contributors. Results also show that financial literacy is only positively associated with actual knowledge of commission paid by contributors. Additionally, results show that price based advertising exposure is only positively associated with perceived knowledge of commission paid by contributors. This association is stronger for contributors with a high use of the price-quality cue. Based on the findings presented, implications for managers, regulators and researchers are drawn.

Should Glaucoma be Publicly Funded in Arguments for Funding ...

African Journals Online (AJOL)

2018-03-01

Mar 1, 2018 ... 2018 Nigerian Journal of Ophthalmology | Published by Wolters Kluwer - Medknow. 59. [Downloaded free ... vision.[6] Further, Malaysia has an efficient, widespread ... universal healthcare program, mainly tax-funded (80%).

The rise of Asian sovereign wealth funds

OpenAIRE

Borst, Nicholas

2015-01-01

This Asia Focus provides an overview of sovereign wealth funds, evaluates the structure and activities of major funds in Asia, and compares the transparency of Asian funds relative to international best practices.

Mutual Fund Performance: Evidence From South Africa

Directory of Open Access Journals (Sweden)

Ömer Faruk Tan

2015-11-01

Full Text Available This paper aims to evaluate the performance of South African equity funds between January 2009 and November 2014. This study period overlaps with the study period of quantitative easing during which developing economies in financial markets have been influenced severely. Thanks to the increase in the money supply directed towards the capital markets, a relief was experienced in related markets following the crisis period. During this 5-year 10-month period, in which the relevant quantitative easing continued, Johannesburg Stock Exchange (JSE yielded approximately %16 compounded on average, per year. In this study, South African equity funds are examined in order to compare these funds' performance within this period.Within this scope- 10 South African equity funds are selected. In order to measure these funds' performances, the Sharpe ratio (1966, Treynor ratio (1965, Jensen's alpha (1968 methods are used. Jensen's alpha is also used in identifying selectivity skills of fund managers. Furthermore, the Treynor & Mazuy (1966 and Henriksson & Merton (1981 regression analysis methods are applied to ascertain the market timing ability of fund managers. Furthermore, Treynor & Mazuy (1966 regression analysis method is applied for market timing ability of fund managers.

23 CFR 650.413 - Funding.

Science.gov (United States)

2010-04-01

... HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION ENGINEERING AND TRAFFIC OPERATIONS BRIDGES, STRUCTURES, AND HYDRAULICS Highway Bridge Replacement and Rehabilitation Program § 650.413 Funding. (a) Funds authorized for carrying out the Highway Bridge Replacement and Rehabilitation Program are available for...

Performance Evaluation of Equity Mutual Funds in Indonesia

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Irene Rini Demi Pangestuti

2017-11-01

Full Text Available Mutual funds considered as an investment alternative for investors. One type of mutual fund that attracts many investors was the equity mutual funds. Equity mutual fund is a type of mutual funds that most part of the investment consists of stocks in the capital market so the risk rate was higher than the other types of mutual funds. For its different characteristic, the measurement for equity funds performance did not be same with other types of mutual funds. As a stock portfolio, equity mutual funds can be measured by portfolio measurement methods such as Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index, Adjusted Jensen Index, and Sortino Ratio. This study was conducted by using all of those performance measurements as most research in Indonesia was conducted by using limited performance measurements (focusing on Sharpe Index, Treynor Ratio, and Jensen Index. This study aims to evaluated the performance of 42 equity mutual funds available in Indonesia by employing Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index (ASI, Adjusted Jensen Index (AJI, and Sortino Ratio because most previous researches in Indonesian setting disregards ASI and AJI. In general, it was concluded that the SAM Indonesian Equity was the best performing equity fund during the study period. It was further found that most equity mutual fund studied have been well diversified.

34 CFR 628.45 - How much endowment fund income may a grantee use and for what purposes?

Science.gov (United States)

2010-07-01

... 34 Education 3 2010-07-01 2010-07-01 false How much endowment fund income may a grantee use and for what purposes? 628.45 Section 628.45 Education Regulations of the Offices of the Department of... necessary because of— (1) A financial emergency such as a pending insolvency or temporary liquidity problem...

25 CFR 87.11 - Investment of judgment funds.

Science.gov (United States)

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Investment of judgment funds. 87.11 Section 87.11 Indians... JUDGMENT FUNDS § 87.11 Investment of judgment funds. As soon as possible after the appropriation of... distribution of the funds, the Commissioner shall invest such funds pursuant to 25 U.S.C. 162a. Investments of...

Farms and funds: investment funds in the global land rush

Energy Technology Data Exchange (ETDEWEB)

Buxton, Abbi; Campanale, Mark; Cotula, Lorenzo

2012-01-15

Investment funds show a growing interest in farmland and agriculture. They are buying up land and agribusinesses in developing countries with the expectation of high long-term returns linked to rising land prices, growing populations and increasing demand for food. While the media has reported extensively on the involvement of these funds in the global land rush, the mechanics remain little understood by the broader public. What is the interest and what is driving it? Who are the players and what processes do their investment decisions go through? What are the impacts in recipient countries? And what action can be taken to promote investments that genuinely support local people?.

Harvard University: Green Loan Fund. Green Revolving Funds in Action: Case Study Series

Science.gov (United States)

Foley, Robert

2011-01-01

The Green Loan Fund at Harvard University has been an active source of capital for energy efficiency and waste reduction projects for almost a decade. This case study examines the revolving fund's history from its inception as a pilot project in the 1990s to its regeneration in the early 2000s to its current operations today. The green revolving…

Hedge Funds as Investors of Last Resort?

OpenAIRE

David J. Brophy; Paige P. Ouimet; Clemens Sialm

2009-01-01

Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by requiring substantial discounts, negotiating repricing rights, and entering into short positions of the underlying stocks. We find that companies that obtain financing from hedge funds significantly underperform companies that ob...

Nuclear generation cost and nuclear research development fund

International Nuclear Information System (INIS)

Kim, S. S.; Song, G. D.

2000-01-01

The main objective of this study is to analyze the effects of nuclear R and D fund to nuclear generation cost and to assess the adaptability of fund size through the comparison with the nuclear research fund in Japan. It was estimated that nuclear R and D fund increased the average annual unit cost of nuclear power generation by 1.14 won/kWh. When the size of nuclear R and D fund is compared with that in Japan, this study suggests that the current nuclear R and D fund should be largely increased taking into consideration the ratio of R and D fund to nuclear generation

Annual Pension Fund Update

CERN Multimedia

Pension Fund

2011-01-01

All members and beneficiaries of the Pension Fund are invited to attend the Annual Pension Fund Update to be held in the CERN Council Chamber on Tuesday 20 September 2011 from 10-00 to 12-00 a.m. Copies of the 2010 Financial Statements are available from departmental secretariats. Coffee and croissants will be served prior to the meeting as of 9-30 a.m.

PERFORMANCE MEASUREMENT OF UCITS INVESTMENT FUNDS IN CROATIA

Directory of Open Access Journals (Sweden)

Marko Curkovic

2017-03-01

Full Text Available UCITS investment funds represent an important investment opportunity for retail, as well for institutional investors in the European Union. The aim of this paper is to analyse the performance of the UCITS investment funds in Croatia and to detect relatively homogeneous groups among the UCITS funds based on its performance. The analysis includes 55 UCITS, in the period from the beginning of 2011 until the end of 2014, and it is conducted on daily data of share prices, available from Bloomberg terminal. Analysis is performed separately within the groups of different investment fund by investment strategy. The research methodology is based on the calculation of various indicators of absolute and relative risk-adjusted performance and riskiness of the funds. In general, based on analysis of performance measures, it can be concluded that funds with higher values of net assets were more successful compared to the funds with below-average asset values. Also, funds with below-average values of net assets were more volatile. At the same time, funds run by foreign own management companies were more successful by the absolute performance measures, compared to funds run by management companies with domestic ownership. On the other hand, those funds were more volatile, as well.

Pension fund excellence creating value for stakeholders

CERN Document Server

Ambachtsheer, Keith P.

1998-01-01

Internationally recognized experts in the field introduce their "business excellence paradigm". In this book, two leading pension fund experts lay out a comprehensive plan for effective fund management. With the help of domestic and global case studies they critically assess current approaches to pension fund management and isolate what works and what doesn't using their unique critically acclaimed "run-it-like-a-business" model. Keith P. Ambachtsheer (Toronto, Canada) is principle at KPA Advisory Service, Inc., a pension fund management consulting firm. He runs The Ambachtsheer Letter and cofounded Cost Effective Measurement, Inc., which monitors the performance of 300 of the world's largest asset funds. D. Don Ezra (Toronto, Canada) is Director of European Consulting at Frank Russell Co. His previous books include The Struggle for Pension Fund Wealth.

Comparative Analysis of A, B Type and Exchange Traded Funds Performances with Mutual Fund Performance Measures, Regression Analysis and Manova Technique.

Directory of Open Access Journals (Sweden)

Mehmet Arslan

2010-06-01

Full Text Available The objective of the study is to evaluate risk- reward relationship and relative performances of the 4 different groups of mutual funds. To this end, daily return data of these 12 mutual funds (3 type variable fund; 3 B type variable fund; 3 A type stock fund and 3 A type Exchange traded fund together with daily market index (imkb100 return and daily return of riskless rate for the period from January 2006 to Feb 2010. The 180-day maturity T-Bill has been selected to represent riskless rate. To determine performances of mutual funds; Sharpe ratio, M2 measure, Treynor index, Jensen index, Sortino ratio, T2 ratio, Valuation ratio has been applied and these indicators produced conflicting results in ranking mutual funds. Then timingand selection capability of the fund manager has been determined by applying simple regression and Quadratic regression. Interestingly all funds found to have positive coefficient, indicating positive election capability of managers; but in terms of timing capability only one fund managers showed success. Finally, to determine extent to which mean returns are differs between mutual funds, market index (imkb100 and riskless rate (180 day TBill results of the analysis revealed that mean returns of individual security returns differs at P≤0,01 level. That shows instability in returns and poor ex-ante forecast modeling capability.

Vertical and horizontal equity of funding for malaria control: a global multisource funding analysis for 2006-2010.

Science.gov (United States)

Barrenho, Eliana; Miraldo, Marisa; Shaikh, Mujaheed; Atun, Rifat

2017-01-01

International and domestic funding for malaria is critically important to achieve the Sustainable Development Goals. Its equitable distribution is key in ensuring that the available, scarce, resources are deployed efficiently for improved progress and a sustained response that enables eradication. We used concentration curves and concentration indices to assess inequalities in malaria funding by different donors across countries, measuring both horizontal and vertical equity. Horizontal equity assesses whether funding is distributed in proportion to health needs, whereas vertical equity examines whether unequal economic needs are addressed by appropriately unequal funding. We computed the Health Inequity Index and the Kakwani Index to assess the former and the latter, respectively. We used data from the World Bank, Global Fund, Unicef, President's Malaria Initiative and the Malaria Atlas Project to assess the distribution of funding against need for 94 countries. National gross domestic product per capita was used as a proxy for economic need and 'population-at-risk' for health need. The level and direction of inequity varies across funding sources. Unicef and the President's Malaria Initiative were the most horizontally inequitable ( pro-poor ). Inequity as shown by the Health Inequity Index for Unicef decreased from -0.40 (P0.10) in 2006 to -0.38 (P<0.05) in 2008, and decreased to -0.36 (P<0.10) in 2010. Domestic funding was inequitable ( pro-rich ) with inequity increasing from 0.28 (P<0.01) in 2006 to 0.39 (P<0.01) in 2009, and then decreasing to 0.22 (P<0.10) in 2010. Funding from the World Bank and the Global Fund was distributed proportionally according to need. In terms of vertical inequity, all sources were progressive: Unicef and the President's Malaria Initiative were the most progressive with the Kakwani Indices ranging from -0.97 (P<0.01) to -1.29 (P<0.01), and -0.90 (P<0.01) to -1.10 (P<0.01), respectively. Our results suggest that external funding of

Pension Fund Performance in East Asia: A Comparative Study

Directory of Open Access Journals (Sweden)

Zamri Ahmad

2015-06-01

Full Text Available This paper discusses and analyzes asset allocation and performance of the major pension funds in four East Asia countries, namely Malaysia, Singapore, Hong Kong and South Korea. The respective funds for these countries are Employee Provident Fund (EPF, Central Provident Fund (CPF, Mandatory Pension Fund (MPF and National Pension Service (NPS. The impact of some economic crises on the fund performance will also be assessed. Besides looking at the individual countries, a comparison of the performance among all the funds will also be done. From the analyses, it is found that the CPF is the most conservative pension fund as it invested most of its funds in fixed income and the investments were made in the local markets, while MPF is the most aggressive pension fund as most of its funds were invested in equities. Performance of the funds was measured in terms of return on investment (ROI. All funds recorded the lowest ROI during the subprime crisis in 2008. Besides the subprime crisis, these funds were also affected by the Japanese earthquake as lower ROI were also observed in 2011.