WorldWideScience

Sample records for reserve campos cash

  1. Reserves and cash flows under stochastic retirement

    DEFF Research Database (Denmark)

    Gad, Kamille Sofie Tågholt; Nielsen, Jeppe Woetmann

    2016-01-01

    Uncertain time of retirement and uncertain structure of retirement benefits are risk factors for life insurance companies. Nevertheless, classical life insurance models assume these are deterministic. In this paper, we include the risk from stochastic time of retirement and stochastic benefit...... structure in a classical finite-state Markov model for a life insurance contract. We include discontinuities in the distribution of the retirement time. First, we derive formulas for appropriate scaling of the benefits according to the time of retirement and discuss the link between the scaling...... and the guarantees provided. Stochastic retirement creates a need to rethink the construction of disability products for high ages and ways to handle this are discussed. We show how to calculate market reserves and how to use modified transition probabilities to calculate expected cash flows without significantly...

  2. Cash debt buybacks and the insurance value of reserves

    NARCIS (Netherlands)

    van Wijnbergen, S.

    Absence of terms-of-trade contingent instruments in international capital markets, combined with differences in risk aversion between commercial creditors and LDC borrowers, has important consequences for the welfare effects of cash/debt buy-backs. In such circumstances, secondary market prices fail

  3. What drives bidder cash reserve effects in acquisitions: Agency conflicts or precautionary motive?

    OpenAIRE

    Gao, Ning

    2011-01-01

    A cash-rich company is less likely to be a bidder during 1994-2008 in the US, contrasting the findings based on earlier sample period. This is mainly due to the companies with high residual market-to-book ratios (i.e. the residual of the actual market-to-book ratio regressed on measures of agency conflicts). Higher bidder excess cash reserve reduces bidder return at deal announcement. The negative announcement effect is stronger for bidders of lower asset-tangibility, but insensitive to the l...

  4. Cash pooling

    OpenAIRE

    Lozovaya, Karina

    2009-01-01

    This work makes a mention of cash management. At next chapter describes two most known theoretical models of cash management -- Baumol Model and Miller-Orr Model. Principal part of work is about cash pooling, types of cash pooling, cash pooling at Czech Republic and influence of cash pooling over accounting and taxes.

  5. Cash Management.

    Science.gov (United States)

    Fischer, Mary L.; Ostrom, John S.

    1982-01-01

    Elements of an effective management program for colleges and universities are examined. Five basic purposes of an effective program of cash management are identified: developing accurate cash projections, managing cash receipts, controlling cash disbursements, establishing sound banking relationships, and investing funds. It is suggested that all…

  6. V Campos

    Indian Academy of Sciences (India)

    Home; Journals; Bulletin of Materials Science. V Campos. Articles written in Bulletin of Materials Science. Volume 37 Issue 1 February 2014 pp 157-166 Electronic Supplementary Material. Characterization of neutrophil adhesion to different titanium surfaces · V Campos R C N Melo L P Silva E N Aquino M S Castro W ...

  7. Cash transfers and domestic violence.

    Science.gov (United States)

    Hidrobo, Melissa; Fernald, Lia

    2013-01-01

    Violence against women is a major health and human rights problem yet there is little rigorous evidence as to how to reduce it. We take advantage of the randomized roll-out of Ecuador's cash transfer program to mothers to investigate how an exogenous increase in a woman's income affects domestic violence. We find that the effect of a cash transfer depends on a woman's education and on her education relative to her partner's. Our results show that for women with greater than primary school education a cash transfer significantly decreases psychological violence from her partner. For women with primary school education or less, however, the effect of a cash transfer depends on her education relative to her partner's. Specifically, the cash transfer significantly increases emotional violence in households where the woman's education is equal to or more than her partner's. Copyright © 2012 Elsevier B.V. All rights reserved.

  8. Rating Your Cash Manager?

    Science.gov (United States)

    Nielsen, George A.; Johannisson, Eric E.

    1989-01-01

    The primary objective of a public cash management policy should include safety, liquidity, yield, and legality. Contains a cash management policy/procedure checklist, a test for cash managers, and a formula for calculating the rate of return. (MLF)

  9. Cash Reconciliation Tool

    Data.gov (United States)

    US Agency for International Development — CART is a cash reconciliation tool that allows users to reconcile Agency cash disbursements with Treasury fund balances; track open unreconciled items; and create an...

  10. The information content of supplemental reserve-based replacement measures relative to that of historical cost income and its cash and accrual components of oil and gas producing companies

    International Nuclear Information System (INIS)

    Spear, N.A.

    1992-01-01

    The empirical analysis indicated that two of the three reserve-based quantity replacement measures are very useful, in terms of explaining the security returns of full cost oil and gas producing companies during the release week of the 1982-1986 annual reports or 10-K filings of these companies. The analysis also indicated that two of the three reserve-based value replacement measures are very useful, in terms of explaining the security returns of full cost oil and gas producing companies during the release week of the 1984-1986 annual reports or 10-K filings. For the period 1987-1988, the empirical analysis indicated that all of the reserve-based quantity and value replacement measures are not useful, in terms of explaining the security returns of full cost oil and gas producing companies during the release week of the annual reports or 10-K filings. The empirical analysis showed no consistent evidence to indicate any systematic difference between the implications of the cash and accrual components of earnings of either the full cost or the successful efforts oil and gas producing companies during the release week of the annual report or 10-K filings

  11. A Cash Management Model.

    Science.gov (United States)

    Boyles, William W.

    1975-01-01

    In 1973, Ronald G. Lykins presented a model for cash management and analysed its benefits for Ohio University. This paper attempts to expand on the previous method by providing answers to questions raised by the Lykins methods by a series of simple algebraic formulas. Both methods are based on two premises: (1) all cash over which the business…

  12. Techniques for Improving Cash Management.

    Science.gov (United States)

    Lykins, Ronald G.

    1973-01-01

    This article deals with several techniques for regulating cash inflow and outflow and investing surplus cash for short periods of time. The techniques are: (1) consolidating checking accounts, (2) determining surplus cash by examining bank balances in conjunction with the cash book, (3) selecting a minimum bank balance, (4) investing a greater…

  13. Piranema Field: developing economically small reserves in deep waters; Campo de Piracema: o desafio de desenvolver economicamente pequenas reservas em aguas profundas

    Energy Technology Data Exchange (ETDEWEB)

    Brandao, Renilton M. [PETROBRAS S.A., Rio de Janeiro, RJ (Brazil)

    2008-07-01

    Piranema Field is located southeast of the city of Aracaju, in deep waters, sub-basin of Sergipe, about 25 km from the coast, with water depth varying from 200 and 2,000 meters. The biggest challenges for the production of this field, with high quality oil (41 to 44 API), were small reserves, the presence of large submarine canyons separating various geological structures and difficulty installation of pipelines and wax formation in production lines, which could cause its blocking. After several studies, we decided to exploit in two phases, using an FPSO (Floating Production Storage and Offloading), cylindrical, completely innovative, whose cost of construction could make the project economically attractive and gas produced entirely re-injected, which would increase considerably recovery factor. The development will be in two phases, with the first one lasting about 7 years and the second 4 years. It is expected a recovery factor of around 40% over the eleven years of production, with a peak production of around 30,000 bbl/d. The total project cost will be $ 1.1 bi, including investments, operating costs and taxes. (author)

  14. The Role of Cash Holdings in Reducing Investment-Cash Flow Sensitivity: Evidence from a Financial Crisis Period in an Emerging Market

    OpenAIRE

    Ozgur Arslan; Chrisostomos Florackis; Aydin Ozkan

    2006-01-01

    This paper investigates the relationship between financing constraints and investment-cash flow sensitivities by focusing on cash holdings of firms as the basic classification scheme to separate firms into financially constrained and unconstrained categories. The idea is that high cash reserves increase the ability of firms to undertake profitable investment opportunities. Our classification scheme is based on an optimal cash model, which helps us identify the firms that deviate significantly...

  15. 76 FR 6153 - Supplemental Environmental Impact Statement for the Proposed Campo Regional Landfill Project on...

    Science.gov (United States)

    2011-02-03

    ... for the Proposed Campo Regional Landfill Project on the Campo Indian Reservation, San Diego County, CA... proposed Campo Regional Landfill Project (Proposed Action) to be located on the Campo Indian Reservation... Landfill Project (Proposed Action). There is no Federal action of amended lease and amended sublease...

  16. Risk assessment future cash flows

    OpenAIRE

    Chachina H. G.

    2012-01-01

    This article is about risk assessment in planning future cash flows. Discount rate in DCF-model must include four factors: risk cash flow, inflation, value of investments, turnover assets. This has an influence net present value cash flow and make his incomparable.

  17. Excess cash holdings and shareholder value

    OpenAIRE

    Lee, Edward; Powell, Ronan

    2011-01-01

    We examine the determinants of corporate cash holdings in Australia and the impact on shareholder wealth of holding excess cash. Our results show that a trade-off model best explains the level of a firm’s cash holdings in Australia. We find that 'transitory' excess cash firms earn significantly higher risk-adjusted returns compared to 'persistent' excess cash firms, suggesting that the market penalises firms that hoard cash. The marginal value of cash also declines with larger cash balances, ...

  18. Assets Expropriation via Cash Dividends? Free Cash Flow or Tunneling

    Directory of Open Access Journals (Sweden)

    Jeng-Ren Chiou

    2010-06-01

    Full Text Available This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership control than those of firms with higher ownership control. This is more consistent with the tunneling hypothesis. However, when investment opportunities are considered, the free cash flow hypothesis better explains firms' dividend policy. Investors value more the cash dividends of firms with fewer investment opportunities and higher probability of expropriation. This study indicates that investors are concerned with the potential asset expropriation through cash payouts, unless firms possess high growth opportunities.

  19. Taxable Cash Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    Firms pay out cash using both dividends and share repurchases. In many aspects these two means are similar, but one important difference is that dividends are generally taxed more heavily than share repurchases. Nevertheless firms persist in paying out large amounts in dividends. This paper...... provides an explanation for this dividend puzzle by developing a class of signaling models violating the "single-crossing" property in which information about the quality of the firm is asymmetric between the management and the shareholders. In these models a high-quality firm can always signal its quality...... by using share repurchases only. However, in certain cases share repurchases become costlier on the margin for a high-quality firm than for a low-quality imitator. In such cases, the high-quality firm signals most cost efficiently by means of a combination of share repurchases and taxable cash dividends...

  20. Cash on Demand: A Framework for Managing a Cash Liquidity Position.

    Science.gov (United States)

    Augustine, John H.

    1995-01-01

    A well-run college or university will seek to accumulate and maintain an appropriate cash reserve or liquidity position. A rigorous analytic process for estimating the size and cost of a liquidity position, based on judgments about the institution's operating risks and opportunities, is outlined. (MSE)

  1. Understanding the tools for managing cash.

    Science.gov (United States)

    Pelfrey, S

    1990-10-01

    An institution's survival in the 1990s depends on its ability to generate enough cash to meet its needs. The author discusses two accounting tools, the cash budget and the statement of cash flows, that help monitor and control cash flows. By understanding the nature and impact of each report, nurse administrators can help safeguard one of their institution's scarcest resources: cash.

  2. MANAGEMENT OF CASH FLOWS OF THE ENTERPRISE AND THEIR OPTIMIZATION

    Directory of Open Access Journals (Sweden)

    Natalie V. Gryzunova

    2015-01-01

    Full Text Available The purpose of this work is the analysis of structure and process of management of cash flows of the enterprise, researchof a financial position and development of recommendationsabout increase of effective management of cash fl ows. When performing work various methods of research were applied:fi nancial, coeffi cient, ekonomiсo-mathematical, etc. As a result of the analysis reserves of increase of management efficiency are revealed and models of free cash flows, the most actual for group of the considered enterprises are offered.

  3. Empirical Studies on Cash Payments

    NARCIS (Netherlands)

    J. Kippers (Jeanine)

    2004-01-01

    textabstractCash is still the most common means of daily payments. The large number of cash payments is supported by a costly distribution system in which retailers, banks and central banks participate. Currency is issued in a range of bank note and coin denominations to facilitate efficiency

  4. Optimal Cash Management Under Uncertainty

    OpenAIRE

    Bensoussan, Alain; Chutani, Anshuman; Sethi, Suresh

    2009-01-01

    We solve an agent's optimization problem of meeting demands for cash over time with cash deposited in bank or invested in stock. The stock pays dividends and uncertain capital gains, and a commission is incurred in buying and selling of stock. We use a stochastic maximum principle to obtain explicitly the optimal transaction policy.

  5. Il campo magnetico terrestre

    OpenAIRE

    Meloni, A.; Winkler, A.

    2004-01-01

    La Terra si comporta come se fosse una grande calamita, in grado di influenzare l'ago magnetico delle bussole la quale si orienta approssimativamente verso Nord. La forza che agisce sull’ago, costringendolo ad assumere questa posizione, è generata dal campo magnetico terrestre.

  6. fernanda f campos

    Indian Academy of Sciences (India)

    Home; Journals; Journal of Biosciences. FERNANDA F CAMPOS. Articles written in Journal of Biosciences. Volume 42 Issue 4 December 2017 pp 657-664 Article. In vitro leishmanicidal, antibacterial and antitumour potential of anhydrocochlioquinone A obtained from the fungus Cochliobolus sp. FERNANDA F CAMPOS ...

  7. Cash efficiency for bank branches.

    Science.gov (United States)

    Cabello, Julia García

    2013-01-01

    Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks' branches is also a relevant issue as any significant improvement in cash management at the bank distribution channels may have a positive effect in reducing liquidity tensions. In this paper, we propose a simple programme of cash efficiency for the banks' branches, very easy to implement, which conform to a set of instructions to be imposed from the bank to their branches. This model proves to significantly reduce cash holdings at branches thereby providing efficiency improvements in liquidity management. The methodology we propose is based on the definition of some stochastic processes combined with renewal processes, which capture the random elements of the cash flow, before applying suitable optimization programmes to all the costs involved in cash movements. The classical issue of the Transaction Demand for the Cash and some aspects of Inventory Theory are also present. Mathematics Subject Classification (2000) C02, C60, E50.

  8. Optimal ratio of cash and non-cash payments

    Directory of Open Access Journals (Sweden)

    Galina S. Panova

    2014-01-01

    Full Text Available Analysis of the present condition and prospects of development of the monetary sector of the Russian economy. Quantitative parameters of aggregate turnover, including the value of cash and non-cash it. Researched issues restricting cash advance industry in Russia and other countries; the problems encountered by foreign States in imposing administrative limits on cash payments; provides specific recommendations and identified risks imposing such restrictions in Russia. The article deals with topical issues of optimization of structure of aggregate turnover. Analyzing the development of money turnover, the role and the place of cash in the economy, the author explored the basic approaches to the determination and regulation of money turnover, proposed a new approach to ensure transparency in money flows. Particularly promising cash flow optimization are: a measures aimed at improving the cash turnover (including maintaining the stability of the national currency, improving the procedures for issuing and withdrawing money from circulation, determine the optimal structure of monetary aggregates, etc. and b development of cashless money turnover. The author's position is presented on the future of the scientific basis and practical realization of the optimal ratio of cash and cashless money turnover in Russia and other countries. In particular, felt the need to increase information transparency, openness international information exchange in order to improve monetary policy by countries at the national and international level. To develop common approaches (models of the analysis and forecasting of financial markets, as well as the establishment of an international coordination centre responsible for the collection, verification and access to public information databases for the cross-country studies of banking and financial and monetary sphere.

  9. IL CAMPO GEOMAGNETICO

    Directory of Open Access Journals (Sweden)

    F. MOLINA

    1972-06-01

    Full Text Available Questo lavoro non è un trattato sul campo geomagnetico e nemmeno
    una rassegna sull'argomento, almeno nel significato che normalmente
    si attribuisce al termine « rassegna »; esso è semplicemente
    un tentativo di condensare in termini comprensibili agli studiosi non
    specializzati ciò che oggi si sa o si ipotizza sul magnetismo terrestre
    e sulle sue cause. Chi scrive si è sempre trovato a disagio di fronte
    alle richieste di una spiegazione sull'origine del campo magnetico
    terrestre: o si cerca di cavarsela con poche parole (« si tratta di correnti
    elettriche indotte nell'interno della Terra » che possono forse accontentare
    chi non si occupa in modo particolare di problemi scientifici
    ma non possono soddisfare un fisico, oppure ci si sente obbligati a
    tentare faticosamente di approfondire, sia per capirli personalmente
    che per poterli poi spiegare agli altri, argomenti e ragionamenti che
    sono in realtà accessibili solo a un fisico teorico ben preparato. Apparentemente
    non esiste una via di mezzo, come del resto in molti altri
    campi della fisica contemporanea.
    La presente monografia rappresenta appunto il tentativo di trovare
    questa via di mezzo: nel terzo capitolo, dedicato alle teorie sull'origine
    del campo geomagnetico, si cerca di descrivere qualitativamente
    i principali processi fisici proposti come sorgenti del campo,
    dopo un accenno ai fondamenti fisici e matematici sui quali sono state
    elaborate le varie teorie. Senza farmi soverchie illusioni di essere riuscito
    nell'intento, mi dichiarerei tuttavia soddisfatto se questo lavoro
    destasse sull'argomento l'interesse di qualche giovane ricercatore, incoraggiandolo
    ad un approfondimento.

  10. 34 CFR 668.166 - Excess cash.

    Science.gov (United States)

    2010-07-01

    ... the Secretary for the costs the Secretary incurred in providing that excess cash to the institution... 34 Education 3 2010-07-01 2010-07-01 false Excess cash. 668.166 Section 668.166 Education..., DEPARTMENT OF EDUCATION STUDENT ASSISTANCE GENERAL PROVISIONS Cash Management § 668.166 Excess cash. (a...

  11. Cash efficiency for bank branches

    OpenAIRE

    Cabello, Julia Garc?a

    2013-01-01

    Bank liquidity management has become a major issue during the financial crisis as liquidity shortages have intensified and have put pressure on banks to diversity and improve their liquidity sources. While a significant strand of the literature concentrates on wholesale liquidity generation and on the alternative to deposit funding, the management of an inventory of cash holdings within the banks? branches is also a relevant issue as any significant improvement in cash management at the bank ...

  12. Hedging Cash Flows from Commodity Processing

    OpenAIRE

    Dahlgran, Roger A.

    2005-01-01

    Agribusinesses make long-term plant-investment decisions based on discounted cash flow. It is therefore incongruous for an agribusiness firm to use cash flow as a plant-investment criterion and then to completely discard cash flow in favor of batch profits as an operating objective. This paper assumes that cash flow and its stability is important to commodity processors and examines methods for hedging cash flows under continuous processing. Its objectives are (a) to determine how standard he...

  13. Impact of cash conversion cycle on cash holding – A study on FMCG sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2017-11-01

    Full Text Available In today’s environment, cash conversion cycle is randomly used as a measure of liquidity of the organizations. Cash conversion cycle is considered as the length of time between raw-materials and collection of cash from debtors. It can be used as a benchmarking competitors or comparing companies. On the other hand, Cash holding is one of the most important financial decisions that a manager has to make in any organization. Some organizations hold more cash and some organizations hold less cash. In this study, we perform a survey to make a relationship between Cash Conversion Cycle and Cash Holding.

  14. Video nueva herramienta del campo

    Directory of Open Access Journals (Sweden)

    Manuel Calvelo Ríos

    2015-01-01

    Full Text Available El Video resulta ser una herramienta sumamente útil para el desarrollo rural. Entendemos por desarrollo rural el intento de regular las relaciones campo-ciudad en términos más equitativos para el hombre del campo. Es por tanto una decisión política.

  15. Management of Agricultural Enterprise Cash Flows

    OpenAIRE

    Tamara Kucherenko; Inna Tkachuk

    2014-01-01

    Cash is the only kind of company resource which can be transformed directly and with minimum time lag into any other kind of resources, their movement servicing all management operational processes. The article is covers the development of cash management algorithm in agricultural enterprise. The author has worked out the algorithm for determining the efficiency of cash management in agricultural enterprise. As the basis of the algorithm the income approach and discounted cash flow method has...

  16. An evaluation of the usefulness of cash flow ratios to predict financial distress

    Directory of Open Access Journals (Sweden)

    L. Jooste

    2007-12-01

    Full Text Available Purpose: With the introduction of the cash flow statement it became an integral part of financial reporting. A need arose to develop ratios for the effective evaluation of cash flow information. This article investigates cash flow ratios suggested by various researchers and suggests a list of ratios with the potential to predict financial failure. Design: The cash flow ratios suggested by researchers, from as early as 1966, are investigated and eight cash flow ratios selected for inclusion in an analysis to predict financial failure. Ten failed entities are selected for a cash flow evaluation by means of the selected ratios for five years prior to failure. For a comparison, non-failed entities in similar sectors are selected and also evaluated by means of the cash flow ratios. The mean values of each ratio, for each year prior to failure, were then calculated and the means of the failed entities were compared to the non-failed entities. Findings: The comparison revealed that cash flow ratios have predictive value with the cash flow to total debt identified as the best indicator of failure. It was also determined that, although failed entities have lower cash flows than non-failed entities, they also had smaller reserves of liquid assets. Furthermore, they have less capacity to meet debt obligations and they tend to incur more debt. The ratios of the failed entities were unstable and fluctuated from one year to the next. Finally, bankruptcy could be predicted three years prior to financial failure. Implications: Income statement and balance sheet ratios are not enough to measure liquidity. An entity can have positive liquidity ratios and increasing profits, yet have serious cash flow problems. Ratios developed from the cash flow statement should supplement traditional accrual-based ratios to provide additional information on the financial strengths and weaknesses of an entity .

  17. 7 CFR 277.7 - Cash depositories.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 4 2010-01-01 2010-01-01 false Cash depositories. 277.7 Section 277.7 Agriculture... FOOD STAMP AND FOOD DISTRIBUTION PROGRAM PAYMENTS OF CERTAIN ADMINISTRATIVE COSTS OF STATE AGENCIES § 277.7 Cash depositories. (a) The term “cash depositories” refers to banks or other institutions which...

  18. OPTIMIZATION OF ATM AND BRANCH CASH OPERATIONS USING AN INTEGRATED CASH REQUIREMENT FORECASTING AND CASH OPTIMIZATION MODEL

    OpenAIRE

    Canser BİLİR

    2018-01-01

    In this study, an integrated cash requirement forecasting and cash inventory optimization model is implemented in both the branch and automated teller machine (ATM) networks of a mid-sized bank in Turkey to optimize the bank’s cash supply chain. The implemented model’s objective is to minimize the idle cash levels at both branches and ATMs without decreasing the customer service level (CSL) by providing the correct amount of cash at the correct location and time. To the best of our knowledge,...

  19. Presentation of Consolidated Statement of Cash Flows under IAS 7, Statement of Cash Flows

    OpenAIRE

    Calota Traian-Ovidiu; Tănase Alin-Eliodor

    2013-01-01

    The consolidated financial statements must includ a specific statement, regarding cash flows from all activities of the entity, called „consolidated statement of cash flow”. Information for preparing cash flow statements can be found in all other components of the financial statements, such as financial position, statement of comprehensive income and statement of changes in equity. The cash flow statement shall report cash flows during the period classified by operating, investing and financi...

  20. Analyzing the Cash Flow Profiles of Firms Using the Cash Flow Patterns Method

    OpenAIRE

    Aktaş, Rabia; Karğın, Sibel; Karğın, Mahmut

    2012-01-01

    Statement of cash flows that presents important information about firm’s power of cash generation and cash consumption is a reliable source of information for financial statement users. Therefore, financial reporting standards require cash flow statement to be reported and presented with the other financial statements such as statement of financial position, statement of comprehensive income, and statement of changes in equity. Turkish Accounting Standard 7 – “Statement of Cash Flows” (TMS 7 ...

  1. 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...

  2. An Introduction To Digital Cash World

    Directory of Open Access Journals (Sweden)

    Lusiana Citra Dewi

    2010-12-01

    Full Text Available Digital cash is one of the payment methods that is very easy to use, especially when someone is doing a transaction through the internet. Digital cash has many forms and systems, which are supposed to simplify and make the process of transaction easier. This paper will discuss about the definition of the digital cash itself, the important properties that it has, the problems which occur due to its existence, the examples of some key players who operate the digital cash from all around the world, along with how the digital cash works, and lastly, how the digital cash is put into the practical world. The purpose of this paper is to give a glimpse of view on the functions of the digital cash, the systems or protocols which are needed to implement it, and the problems faced by those who use it. 

  3. OPTIMIZATION OF ATM AND BRANCH CASH OPERATIONS USING AN INTEGRATED CASH REQUIREMENT FORECASTING AND CASH OPTIMIZATION MODEL

    Directory of Open Access Journals (Sweden)

    Canser BİLİR

    2018-04-01

    Full Text Available In this study, an integrated cash requirement forecasting and cash inventory optimization model is implemented in both the branch and automated teller machine (ATM networks of a mid-sized bank in Turkey to optimize the bank’s cash supply chain. The implemented model’s objective is to minimize the idle cash levels at both branches and ATMs without decreasing the customer service level (CSL by providing the correct amount of cash at the correct location and time. To the best of our knowledge, the model is the first integrated model in the literature to be applied to both ATMs and branches simultaneously. The results demonstrated that the integrated model dramatically decreased the idle cash levels at both branches and ATMs without degrading the availability of cash and hence customer satisfaction. An in-depth analysis of the results also indicated that the results were more remarkable for branches. The results also demonstrated that the utilization of various seasonal indices plays a very critical role in the forecasting of cash requirements for a bank. Another unique feature of the study is that the model is the first to include the recycling feature of ATMs. The results demonstrated that as a result of the inclusion of the deliberate seasonal indices in the forecasting model, the integrated cash optimization models can be used to estimate the cash requirements of recycling ATMs.

  4. Towards the establishment of cash waqf microfinance fund for refugees

    Directory of Open Access Journals (Sweden)

    Omar Ahmad Kachkar

    2017-07-01

    Full Text Available Purpose - This paper aims to propose cash waqf (endowment to develop a conceptual model that can be utilised to extend microfinance for refugees. Design/methodology/approach - Qualitative method is used in this research. An extensive review of the literature has been conducted. Latest literature on refugees, microfinance has been critically examined beside the current cash waqf models. Findings - Empirical studies have shown that many refugees are equipped with marketable skills and talents that can be utilised to improve their socio-economic situations. The proposed model – cash waqf refugee microfinance fund (CWRMF – is structured to extend microfinance to potential refugee micro entrepreneurs. To address the lack of collateral, which is a requirement to gain any microfinance, CWRMF has been incorporated with a takaful unit (cooperation by which refugees may guarantee each other. Additionally, the model has also been structured to address the challenge of sustainability of the institution that would provide microfinance. Hence, a reserve fund has also been integrated into the model. Practical implications - CWRMF represents a potential model to be implemented by humanitarian non-governmental organisations (NGOs and aid agencies to support livelihood of refugees in particular for Muslim refugees. Positive outcome is expected from the implementation of this model. This is because of the various advantages of microfinance programs not only on refugees but also on concerned NGOs, host populations and donor parties. Additionally, this paper is a set of primarily thoughts aims to open the door wider for more researchers to explore the potential of cash waqf as one of the instruments to finance refugee microenterprises and business activities. Originality/value - Recently cash waqf has been into several models for socio-economic development and poverty alleviation. This paper is proposing cash waqf as a source for a microfinance fund that can

  5. Inflation, operating cycle, and cash holdings

    Directory of Open Access Journals (Sweden)

    Yanchao Wang

    2014-12-01

    Full Text Available A corporate cash-holding strategy is a trade-off between the costs and benefits of holding cash. At the macrolevel, firms are inclined to adjust and optimize their cash-holding strategies in response to changes in purchasing power due to inflation. At the microlevel, the operating cycle, which indicates the speed and turnover of corporate cash flow, also influences the corporate cash-holding strategy. Firms flexibly adjust their cash-holding strategies in response to changes in the internal and external environment, which is referred to as the cash adjustment strategy. We examine these predicted relationships using a sample of listed firms in China’s stock market over the 1998–2009 period. Consistent with our predictions, the empirical results indicate a significant negative association between cash holdings and the CPI, but the relationship is reversed when the CPI reaches a certain level. There is also a U-shaped relationship between operating cycle and cash holdings, and this relationship is similarly influenced by changes in the inflation level. In examining the macroeconomic environment and microlevel firm-specific characteristics simultaneously, our findings supplement the literature on firms’ cash-holding strategies and provide theoretical and practical implications.

  6. Equivalence of ten different discounted cash flow valuation methods

    OpenAIRE

    Fernandez, Pablo

    2004-01-01

    This paper shows that ten methods of company valuation using discounted cash flows (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality using the same assumptions; t...

  7. Analysis of cash holding for measuring the efficiency of cash management: A study on IT sector

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2015-01-01

    Full Text Available For measuring the efficiency of management of cash, cash holding is one of the most important financial decisions that the manager of the concerned organization, has to make in the organization. Basically, it is observed that the organization hold cash for future purposes is very negligible. If the organization invested cash in profitable securities then there is some flexibility but when it relates to the capital market holding cash is not advantageous. Generally two contradictory theories such as Trade-off theory and the Pecking order theory are considered for measuring the efficiency of cash management. In this study we generally observed measured the efficiency of Cash Management influenced by Cash Holding. We also measured whether cash holding of the organization is affected with the degree of financial leverage, size of the organization, investment and profitability. This study helps us to understand the influence of DFL, Investment and Size of the organization on Cash holding. Proper holding of cash in cash management can prevent the bankruptcy of any organization and also increases the efficiency of Cash or Liquidity management.

  8. Manipulation of Cash-Settled Futures Contracts.

    OpenAIRE

    Pirrong, Craig

    2001-01-01

    Replacement of delivery settlement of futures contracts with cash settlement is frequently proposed to reduce the frequency of market manipulation. This article shows that it is always possible to design a delivery-settled futures contract that is less susceptible to cornering by a large long than any given cash-settled contract. Such a contract is more susceptible to manipulation by large shorts, however. Therefore, cash settlement does not uniformly dominate delivery settlement as a means o...

  9. An Introduction to Digital Cash World

    OpenAIRE

    Dewi, Lusiana Citra

    2010-01-01

    Digital cash is one of the payment methods that is very easy to use, especially when someone is doing a transaction through the internet. Digital cash has many forms and systems, which are supposed to simplify and make the process of transaction easier. This paper will discuss about the definition of the digital cash itself, the important properties that it has, the problems which occur due to its existence, the examples of some key players who operate the digital cash from all around the wor...

  10. Date Attachable Offline Electronic Cash Scheme

    Directory of Open Access Journals (Sweden)

    Chun-I Fan

    2014-01-01

    Full Text Available Electronic cash (e-cash is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  11. Date attachable offline electronic cash scheme.

    Science.gov (United States)

    Fan, Chun-I; Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling.

  12. Date Attachable Offline Electronic Cash Scheme

    Science.gov (United States)

    Sun, Wei-Zhe; Hau, Hoi-Tung

    2014-01-01

    Electronic cash (e-cash) is definitely one of the most popular research topics in the e-commerce field. It is very important that e-cash be able to hold the anonymity and accuracy in order to preserve the privacy and rights of customers. There are two types of e-cash in general, which are online e-cash and offline e-cash. Both systems have their own pros and cons and they can be used to construct various applications. In this paper, we pioneer to propose a provably secure and efficient offline e-cash scheme with date attachability based on the blind signature technique, where expiration date and deposit date can be embedded in an e-cash simultaneously. With the help of expiration date, the bank can manage the huge database much more easily against unlimited growth, and the deposit date cannot be forged so that users are able to calculate the amount of interests they can receive in the future correctly. Furthermore, we offer security analysis and formal proofs for all essential properties of offline e-cash, which are anonymity control, unforgeability, conditional-traceability, and no-swindling. PMID:24982931

  13. Cash flow is cash and is a fact. Net income is just an opinion

    OpenAIRE

    Fernandez, Pablo

    2006-01-01

    A company's profit after tax (or net income) is quite an arbitrary figure, obtained after assuming certain accounting hypotheses regarding expenses and revenues. On the other hand, its cash flow is an objective measure, a single figure that is not subject to any personal criterion. In general, to study a company's situation, it is more useful to operate with the cash flow (equity cash flow, free cash flow or capital cash flow) as it is a single figure, while the net income is one of several t...

  14. 23 CFR 140.612 - Cash management.

    Science.gov (United States)

    2010-04-01

    ... 23 Highways 1 2010-04-01 2010-04-01 false Cash management. 140.612 Section 140.612 Highways FEDERAL HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION PAYMENT PROCEDURES REIMBURSEMENT Reimbursement for Bond Issue Projects § 140.612 Cash management. By July 1 of each year the SHA will provide...

  15. Get the Most from Your Cash Flow.

    Science.gov (United States)

    Bauer, Richard I.

    1995-01-01

    Provides guidelines for overseeing a school district's cash-flow management program: (1) receipts into cash; (2) types of float; (3) concentration account or controlled-disbursement account; (4) bank-account analysis; and (5) safety. One figure is included. (LMI)

  16. School District Cash Management. Program Audit.

    Science.gov (United States)

    New York State Legislative Commission on Expenditure Review, Albany.

    New York State law permits school districts to invest cash not immediately needed for district operation and also specifies the kinds of investments that may be made in order to ensure the safety and liquidity of public funds. This audit examines cash management and investment practices in New York state's financially independent school districts.…

  17. Cash Management/Data Matching. Training Guide.

    Science.gov (United States)

    Office of Student Financial Assistance (ED), Washington, DC.

    This training guide for financial aid staff explains the process of direct loan reconciliation and suggests appropriate cash management accounting practices. Chapter 1 explains the importance of cash management, the role of data matching, and reviews basic reconciliation concepts and terms and direct loan reporting requirements. Chapter 2 reviews…

  18. Lessons about Cash and Manager Priorities

    Science.gov (United States)

    Mong, Donald

    2013-01-01

    Experienced managers know that cash affects virtually every aspect of a company's strategy and operations. Business students and new managers, however, sometimes lose sight of the importance of cash amidst the details of accrual-based accounting courses, formula-based finance courses, and production-based management courses. We therefore use…

  19. Cash flow optimization in industrial enterprise

    Directory of Open Access Journals (Sweden)

    Myznikova T.N.

    2017-01-01

    Full Text Available Optimization of cash flows of the industrial company provides economic entity necessity and sufficiency of financial resources for sustainable activities. Cash optimization techniques are grouped into two blocks: theoretical - is mainly foreign methods and applied techniques that are mostly used by Russian authors. Models described in the literature are not allowed for the particular industry in the formation of cash. The mathematical models described in the literature do not allow to take into account industry characteristics in the formation of funds. The proposed methodology by authors allows to predict cash amounts based on business company. The balance of cash flows is provided by the budgeting system. The company’s the released money can send funds for investment purposes. Effectiveness of confirmed by practical testing methodology on the existing machine-building enterprise.

  20. Corporate Governance, Cash Holdings, and Firm Value: Evidence from Japan

    OpenAIRE

    Qi Luo; Toyohiko Hachiya

    2005-01-01

    This paper presents evidence on cash holdings for Japanese firms listed on the Tokyo Stock Exchange, focusing on the impact of corporate governance factors in cash holdings and the implication of cash holdings to firm value. We find that insider ownership and bank relations of firms play a significant role in determining cash holdings. Our results indicate that foreign stockholders select profitable firms to invest, and these firms have higher levels of cash. We document evidence that cash ho...

  1. Unanswered Quibbles with Fractional Reserve Free Banking

    OpenAIRE

    Bagus, Philipp; Howden, David

    2011-01-01

    In this article we reply to George Selgin’s counterarguments to our article “Fractional Reserve Free Banking: Some Quibbles”. Selgin regards holding cash as saving while we focus on the real savings necessary to maintain investment projects. Real savings are unconsumed real income. Variations in real savings are not necessarily equal to variations in cash holdings. We show that a coordinated credit expansion in a fractional reserve free banking (FRFB) system is possible and that precautionary...

  2. ANALYSIS AND ACCOUNTING OF TOTAL CASH FLOW

    Directory of Open Access Journals (Sweden)

    MELANIA ELENA MICULEAC

    2012-01-01

    Full Text Available In order to reach the objective of supplying some relevant information regarding the liquidity inflows and outflows during a financial exercise, the total cash flow analysis must include the analysis of result cashable from operation, of payments and receipts related to the investment and of financing decisions of the last exercise, as well as the analysis of treasury variation (of cash items. The management of total cash flows ensures the correlation of current liquidness flows as consequence of receipts with the payments ’flows, in order to provide payment continuity of mature obligations.

  3. Cash flow forecast for South African firms

    OpenAIRE

    Li, Yun; Moutinho, Luiz; Opong, Kwaku K.; Pang, Yang

    2015-01-01

    This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA an...

  4. The marginal value of cash, cash flow sensitivities, and bank-finance shocks in nonlisted firms

    OpenAIRE

    Ostergaard, Charlotte; Sasson, Amir; Sørensen, Bent E

    2011-01-01

    We study how nonlisted firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external finance on the margin. Linking firms to their main bank, we find that shocks to bank finance affect firms' trade-offs and have real effects in high-MVC firms, making investment more sensitiv...

  5. Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis

    OpenAIRE

    Nyborg, Kjell G; Wang, Zexi

    2013-01-01

    The paper contributes to the literature on corporate cash holdings by showing that there is a financial markets channel that affects corporations’ cash holdings. Leaning on the literature on stock price feedback to firm fundamentals, we advance the hypothesis that firms with more liquid stocks hold more cash, ceteris paribus, as ammunition to defend against negative cascades or stimulate positive ones. This contrasts with an alternative view that firms with more liquid stocks are less financi...

  6. Banknotes and unattended cash transactions

    Science.gov (United States)

    Bernardini, Ronald R.

    2000-04-01

    There is a 64 billion dollar annual unattended cash transaction business in the US with 10 to 20 million daily transactions. Even small problems with the machine readability of banknotes can quickly become a major problem to the machine manufacturer and consumer. Traditional note designs incorporate overt security features for visual validation by the public. Many of these features such as fine line engraving, microprinting and watermarks are unsuitable as machine readable features in low cost note acceptors. Current machine readable features, mostly covert, were designed and implemented with the central banks in mind. These features are only usable by the banks large, high speed currency sorting and validation equipment. New note designs should consider and provide for low cost not acceptors, implementing features developed for inexpensive sensing technologies. Machine readable features are only as good as their consistency. Quality of security features as well as that of the overall printing process must be maintained to ensure reliable and secure operation of note readers. Variations in printing and of the components used to make the note are one of the major causes of poor performance in low cost note acceptors. The involvement of machine manufacturers in new currency designs will aid note producers in the design of a note that is machine friendly, helping to secure the acceptance of the note by the public as well as acting asa deterrent to fraud.

  7. Cash Advance Accounting: Accounting Regulations and Practices

    Directory of Open Access Journals (Sweden)

    Aristita Rotila

    2012-12-01

    Full Text Available It is known the fact that often the entities offer to staff or third parties certain amounts of money, in order to make payments for the entities, such sums being registered differently in the accounting as cash advances. In the case in which the advances are offered in a foreign currency, there is the problem of the exchange rate used when justifying the advance, for the conversion in lei of payments that were carried out. In this article we wanted to signal the effect that the exchange rate, used in the assessment for reflecting in the accounting operations concerning cash advance reimbursements in a foreign currency, has on the information presented in the financial statement. Therewith, we signal some aspects from the content of the accounting regulations, with reference at defining the cash advances, meaning, and the presentation in the balance sheet of cash advances, which, in our opinion, impose clarifications.

  8. Uue kunsti muuseumis laulab Johnny Cash

    Index Scriptorium Estoniae

    2010-01-01

    Pärnu uue kunsti muuseumis linastub portreefilm ameerika kantri- ja folklauljast Johnny Cashist "Johnny Cash Folsomi vanglas", mis kirjeldab 1968. a. Folsomi vanglas karistust kandnud laulja albumi "Folsom Prison Blues" lindistamist

  9. Cash flow forecast for South African firms

    Directory of Open Access Journals (Sweden)

    Yun Li

    2015-06-01

    Full Text Available This paper applies models in the extant literature that have been used to forecast operating cash flows to predict the cash flows of South African firms listed on the Johannesburg Stock Exchange. Out-of-sample performance is examined for each model and compared between them. The reported results show that some accrual terms, i.e. depreciation and changes in inventory do not enhance cash flow prediction for the average South African firm in contrast to the reported results of studies in USA and Australia. Inclusion of more explanatory variables does not necessarily improve the models, according to the out-of-sample results. The paper proposes the application of moving average model in panel data, and vector regressive model for multi-period-ahead prediction of cash flows for South Africa firms.

  10. 47 CFR 36.182 - Cash working capital.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Cash working capital. 36.182 Section 36.182... PROCEDURES; STANDARD PROCEDURES FOR SEPARATING TELECOMMUNICATIONS PROPERTY COSTS, REVENUES, EXPENSES, TAXES... Cash Working Capital § 36.182 Cash working capital. (a) The amount for cash working capital, if not...

  11. THE CARD - CURRENCY WITH AND WITHOUT CASH

    Directory of Open Access Journals (Sweden)

    Nicoara Mihaela

    2012-12-01

    Full Text Available Use by individuals and businesses resulting in reduced cash cards in circulation, the corresponding increase in transfer payments and payments accounts also limit exchange risks and make effective use of currency. As a result, we have the effect of reducing cash in circulation. These advantages are also available for businesses and for banks and leads to favorable effects on import-export business. Following this, banks can diversify our products, so to meet customers' new products.

  12. Governance mechanisms, investment opportunity set and SMEs cash holdings

    OpenAIRE

    Belghitar, Yacine; Khan, James

    2013-01-01

    This study analyses the effect of firm characteristics and governance mechanisms on cash holdings for a sample of UK SMEs. The results show that UK SMEs with greater cash flow volatility and institutional investors hold more cash; whereas levered and dividend paying SMEs with non-executive ownership hold less cash. We also find that ownership structure is significant only in explaining the cash holdings for firms with high growth investment opportunities, and leverage is only significant in e...

  13. "Bird in the hand" cash was more effective than prize draws in increasing physician questionnaire response.

    Science.gov (United States)

    Drummond, Frances J; O'Leary, Eamonn; O'Neill, Ciaran; Burns, Richeal; Sharp, Linda

    2014-02-01

    To investigate the effects of two monetary incentives on response rates to postal questionnaires from primary care physicians (PCPs). The PCPs were randomized into three arms (n=550 per arm), namely (1) €5 sent with the questionnaire (cash); (2) entry into a draw on return of completed questionnaire (prize); or (3) no incentive. Effects of incentives on response rates and item nonresponse were examined, as was cost-effectiveness. Response rates were significantly higher in the cash (66.1%; 95% confidence interval [CI]: 61.9, 70.4%) and prize arms (44.8%; 95% CI: 40.1, 49.3%) compared with the no-incentive arm (39.9%; 95% CI: 35.4, 44.3%). Adjusted relative risk of response was 1.17 (95% CI: 1.02, 1.35) and 1.68 (95% CI: 1.48, 1.91) in the prize and cash arms, respectively, compared with the no-incentive group. Costs per completed questionnaire were €9.85, €11.15, and €6.31 for the cash, prize, and no-incentive arms, respectively. Compared with the no-incentive arm, costs per additional questionnaire returned in the cash and prize arms were €14.72 and €37.20, respectively. Both a modest cash incentive and entry into a prize draw were effective in increasing response rates. The cash incentive was most effective and the most cost-effective. Where it is important to maximize response, a modest cash incentive may be cost-effective. Copyright © 2014 Elsevier Inc. All rights reserved.

  14. Cash flows: The Gap Between Reported and Estimated Operating Cash Flow Elements

    Directory of Open Access Journals (Sweden)

    Mark Hughes

    2010-03-01

    Full Text Available The FASB and the IASB recently released a joint Discussion Paper “Preliminary Views on FinancialStatement Presentation” (International Accounting Standards Board 2008, which contains a major proposalrequiring companies to report operating cash flows using the direct method and it also requires that theindirect method of calculating operating cash flows be disclosed in the notes. This is a departure from currentrules and has generated considerable debate among respondents’ comment letters on the Discussion Paper.This paper adds to this debate by providing some evidence as to the size of the gap users confront when usingthe indirect method to estimate the major operating cash flow elements, such as cash collected fromcustomers and cash paid to suppliers. Using a sample of Australian companies which reported operating cashflows using the direct method, and presented the indirect method in the notes, we find significant differencesbetween reported and estimated figures for both cash collected from customers and cash paid to suppliers.These findings support the discussion paper’s proposal that companies be required to report cash flows usingboth the direct and indirect methods.

  15. Micro-level stochastic loss reserving

    NARCIS (Netherlands)

    Antonio, K.; Plat, R.

    2010-01-01

    To meet future liabilities general insurance companies will set-up reserves. Predicting future cash-flows is essential in this process. Actuarial loss reserving methods will help them to do this in a sound way. The last decennium a vast literature about stochastic loss reserving for the general

  16. PENGARUH MODIFIED AUDIT OPINION TERHADAP BORROWING CASH FLOW DAN INVESTMENT CASH FLOW

    Directory of Open Access Journals (Sweden)

    Puspita Hardina Cahyaningrum

    2013-06-01

    Full Text Available This study examines and analyzes the economic consequences of modified audit opinion on borrowing cash flow and investment cash flow. Panel data model was used to observe the research. The sample of this study was 247 companies listed in Indonesia Stock Exchange for the years 2008-2010. The results show that modified audit opinion, except unqualified opinion with explanatory paragraph about going concern, did not affect borrowing cash flow because audit opinion was not the only consideration for granting credit by creditors. Companies receiving modified audit opinion were proven using more operating cash flow for investing shown in investment cash flow, especially companies receiving unqualified opinion with explanatory paragraph about going concern.

  17. The FASB explores accounting for future cash flows.

    Science.gov (United States)

    Luecke, R W; Meeting, D T

    2001-03-01

    The FASB's Statement of Financial Accounting Concepts No. 7, Using Cash Flow Information and Present Value in Accounting Measurements (Statement No. 7), presents the board's views regarding how cash-flow information and present values should be used in accounting for future cash flows when information on fair values is not available. Statement No. 7 presents new concepts regarding how an asset's present value should be calculated and when the interest method of allocation should be used. The FASB proposes a present-value method that takes into account the degree of uncertainty associated with future cash flows among different assets and liabilities. The FASB also suggests that rather than use estimated cash flows (in which a single set of cash flows and a single interest rate is used to reflect the risk associated with an asset or liability), accountants should use expected cash flows (in which all expectations about possible cash flows are used) in calculating present values.

  18. Predictability of Returns and Cash Flows

    OpenAIRE

    Ralph S.J. Koijen; Stijn Van Nieuwerburgh

    2010-01-01

    We review the literature on return and cash-flow growth predictability from the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries.

  19. Why Cash "Doesn't" Motivate...

    Science.gov (United States)

    Freifeld, Lorri

    2011-01-01

    If money is the root of all evil, is it also the root of all motivation? When talking about workplace performance and training, the experts' consensus is a resounding "No." This article discusses why cash doesn't motivate everyone all the time when it comes to workplace performance and training and takes a look at what does.

  20. The analysis of exergy and cash flow

    International Nuclear Information System (INIS)

    Weimin, H.

    1989-01-01

    The paper presents the analysis of the economic content of exergy parameter and the thermodynamical analogy of the analysis of cash flow, and gives out the reasonable foundations of the analysis of heat economy. The thoughts of optimum design of the combination of heat economic analysis and investment policy are also put forward

  1. Cash Management Yields Many Maximum Returns.

    Science.gov (United States)

    Traynham, William W., Jr

    1987-01-01

    Outlines the cash management program developed by the Orangeburg School District (SC) for the district's funds. They take bids from banks before deciding which bank to use for all their services, including an investment program. This new system has saved $30,000 in the first year. Sidebars tell how to shop for bank services and list technical…

  2. Cash Management Program Reaps Financial Rewards.

    Science.gov (United States)

    Saylor, Joan Nesenkar

    1984-01-01

    Basic components of a New Jersey district's profitable cash management program include consolidating funds using a negotiated bank agreement, a short term investment policy, accurate flowcharts for precise planning, and revenue and expenditure analysis. Data collection and analysis and the alternative of using a bank service agreement are…

  3. Project Evaluation and Cash Flow Forecasting by Stochastic Simulation

    Directory of Open Access Journals (Sweden)

    Odd A. Asbjørnsen

    1983-10-01

    Full Text Available The net present value of a discounted cash flow is used to evaluate projects. It is shown that the LaPlace transform of the cash flow time function is particularly useful when the cash flow profiles may be approximately described by ordinary linear differential equations in time. However, real cash flows are stochastic variables due to the stochastic nature of the disturbances during production.

  4. Intangible Capital and Corporate Cash Holdings: Theory and Evidence

    OpenAIRE

    Dalida Kadyrzhanova; Antonio Falato; Jae Sim

    2012-01-01

    The rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. We construct a new measure of intangible capital and show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other standard determinants together. We then develop a new model of corporate cash holdings that introduces intangibl...

  5. Cash Conversion Cycle, Cash Management and Profitability: An Empirical Study on the ISE Traded Companies

    OpenAIRE

    Tulay Yucel; Gulizar Kurt

    2002-01-01

    This paper investigates the relationship of cash conversion cycle, a tool in working capital management, with profitability, liquidity and debt structure. The data covering the period of 1995-2000, of 167 firms whose stocks are listed on the Istanbul Stock Exchange (ISE). The cash conversion cycle, profitability, liquidity and debt structure were examined comparatively in this study on the basis of period, industry and firm size. It was examined that the relationships of these variables and t...

  6. How much cash does your company need?

    Science.gov (United States)

    Passov, Richard

    2003-11-01

    In late 2001, the directors of Pfizer asked that very question. And with good reason. After its 2000 merger with rival Warner-Lambert, the New York-based pharmaceutical giant found itself sitting on a net cash position of $8 billion, which seemed extraordinarily conservative for a company whose products generated $30 billion in revenues. Most large companies with revenues that healthy would increase leverage, thereby unlocking tremendous value for shareholders. But knowledge-intensive companies like Pfizer, this author argues, are in a class apart. Because their largely intangible assets (like R&D) are highly volatile and cannot easily be valued, they are more vulnerable to financial distress than are firms with a preponderance of tangible assets. To insure against that risk, they need to maintain large positive cash balances. These companies' decisions to run large cash balances is one of the key reasons their shares sustain consistent premiums. Only by investing in their intangible assets can knowledge-based companies hope to preserve the value of those assets. A company that finds itself unable to do so because unfavorable market conditions reduce its operating cash flows will see its share price suffer almost as much as if it were to default on its debts. By the same token, with the right balance sheet, knowledge companies can profitably insure against the risk of failing to sustain value-added investments in difficult times. An optimal capital structure that calls for significant cash balances is certainly at odds with the results of a traditional capital structure analysis, the author demonstrates, but it explains the financial policies of many well-run companies, from Pfizer to Intel to ChevronTexaco.

  7. Multinational cash management and conglomerate discounts in the euro zone

    NARCIS (Netherlands)

    Eije, Henk von; Westerman, Wim

    2001-01-01

    We discuss the impact of liberalisation, deregulation and the introduction of a single currency on cash management within multinationals in the euro zone. The developments in the euro zone reduce financial market imperfections in transferring cash and diminish the need for separate local cash

  8. 18 CFR 154.306 - Cash working capital.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash working capital... Changes § 154.306 Cash working capital. A natural gas company that files a tariff change under this part may not receive a cash working capital adjustment to its rate base unless the company or other...

  9. 40 CFR 35.3160 - Cash draw rules.

    Science.gov (United States)

    2010-07-01

    ... refinancing or purchase of the local debt. Cash draws for incurred building costs will generally be treated as refinanced costs. (2) The State may immediately draw cash for up to five percent of each fiscal year's... actual construction cost. In the latter case, the amount of the cash draw would be the actual...

  10. 48 CFR 232.072-3 - Cash flow forecasts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Cash flow forecasts. 232..., DEPARTMENT OF DEFENSE GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING 232.072-3 Cash flow forecasts. (a... contractor to submit a cash flow forecast covering the duration of the contract. (b) A contractor's inability...

  11. Developing a planning model to estimate future cash flows.

    Science.gov (United States)

    Barenbaum, L; Monahan, T F

    1988-03-01

    Financial managers are discovering that net income and other traditional measures of cash flow may not provide them with the flexibility needed for comprehensive internal planning and control. By using a discretionary cash flow model, financial managers have a forecasting tool that can help them measure anticipated cash flows, and make better decisions concerning financing alternatives, capital expansion, and performance appraisal.

  12. 18 CFR 357.5 - Cash management programs.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management...: CARRIERS SUBJECT TO PART I OF THE INTERSTATE COMMERCE ACT § 357.5 Cash management programs. Oil pipeline... and § 357.2 of this title that participate in cash management programs must file these agreements with...

  13. Title IV Cash Management Life Cycle Training. Participant's Guide.

    Science.gov (United States)

    Department of Education, Washington, DC.

    This participant's guide includes: "Introduction: Welcome to Cash Management Life Cycle Training"; "Module 1: Review of Cash Management Principles" (cash management overview and activity); "Module 2: Common Origination and Disbursement (COD) System Overview" (e.g., full participants and phase-in participants, COD…

  14. 18 CFR 260.400 - Cash management programs.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management... Cash management programs. Natural gas companies subject to the provisions of the Commission's Uniform... management programs must file these agreements with the Commission. The documentation establishing the cash...

  15. 18 CFR 141.500 - Cash management programs.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash management... OF 1978 STATEMENTS AND REPORTS (SCHEDULES) § 141.500 Cash management programs. Public utilities and... and § 141.1 or § 141.2 of this title that participate in cash management programs must file these...

  16. 12 CFR 204.4 - Computation of required reserves.

    Science.gov (United States)

    2010-01-01

    ... RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (REGULATION D) § 204.4 Computation of required reserves. (a) In determining the reserve requirement under this part, the amount of cash items in process of... reserves are computed by applying the reserve requirement ratios below to net transaction accounts...

  17. Tuberculosis pulmonar de campos inferiores

    Directory of Open Access Journals (Sweden)

    Alejandra González

    2010-10-01

    Full Text Available La tuberculosis (TB que compromete sólo los campos pulmonares inferiores (TBCI es poco frecuente en el adulto y en general está asociada a alguna causa de inmunodepresión. El objetivo de nuestro trabajo fue determinar la incidencia de TBCI en nuestra población y comparar sus características respecto de la TB pulmonar de localización habitual. Se estudiaron en forma retrospectiva en el período de 2004 a 2008, 42 pacientes con TBCI que fueron comparados con 84 pacientes con TB pulmonar de localización habitual (grupo control. Se excluyeron pacientes con HIV. La TBCI representó el 6% del total de TB pulmonar. No se encontraron diferencias significativas en cuanto a edad, sexo, presencia de cavidades en la radiografía, días de evolución y nivel de albúmina. La TBCI tuvo significativamente mayor proporción de comorbilidades (p < 0.001, presencia de condensación (p < 0.001 y compromiso unilateral (p < 0.001 en la radiografía de tórax, junto con mayor número de internaciones (p = 0.02. Cabe destacar que sólo16 de los 42 pacientes con TBCI (38% tenían alguna comorbilidad demostrada. La TBCI puede presentarse aun sin comorbilidades asociadas y debe sospecharse en neumonías de evolución tórpida independientemente de su localización.

  18. Money matters: cash transfers for adaptation

    Energy Technology Data Exchange (ETDEWEB)

    Wood, Rachel Godfrey

    2011-04-15

    Developed countries have pledged billions of dollars a year to help poor nations adapt to climate change. But how should the money be spent? For the world's poor, who are both the most vulnerable to climate change and the most in need of social protection, the best answer may be cash transfer programmes. Giving money out in this way has a strong track record in reaching the poor and helping them improve their nutrition, education and incomes — all of which are vital for building their long-term capacity to adapt to climate change. Cash transfers are also well accepted at the local level and, given the right political backing, can be implemented on a broad scale.

  19. Prudency reviews, cash management issues emerge

    International Nuclear Information System (INIS)

    Anon.

    1985-01-01

    Utility management is paying increasing attention to the broadening of regulatory commission prudency reviews to cover operating generating plants as well as those under construction. Utilities can expect a prudency review after a major outage, and should investigate the possibility for legal action against a third party or be prepared to defend itself. The Shoreham nuclear plant serves as a warning to utilities of the need for on-going documentation of cost-benefit analyses conducted during the construction period. Utility managers should demand a prudency standard from their regulators, and minority owners in large projects should make independent prudency findings. There is also a growing need for utilities to develop intelligent strategies for handling excess cash. Methods for handling cash flow include the financial investment, grid refurbishment, dividend payout, decapitalization, and diversification

  20. Equivalence of ten different methods for valuing companies by cash flow discounting.

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

    This paper shows that ten methods of company valuation using cash flow discounting (WACC; equity cash flow; capital cash flow; adjusted present value; residual income; EVA; business's risk-adjusted equity cash flow; business's risk-adjusted free cash flow; risk-free-adjusted equity cash flow; and risk-free-adjusted free cash flow) always give the same value when identical assumptions are used. This result is logical, since all the methods analyze the same reality based upon the same assumptio...

  1. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    OpenAIRE

    Roghayeh Ahmdi Panah Banad Koki; Iman Jokar

    2014-01-01

    This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also perf...

  2. THE EFFECT OF CHANGES IN RESERVE REQUIREMENTS DURING THE 1930s:

    OpenAIRE

    Thomas Mayer; Thomas F. Cargill

    2004-01-01

    The differential response of cash reserves of member banks and nonmember banks not subject to the 1936-37 increase in reserve requirements is estimated to determine whether the 1937-38 recession was caused by the increase in reserve requirements. We identify 17 states that maintained constant reserve requirements from June 1934 to June 1941. While member banks increased their cash reserve ratios relative to nonmember banks, the magnitude of the adjustment is too small to have contributed to t...

  3. Cash Flow Forecasting : Proposal for New Long-Term Cash Flow Forecast in the Case Company

    OpenAIRE

    Pitkänen, Annika

    2016-01-01

    The purpose of this study was to develop a cash flow forecast model for the case company. The case company in this thesis was a Finnish building construction company. The group controlling set a target to improve the corporate treasury’s current long-term cash flow forecast because it was inaccurate and it often had outstanding deficiencies between actual and forecasted figures. A project team was set up to investigate on this issue and this research and development project is documented in t...

  4. 75 FR 8986 - Draft Supplemental Environmental Impact Statement for the Proposed Campo Regional Landfill...

    Science.gov (United States)

    2010-02-26

    ... Indian Reservation for the purpose of constructing and operating a solid waste landfill, recycling..., (916) 978-6051. SUPPLEMENTARY INFORMATION: The purpose of the proposed action is to address the socio... Campo Indian Reservation to be used for the purpose of constructing and operating a solid waste disposal...

  5. Reserve requirement systems in OECD countries

    OpenAIRE

    Yueh-Yun C. O’Brien

    2007-01-01

    This paper compares the reserve requirements of OECD countries. Reserve requirements are the minimum percentages or amounts of liabilities that depository institutions are required to keep in cash or as deposits with their central banks. To facilitate monetary policy implementation, twenty-four of the thirty OECD countries impose reserve requirements to influence their banking systems’ demand for liquidity. These include twelve OECD countries that are also members of the European Economic and...

  6. Campo eletromagnético de uma carga em queda livre num campo gravitacional uniforme

    OpenAIRE

    Goto, Mario

    2010-01-01

    As transformações de Rindler são usadas para obter o campo eletromagnético de uma carga em queda livre num campo gravitacional uniforme. Electromagnetic field of free falling charge in an uniform gravitational field is obtained using Rindler transformations.

  7. Financial Development and Investment-Cash Flow Sensitivity

    Directory of Open Access Journals (Sweden)

    Jungwon Suh

    2007-06-01

    Full Text Available Using firm-level data from thirty-five countries around the world, this paper empirically examines whether investment-cash flow sensitivity reflects financial constraints. Recent US studies have raised questions on the prediction that investment-cash flow sensitivity is a measure of financial constraints. Looking at thirty-five countries with varying degrees of financial development, this study tests whether investment-cash flow sensitivity is in fact related to financial constraints. In most countries, the evidence supporting the argument that firms likely facing financially constraints display high investment-cash flow sensitivity is weak. Moreover, the evidence that firms in the absence of developed financial markets display high investment-cash flow sensitivity is also weak. Overall, the results from this international investigation do not support the prediction that investment-cash flow sensitivity reflects financial constraints.

  8. Cash Holdings Policy: a Dynamic Analysis of Brazilian Companies

    Directory of Open Access Journals (Sweden)

    Fadwa Muhieddine Dahrouge

    2013-09-01

    Full Text Available This paper investigates how corporate cash holdings were adjusted over time for Brazilian companies during the crisis of 2008-2009. We adopt a dynamic model of corporate cash holdings to evaluate the main determinants for the speed of adjustment of cash holdings at the optimum level. We find evidence that: a the adjustment costs of Brazilian companies are high implying a delay in reaching the optimum level of cash; b the low speed adjustment to the optimum level is due to the limited availability of credit and the high cost of bank debt; c during crisis, the changes in working capital are positively related to the level of cash holdings providing evidence that companies prefer finance to growth with liquidity; d companies have looked for long-term financing to secure liquidity rather than investing on fixed assets, implying a negative relationship between investment and cash holding.

  9. Cash in the Czech Republic: Trend Analysis 2003–2015

    OpenAIRE

    Zbyněk Revenda

    2017-01-01

    Electronization of banking services is a  strong reason for relative growth of cashless payments. The importance of cash, i.e., banknotes and coins, for realizing transactions should decrease. An analysis for the Czech Republic in the period 2003–2015 confirms this. Demand of nonbank entities for cash is associated mainly with liquidity, banks’ credibility and technological sophistication. Illegal transactions also form part of the demand. Zero return on cash counteracts demand, but it has li...

  10. THE STATEMENT OF CASH FLOWS USING FINANCIAL STATEMENT EQUATIONS

    OpenAIRE

    Harold Fletcher; Thomas Ulrich

    2010-01-01

    This paper addresses one of the more difficult topics in teaching MBA level financial management, the statement of cash flows. By employing financial statement equations in preparing the statement of cash flows, students: (1) are employing tools that they are more familiar and comfortable with which mitigates their anxiety and enhances their understanding, (2) are better able to understand the logic of the statement of cash flows and the relationships that exist between it and the income stat...

  11. Something for Nothing: Cash Flow as a Contract Incentive

    Science.gov (United States)

    2016-03-01

    mented, delays our ability to recover a significant amount of costs incurred on a contract and thus affects the timing of our cash flows. Northrop...Defense AT&L: March-April 2016 16 Something for Nothing “ Cash Flow” as a Contract Incentive John Pritchard n John Krieger Pritchard and...The government actually has complete control over one of the strongest con-tract incentives possible— cash flow. Most important, in our fiscally

  12. QuickCash: Secure Transfer Payment Systems

    Directory of Open Access Journals (Sweden)

    Abdulrahman Alhothaily

    2017-06-01

    Full Text Available Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users’ needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN. In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties.

  13. QuickCash: Secure Transfer Payment Systems

    Science.gov (United States)

    Alhothaily, Abdulrahman; Alrawais, Arwa; Song, Tianyi; Lin, Bin; Cheng, Xiuzhen

    2017-01-01

    Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users’ needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN). In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties. PMID:28608846

  14. QuickCash: Secure Transfer Payment Systems.

    Science.gov (United States)

    Alhothaily, Abdulrahman; Alrawais, Arwa; Song, Tianyi; Lin, Bin; Cheng, Xiuzhen

    2017-06-13

    Payment systems play a significant role in our daily lives. They are an important driver of economic activities and a vital part of the banking infrastructure of any country. Several current payment systems focus on security and reliability but pay less attention to users' needs and behaviors. For example, people may share their bankcards with friends or relatives to withdraw money for various reasons. This behavior can lead to a variety of privacy and security issues since the cardholder has to share a bankcard and other sensitive information such as a personal identification number (PIN). In addition, it is commonplace that cardholders may lose their cards, and may not be able to access their accounts due to various reasons. Furthermore, transferring money to an individual who has lost their bankcard and identification information is not a straightforward task. A user-friendly person-to-person payment system is urgently needed to perform secure and reliable transactions that benefit from current technological advancements. In this paper, we propose two secure fund transfer methods termed QuickCash Online and QuickCash Offline to transfer money from peer to peer using the existing banking infrastructure. Our methods provide a convenient way to transfer money quickly, and they do not require using bank cards or any identification card. Unlike other person-to-person payment systems, the proposed methods do not require the receiving entity to have a bank account, or to perform any registration procedure. We implement our QuickCash payment systems and analyze their security strengths and properties.

  15. Cash Advance Accounting: Accounting Regulations and Practices

    OpenAIRE

    Aristita Rotila

    2012-01-01

    It is known the fact that often the entities offer to staff or third parties certain amounts of money, in order to make payments for the entities, such sums being registered differently in the accounting as cash advances. In the case in which the advances are offered in a foreign currency, there is the problem of the exchange rate used when justifying the advance, for the conversion in lei of payments that were carried out. In this article we wanted to signal the effect that the exchange rate...

  16. Small business, cash budgets and general practice.

    Science.gov (United States)

    Jackson, A R

    1991-01-01

    In practice management, general practice falls into the category of small business with all its attendant generic problems. Disciplined planning and good financial management are not often seen in small business. These are required if general practitioners are to continue (or return to) the provision of high quality medical services. An effective budget process, especially cash-flow budgeting, is the key to successful planning and financial management. Budgeting will bring Control, Co-ordination, and Credibility to your practice. It will enable you to set goals and to achieve them.

  17. How does Cash and Counseling affect costs?

    Science.gov (United States)

    Dale, Stacy B; Brown, Randall S

    2007-02-01

    To test the effect of a consumer-directed model (Cash and Counseling) of Medicaid personal care services (PCS) or home- and community-based waiver services (HCBS) on the cost of Medicaid services. Medicaid claims data were collected for all enrollees in the Cash and Counseling demonstration. Demonstration enrollees included those eligible for PCS (in Arkansas), those assessed to receive such services (in New Jersey), and recipients of Medicaid HCBS (in Florida). Enrollment occurred from December 1998 through April 2001. The follow-up period covered up to 24 months after enrollment. Demonstration volunteers were randomly assigned to have the option to participate in Cash and Counseling (the treatment group), or to receive Medicaid services as usual from an agency (the control group). Ordinary least squares regressions were used to estimate the effect of the program on costs for Medicaid PCS/waiver services and other Medicaid services, while controlling for consumers' preenrollment characteristics and preenrollment Medicaid spending. Models were estimated separately for nonelderly and elderly adults in each state and for children in Florida. Each state supplied claims data for demonstration enrollees. Largely because the program increased consumers' ability to get the authorized amount of paid care, expenditures for personal care/waiver services were higher for the treatment group than for the control group in each state and age group, except among the elderly in Florida. Higher costs for personal care/waiver services were partially offset by savings in other Medicaid services, particularly those related to long-term care. During year 1, total Medicaid costs were generally higher for the treatment group than for the control group, with treatment-control cost differences ranging from 1 percent (and statistically insignificant) for the elderly in Florida to 17 percent for the elderly in Arkansas. In year 2, these cost differences were generally greater than in year 1

  18. Effects of Long Cycles in Cash Flows on Present Value

    OpenAIRE

    Bell, Peter N

    2015-01-01

    This paper explores how present value varies over time when the underlying cash flow has a deterministic period. I assume that cash flows are known with certainty and follow a cycle with a long or short period. When the cash flow has a short period, the present value is relatively stable over time because the present value calculation smooths out several cycles. However, when the cash flow has a long period the present value itself develops a long and large cycle. These results are driven...

  19. The Determinants and Implications of Corporate Cash Holdings

    OpenAIRE

    Tim Opler; Lee Pinkowitz; Rene Stulz; Rohan Williamson

    1997-01-01

    We examine the determinants and implications of holdings of cash and marketable" securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growth" opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firms" that have the greatest access to the capital markets (e.g. large firms and those with credit" ratings) tend to hold lower ratios of cash to total assets. These results are consistent with the" view that firms hold liquid assets...

  20. CASH FLOWS IN ROMANIAN SMALL AND MEDIUM ENTERPRISES

    Directory of Open Access Journals (Sweden)

    GĂBAN LUCIAN

    2016-08-01

    Full Text Available Financial reporting system includes three main pillars, namely balance sheet, income statement and cash flow. If the balance sheet reflects shareholders’ wealth at a given time, income statement demonstrates the efficiency or inefficiency of the activity and cash flows measures the company’s viability. This is the reason for which I have approached the cash flow matter in this paper, reviewing the latest studies and studying in detail the evolution of cash flow ratios on small and medium enterprises in Romania for a period between 2006 and 2014, highlighting the effects of the financial crisis on these enterprises

  1. A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

    OpenAIRE

    Mehari Mekonnen Akalu; Rodney Turner

    2002-01-01

    textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got higher forecast errors as compared to SVA model.

  2. A Monte Carlo Comparison between the Free Cash Flow and Discounted Cash Flow Approaches

    NARCIS (Netherlands)

    M.M. Akalu; J.R. Turner (Rodney)

    2002-01-01

    textabstractOne of the debates in the capital budgeting model selection is between the free cash flow and DCF methods. In this paper an attempt is made to compare SVA against NPV model based on Monte Carlo simulations. Accordingly, NPV is found less sensitive to value driver variations and has got

  3. Raising Cash under Duress and the Role of Cash Value Life Insurance: An Educational Example

    Science.gov (United States)

    Russell, David T.; Chong, James T.; Phillips, G. Michael

    2018-01-01

    Consumers face hard choices when they need cash quickly. Hard choices can lead to emotional or economically unsound decisions. Traditional classroom discussions of raising funds to pay for expenses usually focus on generating income, borrowing, or the sale of real and financial assets, if hardship is discussed at all. However, many families have…

  4. Does the board of directors affect cash holdings? A study of French listed firms

    OpenAIRE

    Derouiche, Imen; Boubaker, Sabri; Nguyen, Duc Khuong

    2015-01-01

    Prior studies show that agency conflicts are important in explaining corporate financial policies and that the board of directors is central to corporate governance. In this study, we examine the role of this governing body in the accumulation of cash reserves. Using a sample of 597 French listed firms during 2001–2007, we find that firms with boards deemed to be effective in mitigating agency problems—that is, those appointing independent directors and splitting chief executive officer and c...

  5. Augusto de Campos tradutor de Emily Dickinson

    Directory of Open Access Journals (Sweden)

    Fernanda Maria Alves Lourenço

    2015-04-01

    Full Text Available http://dx.doi.org/10.5007/2175-7968.2015v35n2p161 Este artigo objetiva analisar a tradução de duas poesias de Emily Dickinson (1830-1886 realizada por Augusto de Campos (1931 e publicada em 2008 na coletânea Emily Dickinson: Não sou ninguém.  Inicialmente serão apresentados alguns elementos da poética de Dickinson, a partir de Gilbert e Gubar (1984, Donoghue (1969, Sewall (1963 e Daghlian (1987. Em seguida, será dada ênfase à figura de Augusto de Campos como poeta e como tradutor, com ênfase nos seus comentários sobre tradução, visando compreender sua prática tradutória. (CAMPOS, 2004; 2006; 2008 Por fim, será analisada a tradução de duas poesias de Dickinson realizada por Augusto de Campos, buscando identificar a relação entre a teoria e a prática do tradutor. Essa análise, de caráter discursivo, além do plano formal e sintático, busca verificar o plano semântico dos textos, e ressalta que não tem a pretensão de realizar qualquer tipo de julgamento prescritivo.

  6. 47 CFR 32.1120 - Cash and equivalents.

    Science.gov (United States)

    2010-10-01

    ..., destroyed, or otherwise disposed of is replaced, and also cash realized from the sale of the company's securities and deposited with trustees to be held until invested in physical property of the company or for...; the amount of cash deposited to insure the performance of contracts to be performed within one year...

  7. Fourteen Steps to More Effective Cash Flow Management

    Science.gov (United States)

    Neugebauer, Roger

    2004-01-01

    Managing cash flow is an incredibly important skill for a center director. Even a center with an annual budget showing a healthy surplus may experience brief periods where funds in the checkbook are insufficient to pay all the bills. To discover how successful directors manage cash flow in tight times, the author surveyed members of the "Exchange…

  8. The Cash Flow Budget. Part II--Implementation

    Science.gov (United States)

    Gehm, Rudy

    1978-01-01

    An "aged accounts payable" (A/P) summary and a cash disbursements journal are advocated as management measures useful in monitoring the cash flow in a college store. Methods for maintaining the A/P summary and for updating the journal are illustrated. (LBH)

  9. Why Cash Flow Is No Longer for Wimps

    Science.gov (United States)

    Curry, John R.; Hutton, Lyn

    2012-01-01

    Managing liquidity--a college or university's ability to access cash quickly or to easily convert assets to cash--is an increasingly crucial component of enterprise risk management. Liquidity risks lurk around nearly every corner--in the endowment portfolio, the debt portfolio, and in working-capital management. It also influences students'…

  10. 36 CFR 254.12 - Value equalization; cash equalization waiver.

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 2 2010-07-01 2010-07-01 false Value equalization; cash... AGRICULTURE LANDOWNERSHIP ADJUSTMENTS Land Exchanges § 254.12 Value equalization; cash equalization waiver. (a..., either with or without adjustments of relative values as compensation for various costs, the parties to...

  11. A Logical Approach to the Statement of Cash Flows

    Science.gov (United States)

    Petro, Fred; Gean, Farrell

    2014-01-01

    Of the three financial statements in financial reporting, the Statement of Cash Flows (SCF) is perhaps the most challenging. The most difficult aspect of the SCF is in developing an understanding of how previous transactions are finalized in this document. The purpose of this paper is to logically explain the indirect approach of cash flow whereby…

  12. Creditor rights, country governance, and corporate cash holdings

    NARCIS (Netherlands)

    Seifert, Bruce; Gonenc, Halit

    2016-01-01

    This study examines the impact of creditor rights and country governance on cash holdings using a sample of firms from 47 countries. We hypothesize that cash holdings are smaller when both creditor rights and country governance are high. In these circumstances firms will not need to hold as much

  13. Cash in the Czech Republic: Trend Analysis 2003–2015

    Directory of Open Access Journals (Sweden)

    Zbyněk Revenda

    2017-03-01

    Full Text Available Electronization of banking services is a  strong reason for relative growth of cashless payments. The importance of cash, i.e., banknotes and coins, for realizing transactions should decrease. An analysis for the Czech Republic in the period 2003–2015 confirms this. Demand of nonbank entities for cash is associated mainly with liquidity, banks’ credibility and technological sophistication. Illegal transactions also form part of the demand. Zero return on cash counteracts demand, but it has little meaning with the decline in interest rates on bank deposits. The total stock of cash in the analyzed period rises, but its relative importance declines. Demand deposits are also liquid assets of households and enterprises. Cash compared with demand deposits clearly confirms the declining importance. Its share was the highest in 2004, at 30 %. It fell to less than 18 % in 2015. We found a similar tendency in the comparison of cash with other variables. Barring unforeseen circumstances such as complete collapse of computer networks or severe banking crisis, the author assumes that the relative importance of cash must decline in the long term. Some theoretical aspects of cash and cashless money are also discussed.

  14. The cash-flow analysis of the firm

    OpenAIRE

    Mariana Man

    2001-01-01

    The analysis of economic and financial indicators of the firm regards the profit and loss account analysis and the balance sheet analysis. The cash-flow from operating activities represents the amount of cash obtained by a firm from selling goods and services after deducting the costs involved by raw materials, materials and processenig operations

  15. Legal issues in cash balance pension plan conversions.

    Science.gov (United States)

    Forman, J B

    2001-01-01

    Replacing a traditional pension with a cash balance plan raises a number of complicated and unsettled legal issues, including the protection of accrued benefits, the rate of benefit accrual, age discrimination and notice requirements. This article discusses those issues and concludes that routine conversions to cash balance plans appear to be legal both currently and into the foreseeable future.

  16. Do Consumers Pay More Using Debit Cards than Cash

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    2015-01-01

    We conduct an incentivized experiment to study the effect of the payment method on spending. We find that the willingness to pay is higher when subjects pay with debit cards compared to cash. The result is robust to controlling for cash-on-hand constraints, spending type, price familiarity...

  17. Do Consumers Pay More Using Debit Cards than Cash?

    DEFF Research Database (Denmark)

    Runnemark, Emma; Hedman, Jonas; Xiao, Xiao

    We conduct an incentivized experiment to test whether the willingness to pay is higher for debit cards compared to cash for three consumer products. Our findings support this conjecture also after controlling for cash availability, spending type, price familiarity and consumption habits...

  18. 17 CFR 256.136 - Temporary cash investments.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Temporary cash investments... UTILITY HOLDING COMPANY ACT OF 1935 3. Current and Accrued Assets § 256.136 Temporary cash investments. This account shall include the cost of investments, such as demand and time loans, bankers' acceptances...

  19. Required reserves as a credit policy tool

    OpenAIRE

    Mimir, Yasin; Sunel, Enes; Taskin, Temel

    2012-01-01

    This paper conducts a quantitative investigation of the role of reserve requirements as a macroprudential policy tool. We build a monetary DSGE model with a banking sector in which (i) an agency problem between households and banks leads to endogenous capital constraints for banks in obtaining funds from households, (ii) banks are subject to time-varying reserve requirements that countercyclically respond to expected credit growth, (iii) households face cash-in-advance constraints, requiring ...

  20. Temas de Física para Ingeniería: Campos escalares y vectoriales

    OpenAIRE

    Beléndez, Augusto; Bernabeu, Guillermo; Pastor Antón, Carlos

    1988-01-01

    Magnitudes, vectores y campos: "Campos escalares y vectoriales". Campo escalar y campo vectorial. Cálculo vectorial infinitesimal: operadores. Representación vectorial de una superficie. Integración de campos vectoriales. Relaciones entre los campos escalares y vectoriales. Clasificación de los campos vectoriales.

  1. PENGARUH KUALITAS AKRUAL DAN LEVERAGE TERHADAP CASH HOLDING PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Anggita Langgeng Wijaya

    2010-12-01

    Full Text Available This research tests the effect of accrual quality and leverage on corporate cash holding for a sample of manufacturing company listed in Indonesian Stock Exchange over the period 2006-2007. This research also tests the role of asymmetric information as a mediating variable on the relation between accrual quality and cash holding. Population of this research is 197 manufacturing companies at the Indonesian Stock Exchange. This research uses the purposive sampling method. Hypothesis test of this research em­ploys multiple regression analysis and path analysis. The results show that: accrual quality does not affect asymmetric information; asymmetric information positively affects corporate cash holdings; asymmetric information is not a mediating variable on the relation between accrual quality and cash holding; leverage negatively affects corporate cash holding.

  2. Internationalization and Corporate Cash Holdings: Evidence from Brazil and Mexico

    Directory of Open Access Journals (Sweden)

    Newton Arata

    2015-05-01

    Full Text Available This research expands on previous studies of cash holdings and their determinants by studying the relationship between the degree of internationalization and the level of corporate cash holdings. We used a sample of nonfinancial, publicly traded companies from Brazil and Mexico for the period from 2006 to 2010. Our results suggest that the degree of internationalization is a determinant of cash, and that cash holding increases quadratically as the degree of company internationalization grows. Such behavior was different from the North American company studies in Chiang and Wang (2011. Similar to previous studies, both Trade-off and Pecking Order predictions are relevant control variables in our model. Finally, companies held less cash on their balance sheets during the precrisis period.

  3. Cash Management, Revenue Sources and Cost Effective Methods of Revenue Collection at Local Government Level

    OpenAIRE

    Mustapha Gimba Kumshe; Kagu Bukar

    2013-01-01

    The main objective of this paper was to focus on the elements, objectives, goals and importance of cash management; and also to examine the sources of revenue and cost effective collections for local governments. The elements of cash management are identified as establishing bank relations, preparing cash flow statements, estimating collection receipts and analyzing cash flow and preparing a budget. Amongst the objectives of cash management is to ensure availability of cash resources at all t...

  4. Valuing companies by cash flow discounting: Ten methods and nine theories

    OpenAIRE

    Fernández , Pablo

    2002-01-01

    This paper is a summarized compendium of all the methods and theories on company valuation using cash flow discounting. The paper shows the ten most commonly used methods for valuing companies by cash flow discounting: 1) free cash flow discounted at the WACC; 2) equity cash flows discounted at the required return to equity; 3) capital cash flows discounted at the WACC before tax; 4) APV (Adjusted Present Value); 5) the business's risk-adjusted free cash flows discounted at the required retur...

  5. Cash usage in the Netherlands: How much, where, when, who and whenever one wants?

    OpenAIRE

    Nicole Jonker; Anneke Kosse; Lola Hernández

    2012-01-01

    Having accurate information on cash usage is essential for monitoring the substitution process of cash by cards and for assessing the cost efficiency of the payment system. Moreover, estimates on cash usage reflect the transaction demand for cash. This is useful for central banks which are responsible for producing and issuing banknotes. The latest estimates of the number and value of cash payments made in the Netherlands date from 2007. How has cash usage developed since then? In what branch...

  6. Corporate Cash Holdings and Shareholder Risk : Investigating the relationship between corporate cash holdings and the risk of stocks listed on the Stockholm Stock Exchange

    OpenAIRE

    Olausson, Jonas; Löfgren, Christoffer

    2013-01-01

    Corporate cash holdings is a topic constantly under review, companies hoarding cash are criticized by shareholders who rather have companies using their cash for new investments or dividend payouts. Recent academic research has discovered that levels of cash holding are high in times when risk is deemed to be high and found that levels of corporate cash holdings are substantially higher than they used to, making more coverage and a better understanding of the phenomenon crucial. This thesis i...

  7. Shell trips over its reserves

    International Nuclear Information System (INIS)

    Jemain, A.

    2004-01-01

    Some mistakes in the evaluation of the proven reserves of Royal Dutch Shell group, the second world petroleum leader, will oblige the other oil and gas companies to be more transparent and vigilant in the future. The proven reserves ('P90' in petroleum professionals' language) are the most important indicators of the mining patrimony of companies. These strategic data are reported each year in the annual reports of the companies and are examined by the security exchange commission. The evaluation of reserves is perfectly codified by the US energy policy and conservation act and its accountable translation using the FAS 69 standard allows to establish long-term cash-flow forecasts. The revision announced by Shell on January 9 leads to a 20% reduction of its proven reserves. Short paper. (J.S.)

  8. FREE CASH FLOW AS PART OF VOLUNTARY REPORTING. LITERATURE REVIEW

    Directory of Open Access Journals (Sweden)

    Negrea Laura Georgeta

    2011-12-01

    Full Text Available The present study has as main objective to reflect the state of literature regarding free cash flow, and to withdraw the main pro's and con's in order to create an objective image upon this indicator. The main idea generating this research was the growing interest on cash flow reporting. As many say, 'Cash Flow is King', while in Anglo Saxon countries the interest of investors and analysts in concentrated on operating cash flow, as the most important indicator of the probability of bankruptcy. In this context, voluntary additional reporting, like free cash flow may come either as an aid in providing the fair view or as an opportunistically reported figure. Throughout the paper, the intention was to provide answers to three main research questions: What are the definition and calculation method of free cash flow? Why is there an interest in free cash flow reporting? What is the impact of free cash flow on the agency theory? In order to provide relevant conclusions, four international data basis were used, and related articles and studies were extracted. The results proved that there is no generally accepted definition and computing method, while the format depends on the end-user of the report (shareholders, investors, analysts, bankers, a.s.o.. As stated below, this aspect generates confusion and lack of comparability, giving room to creative accounting techniques. Moreover, the interest on free cash flow reporting is connected mainly to liquidity assessment, company valuation and investors choice. Still, in the context of agency theory, results show that in presence of high free cash flow, managers tend to make investment choices that satisfy their personal interest and that generate low efficiency and profitability for the company. The contribution to current state of research is providing a literature review study, focused on a comparative approach, as well as on underlying an objective image upon a debatable financial indicator and

  9. QUAL O FUTURO DAS ESCOLAS NO CAMPO?

    Directory of Open Access Journals (Sweden)

    Célia Regina Vendramini

    2015-09-01

    Full Text Available RESUMO:Tendo como ponto de partida a questão sobre o futuro das escolas rurais ou do campo, o artigo aborda o contexto social, político e econômico que suporta ou não a existência das escolas, bem como uma análise sobre a situação das escolas em diferentes contextos, particularmente no Brasil, em Portugal e nos Estados Unidos. Problematizamos as respostas dadas pelo poder público, acadêmicos e organizações e movimentos sociais sobre o fechamento, a redução do número de alunos e de comunidades rurais com escola, as condições de funcionamento, a distância percorrida pelos alunos, além das implicações das escolas para a vitalidade do campo. Concluímos que o futuro das escolas está diretamente relacionado com o futuro do campo.

  10. Free Cash-Flow, Issuance Costs and Stock Price Volatility

    OpenAIRE

    Décamps, Jean-Paul; Mariotti, Thomas; Rochet, Jean-Charles; Villeneuve, Stéphane

    2008-01-01

    We study the issuance and payout policies that maximize the value of a firm facing both agency costs of free cash-flow and external financing costs. We find that the firm optimally issues equity. Equity distributes no dividends until a target cash level is reached, while new equity is issued when the firm runs out of cash. We characterize the process modelling the number of outstanding shares and the dynamics of the stock prices. In line with the leverage effect identified by Black (1976), we...

  11. Determining consumer preferences for a cash option: Arkansas survey results.

    Science.gov (United States)

    Simon-Rusinowitz, L; Mahoney, K J; Desmond, S M; Shoop, D M; Squillace, M R; Fay, R A

    1997-01-01

    As long-term care (LTC) expenditures have risen, policymakers have sought ways to control costs while maintaining consumer satisfaction. Concurrently, there is increasing interest within the aging and disability communities in consumer-directed care. The Cash and Counseling Demonstration and Evaluation (CCDE) seeks to increase consumer direction and control costs by offering a cash allowance and information services to persons with disabilities, enabling them to purchase needed assistance. The authors present results from a telephone survey conducted to assess consumer preferences for a cash option in Arkansas and describe how findings from the four-State CCDE can inform consumer information efforts and policymakers.

  12. Cash Holdings and Leverage of German Listed Firms

    DEFF Research Database (Denmark)

    Rapp, Marc Steffen; Killi, Andreas Maximilian

    2016-01-01

    We examine cash holdings and leverage levels of German listed (non-financial and non-utility) firms. We document a secular increase in cash ratios over the last twenty years (1992–2011), reducing the net debt book leverage ratio for the average sample firm close to zero. Using prediction models...... firms are associated with measures of uncertainty faced by firms. Our results suggest that German firms have increased (reduced) their cash (net debt leverage) levels over time in order to adopt more precautionary financial policies....

  13. Cash flow forecasting model for nuclear power projects

    International Nuclear Information System (INIS)

    Liu Wei; Guo Jilin

    2002-01-01

    Cash flow forecasting is very important for owners and contractors of nuclear power projects to arrange the capital and to decrease the capital cost. The factors related to contractor cash flow forecasting are analyzed and a cash flow forecasting model is presented which is suitable for both contractors and owners. The model is efficiently solved using a cost-schedule data integration scheme described. A program is developed based on the model and verified with real project data. The result indicates that the model is efficient and effective

  14. CASH 2021: Commercial access and space habitation

    Science.gov (United States)

    Aldrin, Andrew; Amara, Adam; Aris, Lodewijk; Baierl, Nida; Beatty, Patrick; Beaulieu, Catherine; Behnke, Torsten; Castegini, Roberta; Chauhan, Amitabh; Cojanis, Philip; Dayawansa, Pelawa; Diop, Marie; Eito, Kinya; Engle, Steve; Ferretti, Stefano; Gassama, Hamet; Genova, Bojana; Goulding, Colin; Janjua, Jameel; Jansaeng, Thidarat; Jousset, Frédéric; Kopik, Anatoly; Laurin, Catherine; Leggatt, Jason; Li, Hengnian; Mezzadri, Monica; Miura, Amane; Nolet, Simon; Ogami, Satoshi; Patry, Johanne; Patten, Laryssa; Payerne, Cyril; Peer, Guy; Prampolini, Marco; Rheaume, Caroline; Saary, Joan; Spehar, Daniela; Sufi, Atiya; Sun, Baosheng; Thompson, J. Barry; Thomson, Ward; Trautner, Roland; Tursunmuratov, Murat; Venet, Vrata; Wilems, Elizabeth; Wilson, Helen; Wittwer, Karl; Wokke, Frank; Wu, Yansheng; Zhou, Shaobin; Zilioli, Ilaria

    2002-07-01

    Issues about commercialization of space have been a growing concern in the past decade for the space community. This paper focuses on the work from a team of 51 students attending the Summer Session Program of the International Space University in Bremen, Germany. CASH 2021 (Commercial Access and Space Habitation) documents a plan that identifies commercial opportunities for space utilization that will extend human presence in space, and will chart the way forward for the next 20 years. The group selected four commercial sectors that show the most promise for the future: tourism, entertainment, space system service, assembly and debris removal, and research and development/production. The content of this document presents the results of their research. Historical activities in each of the commercial sectors are reviewed along with the current market situation. To provide a coherent background for future commercialization possibilities a scenario has been developed. This scenario includes a postulated upon ideal future and includes social, political and economic factors that may affect the space industry over the timeline of the study. The study also presents a roadmap, within the limited optimistic scenario developed, for the successful commercialization of space leading to future human presence in space. A broad range of commercially viable opportunities, not only within the current limits of the International Space Station, but also among the many new developments that are expected by 2021 are discussed.

  15. Hazards of the 'hard cash': hypersensitivity pneumonitis.

    Science.gov (United States)

    Kupeli, Elif; Karnak, Demet; Sak, Serpil Dizbay; Kayacan, Oya

    2010-01-01

    Hypersensitivity pneumonitis (HP) is a nonimmunoglobulin E-related immune-mediated parenchymal lung disease. A 45-year-old woman who was a lifelong nonsmoker with a six-month history of frequent episodes of cough and dyspnea was admitted to hospital. She had been working as a money counter for 20 years at a central bank. Bibasilar crackles on lung auscultation, ground-glass opacities and a mosaic pattern on high-resolution computed tomography, restrictive abnormality on pulmonary function tests and mild hypoxemia were the prominent findings. Bronchoalveolar lavage fluid analysis revealed a predominance of CD4-positive T cells, and she tested positive on her natural challenge test. She was diagnosed with subacute HP based on established criteria. She was advised to discontinue counting fresh banknotes. Prednisolone was commenced, then tapered to discontinue in the ensuing six months. Clinical and radiological improvement was achieved within two months. To the authors' knowledge, the present report is the first to describe 'hard cash HP', possibly caused by chipping dust or printing dye.

  16. Does Operational Risk Disclosure Quality Increase Operating Cash Flows?

    Directory of Open Access Journals (Sweden)

    Haitham Nobanee

    2017-12-01

    Full Text Available This study aims to measure the degree of operational risk disclosure and examine its impact on operating cash flow of banks listed on the UAE Abu Dhabi Stock Exchange (ADX and Dubai Financial Market (DFM during the period 2003-2016. The authors conducted content analysis of the annual reports to measure the degree of operational risk disclosure. In addition, they used dynamic panel data regressions to analyze the impact of operational risk disclosure on the operating cash flow generated by the banks. The results show a low degree of operational risk disclosure for all UAE banks, both Islamic and conventional. In addition, the results show no association between the levels of disclosure of operational risk and cash flow for all banks, conventional and Islamic. Operational risk disclosure of Islamic banks has not been examined by any prior researchers. In addition, this paper examines the potential impact of operational risk disclosure on the operating cash flow generated by the banks.

  17. Your organization should consider a cash-balance pension plan.

    Science.gov (United States)

    Godwin, N H; Key, K G

    2000-08-01

    In recent years, a growing number of healthcare organizations have dropped the traditional defined-benefit pension plan and adopted cash-balance pension plans. A cash-balance pension plan generally allows employers to pay less in overall pension benefits and administration costs. A cash-balance pension plan pays benefits according to a predetermined formula based on an average of the employee's annual salary over his or her length of service. This provides recognizable benefits to younger employees but lower overall benefits to employees who have a long length of service. To assuage employees who may feel cheated out of the pension benefits they expected, employers that change to a cash-balance pension plan should consider offering higher guaranteed growth rates, advanced notification of the change to the new plan, and generous early-retirement options for employees with longer lengths of service.

  18. Cash Management Within the Defense Reutilization and Marketing Service

    National Research Council Canada - National Science Library

    Young, Shelton

    1994-01-01

    .... The primary objective of this phase of the audit was to evaluate whether sales proceeds that were deposited into cash suspense accounts were being reimbursed to the appropriate turn-in activities in a timely manner...

  19. Information-analytical support of management company cash flow

    OpenAIRE

    Golovko, V.; Mysaka, G.

    2010-01-01

    Article is dedicated to study of the actual questions of the improvement of the dataware and methodic of the economic analysis of the cash and flow in process of the optimization of management company financial resource.

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

    Science.gov (United States)

    Tuner, James A.

    2016-01-01

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

  1. 40 CFR 35.3560 - General payment and cash draw rules.

    Science.gov (United States)

    2010-07-01

    ... for set-asides. A State may draw cash through the ACH for the full amount of costs incurred for set... incurred project costs prior to drawing cash. A State may not draw cash for a particular project until the... 40 Protection of Environment 1 2010-07-01 2010-07-01 false General payment and cash draw rules. 35...

  2. Cash Flow Statement Spreadsheet Modeling Case Using a Prototype System Development Process

    Science.gov (United States)

    Davis, Jefferson T.

    2015-01-01

    U.S. GAAP and IFRS standards both require a cash flow statement that presents operating, investing and financing net cash flows (FASB, FAS 95; 1987; IASB, IAS 7, 1992). Although students are exposed to the cash flow statement in beginning accounting courses and then study the cash flow statement in more depth in intermediate accounting classes,…

  3. Three residual income valuation methods and discounted cash flow valuation

    OpenAIRE

    Fernandez, Pablo

    2003-01-01

    In this paper we show that the three residual Income models for equity valuation always yield the same value as the Discounted Cash Flow Valuation models. We use three residual income measures: Economic Profit, Economic Value Added (EVA) and Cash Value Added. We also show that economic profit and EVA are different, although Copeland, Koller and Murrin (2000, page 55) say that economic profit is a synonym of EVA. Specifically, we first show that the present value of the Economic Profit discoun...

  4. Dividend growth, cash flow, and discount rate news

    OpenAIRE

    Garrett, Ian; Priestley, Richard

    2012-01-01

    This is the authors’ accepted and refereed manuscript to the article. Publishers web site http://journals.cambridge.org/ Using a new variable based on a model of dividend smoothing, we find that dividend growth is highly predictable and that cash flow news contributes importantly to return variability. Cash flow betas derived from this predictability are central to explaining the size effect in the cross section of returns. However, they do not explain the value effect; this is explained b...

  5. Small but effective: India's targeted unconditional cash transfers

    OpenAIRE

    Puja Dutta; Stephen Howes; Rinku Murgai

    2010-01-01

    India's approach to social security stresses the provision of subsidized food and public works. Targeted, unconditional cash transfers are little used, and have been little evaluated. An evaluation of cash transfers for the elderly and widows based on national household survey data and surveys on social pension utilization in two of India's states, Karnataka and Rajasthan, reveal that these social pension schemes work reasonably well. Levels of leakage (corruption) are low, funds flow disprop...

  6. Reserve Component Personnel Issues: Questions and Answers

    Science.gov (United States)

    2017-01-18

    under this authority entered active duty on March 1, 1998. This low-intensity conflict with Iraq changed to a high -intensity conflict on March 20...for involuntary mobilization of Guard/Reserve units will remain a one year mobilized to five year demobilized ratio . However, today’s global demands...accrues or receives, directly or indirectly, in cash or in kind every payday: basic pay, basic allowance for housing, basic allowance for subsistence, and

  7. Leverage, Asymmetric Information, Firm Value, and Cash Holdings in Indonesia

    Directory of Open Access Journals (Sweden)

    Aldea Mita Cheryta

    2018-02-01

    Full Text Available This research aimed to analyze the effect of leverage and asymmetry information on the firm value through cash holding as mediation variable. The populations of this research were all the firms which listed on the Indonesia Stock Exchange since 2012 – 2015. A sample of this research was saturated sample and census, consisted 56 firms related the population criteria.  This research used secondary data from the firm financial report through path analysis method. This research showed that leverage had a negative effect on the cash holdings, asymmetry information had a negative effect on the firm value through cash holding, and cash holding had a negative effect on the firm value.  With leverage and effect on cash, holding cannot affect the firm value, due to investor risk-averse, investor risk seeker, and neutral investor has their own point of view in assessing the company. Cash holdings can lead to asymmetric information that can lead to agency conflict that can affect a company's performance, so that indirectly, with the existence of asymmetry information had an effect on the declining the firm value. 

  8. Cash or Credit? Compensation in Psychology Studies: Motivation Matters

    Directory of Open Access Journals (Sweden)

    Holly J. Bowen

    2017-05-01

    Full Text Available It is common practice for psychology researchers to recruit their sample of participants from the undergraduate student population. Participants are typically compensated with partial course credit or a monetary payment. The current study reveals that the motivation to participate in a study (cash versus course credit can relate to performance on a behavioral task of rewarded memory. In Experiment 1, undergraduate participants were recruited and compensated for their time with either partial course credit or cash. Potential performance-based cash rewards were earned during a rewarded memory task, where correct recognition of half the stimuli was worth a high reward and the other half a low reward. Memory for high reward items was better than low reward items, but only for the cash group. The credit group did not modulate their performance based on the value of the stimuli. In Experiment 2, undergraduates were compensated with partial course credit for their time and given the opportunity to earn a bonus credit for performance on a memory test. The findings were in line with the results from the credit group of Experiment 1, suggesting that the modulation of performance in the cash group of Experiment 1 cannot be accounted for by congruency between motivation to participate and reward for task performance. Of methodological importance, the findings indicate that recruiting and compensating participants with cash versus course credit may influence the results on a rewarded memory task. This factor should be taken into consideration in studies of reward motivation.

  9. A tax proposal for a cash flow corporate tax

    Directory of Open Access Journals (Sweden)

    Lourdes Jerez Barroso

    2013-12-01

    Full Text Available Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the accounting documents that companies must present and through which the stock variables and the accounting documents’ work flow is transformed into cash flow.Findings: An implementation on the basis of the accounting documents that Spanish companies must present. Practical Implications: This paper defines the procedure to follow in order to determine the tax base of a cash flow corporate income tax on the basis of its accounts, which would allow an estimation of this tax figure’s revenue impact.Originality/ Value: The design of a tax base of cash flows for companies. The accounting approximation carried out to determine the cash flows justifies the fact that the tax base proposal is technically possible.

  10. Cash transfers for HIV prevention: considering their potential.

    Science.gov (United States)

    Heise, Lori; Lutz, Brian; Ranganathan, Meghna; Watts, Charlotte

    2013-08-23

    Cash payments to vulnerable households and/or individuals have increasingly garnered attention as a means to reduce poverty, improve health and achieve other development-related outcomes. Recent evidence from Malawi and Tanzania suggests that cash transfers can impact HIV-related behaviours and outcomes and, therefore, could serve as an important addition to HIV prevention efforts. This article reviews the current evidence on cash transfers for HIV prevention and suggests unresolved questions for further research. Gaps include (1) understanding more about the mechanisms and pathways through which cash transfers affect HIV-related outcomes; (2) addressing key operational questions, including the potential feasibility and the costs and benefits of different models of transfers and conditionality; and (3) evaluating and enhancing the wider impacts of cash transfers on health and development. Ongoing and future studies should build on current findings to unpack unresolved questions and to collect additional evidence on the multiple impacts of transfers in different settings. Furthermore, in order to address questions on sustainability, cash transfer programmes need to be integrated with other sectors and programmes that address structural factors such as education and programming to promote gender equality and address HIV.

  11. The Determinants of Corporate Cash Holdings- An Empirical study from UK Firms

    OpenAIRE

    GUO, YI

    2013-01-01

    Cash holding is most important financial decision in the company management strategy. In this dissertation, the determinants of corporate cash holdings in UK non-financial publicly traded firms over the period from 2003 to 2012 are investigated. Our study finds that growth opportunities and cash flow and cash flow variability are positively associated with the level of corporate cash holdings, while firm size, leverage, net working capital, bank debt and dividend payment have negative impact ...

  12. El creciente campo de los Estudios Sensoriales

    Directory of Open Access Journals (Sweden)

    David Howes

    2014-09-01

    Full Text Available Este ensayo presenta una breve descripción acerca del giro sensorial en la investigación contemporánea, y propone algunas perspectivas de trabajo para futuras investigaciones. Esta labor no pretende ser exhaustiva y, más bien, busca indicar las principales tendencias en este campo. El ensayo, en su primera parte, ofrece una mirada general sobre la aparición y el desarrollo de la historia y la antropología de los sentidos. En la segunda parte, la atención se concentra en cómo el campo de los estudios sensoriales puede ser, de otro lado, conceptualizado como compuesto de cultura visual, cultura auditiva (o estudios del sonido, cultura del olfato, cultura del gusto y cultura del tacto. Se ofrece una explicación acerca de la génesis de estas divisiones. Posteriormente, se presenta una visión general de algunas cuestiones claves en los estudios sensoriales, como la pregunta por el número de los sentidos y la relación entre orden sensorial y orden social. El ensayo concluye con ocho proposiciones para los estudios sensoriales.

  13. El creciente campo de los Estudios Sensoriales

    Directory of Open Access Journals (Sweden)

    David Howes

    2014-08-01

    Full Text Available Este ensayo presenta una breve descripción acerca del giro sensorial en la investigación contemporánea, y propone algunas perspectivas de trabajo para futurasinvestigaciones. Esta labor no pretende ser exhaustiva y, más bien, busca indicar las principales tendencias en este campo. El ensayo, en su primera parte, ofrece una mirada general sobre la aparición y el desarrollo de la historia y la antropología de los sentidos. En la segunda parte, la atención se concentra en cómo el campo de los estudios sensoriales puede ser, de otro lado, conceptualizado como compuesto de cultura visual, cultura auditiva (o estudios del sonido, cultura del olfato, cultura del gusto y cultura del tacto. Se ofrece una explicación acerca de la génesis de estas divisiones. Posteriormente,se presenta una visión general de algunas cuestiones claves en los estudios sensoriales, como la pregunta por el número de los sentidos y la relación entre orden sensorial y orden social. El ensayo concluye con ocho proposiciones para los estudios sensoriales.

  14. Monitoring of Shadow Cash Flows Using Computer Modelling

    Directory of Open Access Journals (Sweden)

    Evgeniya Vladimirovna Baturina

    2018-03-01

    Full Text Available The computer simulation of economic systems is a promising tool in the development of the theory of the country’s economic security. We have examined the Russian banking legislation and synthesized judicial economic expertise. This has allowed to develop an algorithm for the investigation of the marker pattern of shadow cash flows. The authors’ algorithm of marker monitoring of cash flow consists of the following sequences. Firstly, we set the time of the first receipt of money and the first withdrawals. Secondly, we compare cash balance of an organization at the beginning of the period with the first withdrawals. Thirdly, under the given condition, the minimum value of interested money flow in these withdrawals is calculated. This value is characterized by the marker parameters and forms a table containing data on the cash flow, recipients and payers, spheres of their activity. And last, on the basis of this table, we build a graph of relationships between the subjects of the shadow economy. The graph’s vertices represent these subjects. The visual representation of the graph is a marker pattern of shadow cash flow. The practical importance of this algorithm is due to its applicability in the investigation of economic crimes both at the stage of intelligence operations, and when obtaining proofs of the brought criminal cases in the form of the conclusions of expertseconomists. In addition, marker patterns of shadow cash flows can describe the state of the shadow economy of a region as a whole including its dynamics. This expands its parameterization. The created database of the shadow flows of the economy can be also useful for the scientific community. On the basis of the received results, we have developed management decisions to create and administer the information resource of the Bank of Russia “Shadow economy of a region”. This information resource ensures tracking the marker trace of cash flow in the bank environment by the

  15. Cash budgeting: an underutilized resource management tool in not-for-profit health care entities.

    Science.gov (United States)

    Hauser, R C; Edwards, D E; Edwards, J T

    1991-01-01

    Cash budgeting is generally considered to be an important part of resource management in all businesses. However, respondents to a survey of not-for-profit health care entities revealed that some 40 percent of the participants do not currently prepare cash budgets. Where budgeting occurred, the cash forecasts covered various time frames, and distribution of the document was inconsistent. Most budgets presented cash receipts and disbursements according to operating, investing, and financing activities--a format consistent with the year-end cash flow statement. By routinely preparing monthly cash budgets, the not-for-profit health care entity can project cash inflow/outflow or position with anticipated cash insufficiencies and surpluses. The budget should be compared each month to actual results to evaluate performance. The magnitude and timing of cash flows is much too critical to be left to chance.

  16. Dividend Maximization when Cash Reserves Follow a Jump-diffusion Process

    Institute of Scientific and Technical Information of China (English)

    LI LI-LI; FENG JIN-GHAI; SONG LI-XIN

    2009-01-01

    This paper deals with the dividend optimization problem for an insur-ance company, whose surplus follows a jump-diffusion process. The objective of the company is to maximize the expected total discounted dividends paid out until the time of ruin. Under concavity assumption on the optimal value function, the paper states some general properties and, in particular, smoothness results on the optimal value function, whose analysis mainly relies on viscosity solutions of the associated Hamilton-Jacobi-Bellman (HJB) equations. Based on these properties, the explicit expression of the optimal value function is obtained. And some numerical calculations are presented as the application of the results.

  17. Desagrarización del campo chiapaneco

    Directory of Open Access Journals (Sweden)

    Julieta Martínez Cuero

    2011-06-01

    Full Text Available En este trabajo se analizan las transformaciones del campo chiapaneco a nivel regional. El propósito es evaluar las tesis de una nueva ruralidad y heterogeneidad estructural en el sector rural del estado. Para ello, en primer lugar se describen las condiciones estructurales del sector agrario en la entidad, partiendo de: las condiciones ecológicas y geográficas, el tipo de tenencia de la tierra y la composición poblacional dedicada a la producción agrícola. En segundo lugar, se recogen elementos clave que explican el proceso de desagrarización en cada una de las regiones de análisis, considerando el impacto de las políticas de apertura económica sobre el sector y el agotamiento de la frontera agrícola.

  18. Financial Reporting Quality, Free Cash Flow, and Investment Efficiency

    Directory of Open Access Journals (Sweden)

    Wang Fusheng

    2015-01-01

    Full Text Available This paper based on the perspective of firm’s agency conflicts to examine the relationship between financial reporting quality and investment efficiency and to analyze the interaction effect between financial reporting and free cash flow on investment efficiency. We use 3,726 samples of Chinese listed firms during the period 2008–2012 to test the empirical models and find that financial reporting quality is negatively associated with both underinvestment and overinvestment. Further, we find that financial reporting quality is more strongly associated with overinvestment for firms with large free cash flow, which suggests that financial reporting quality can reduce information asymmetry arising from agency conflicts between the managers and investors. This paper extends the field of application of financial reporting quality and investment efficiency in the emerging capital markets in the world. Moreover, this is the first study that analyzes the interaction effect between financial reporting quality and free cash flow on investment efficiency.

  19. CASH FLOW-FINANCIAL PLANNING TOOL IN THE TOURISM UNITS

    Directory of Open Access Journals (Sweden)

    Boby COSTI

    2017-05-01

    Full Text Available This paper addresses the issue of cash-flow tool for financial planning, cash flow calculation by applying the indirect method within a company in the field of tourism. Thus, it tackled issues concerning the organization of accounting of treasury which made a presentation of the subject reflected in treasury accounting record of the existence and movement of securities placement, availability of the accounts at banks, short term bank loans and other cash values. The importance of access to information as well as more detailed and clearer leads to an upward trend of the tourism society. Standardization of definitions helps to ensure that all parties are talking of the same terms or concepts with lower or no variables. This is essential for developers and contractors in different geographical regions of the world and different countries when they discuss issues of tourism and travel.

  20. Analysis of cash flow ratios: A study on CMC

    Directory of Open Access Journals (Sweden)

    Somnath Das

    2018-01-01

    Full Text Available Cash flow ratios help financial users get relevant information about financial resources for a given time. Cash flow ratios are now used more than the traditional ones because it is more effective and justified. Cash flow based ratios are especially surprising because they do not only play a significant role in the credit rating of evaluation, but also forecast the failure of a corporation. In this study, we perform an empirical investigation on a company named CMC. From the study, it is clear that the liquidity and solvency positions of the company were moderate whereas the company maintained low profitability. On the other hand, the efficiency and sufficiency ratios of the study give us a new look on financial judgement.

  1. CASH-FLOW SENSITIVITY TO PAYMENTS FOR MATERIAL RESSOURCES

    Directory of Open Access Journals (Sweden)

    Lavinia Elena BRÎNDESCU OLARIU

    2014-12-01

    Full Text Available The financing decision is taken based on the expectations concerning the future cash-flows generated in the operating activity, which should provide coverage for the debt service and allow for an increase of the shareholders’ wealth. Still, the future cash-flows are affected by risk, which makes the sensitivity analysis a very important part of the decision process. The current research sets to evaluate the sensitivity of the payment capacity to variations of the payments for raw materials and consumables. The study employs 391 forecasted yearly cash-flow statements collected from 50 companies together with detailed information concerning the hypotheses of the forecasts. The results of the study allow for the establishment of benchmarks for the payment capacity’s sensitivity, the determination of the mechanisms through which the variation of payments for raw materials and consumables impacts the payment capacity, as well as the identification of the possible causes of such a variation.

  2. Individual loss reserving with the Multivariate Skew Normal distribution

    NARCIS (Netherlands)

    Pigeon, M.; Antonio, K.; Denuit, M.

    2012-01-01

    The evaluation of future cash flows and solvency capital recently gained importance in general insurance. To assist in this process, our paper proposes a novel loss reserving model, designed for individual claims in discrete time. We model the occurrence of claims, as well as their reporting delay,

  3. Individual loss reserving with the multivariate skew normal framework

    NARCIS (Netherlands)

    Pigeon, M.; Antonio, K.; Denuit, M.

    2013-01-01

    The evaluation of future cash flows and solvency capital recently gained importance in general insurance. To assist in this process, our paper proposes a novel loss reserving model, designed for individual claims developing in discrete time. We model the occurrence of claims, as well as their

  4. Financial reserve. Hospitals leery of credit lines, factoring receivables.

    Science.gov (United States)

    Edwards, D E; Hamilton, W C; Hauser, R

    1991-10-01

    Opening lines of credit and factoring (selling) accounts receivable are two ways to generate operating cash that non-healthcare industries have long used successfully. A recent survey of hospital officials across the nation, however, showed these techniques are used infrequently in health care. Among the 281 hospitals responding: Only 45 percent use lines of credit; Less than 5 percent pursue accounts receivable factoring; and Only 12 percent plan to begin factoring receivables in the future. As hospitals look for ways to offset depleted cash reserves, these percentages may increase.

  5. A tax proposal for a cash flow corporate tax

    OpenAIRE

    Lourdes Jerez Barroso; Joaquín Texeira Quirós

    2013-01-01

    Purpose: Due to its advantages in terms of neutrality and simplicity, the aim of this paper is to design a tax base for corporation cash flows, as well as to develop its practical implementation.Design/Methodology: The conceptual aspects and the background of tax on corporation tax flows are reviewed and a tax base that levies a charge on the corporation’s economical activities’ cash flow is then proposed. In order to carry this out, a methodological procedure is developed on the basis of the...

  6. Comparative characteristics of electronic, cash and cashless money

    Directory of Open Access Journals (Sweden)

    Ксенія Романівна Петрофанова

    2017-12-01

    The study of the peculiarities of electronic money is accompanied by the discovery of a large number of theoretical and practical problems and separate discussion issues of important application significance. As the number of e-money users increases with the development of e-commerce, protecting their interests requires proper civil and financial regulation. Comparing electronic money with cash and non-cash money, we found that they, by combining the benefits of the other two forms of money, actually became the third specific monetary form

  7. 1999 BUSINESS ANALYSIS SUMMARY FOR CASH GRAIN FARMS

    OpenAIRE

    Nott, Sherrill B.

    2000-01-01

    The sources of the 51 cash grain farms analyzed in this report were Telfarm/MicroTel at Michigan State University, plus the AgriSolutions offices in East Lansing, Adrian, Mt. Pleasant, and Alpena. Farm types were assigned using the 1992 Census of Agriculture's Standard Industrial Classification (SIC) definitions. Basically, any farm with 50 percent or more of value of farm sales from one item becomes a farm of that type. Cash grain farms have 50 percent or more of value of combined sales from...

  8. Kontsernisisese cash pooling'u kasutamise võimalikud piirangud / Karl Kull

    Index Scriptorium Estoniae

    Kull, Karl, 1987-

    2011-01-01

    Cash pooling’ust kui finantsjuhtimise ühest alaliigist. Cash pooling’u kasutamise piirangutest: äriseadustiku §-des 159 ja 281 sätestatud laenukeelust ning emaettevõtja kohustuste võimalikust rikkumisest

  9. Cash Accountability in the Department of Defense, Supply Department Imprest Fund, Naval Air Station, Norfolk, Virginia

    National Research Council Canada - National Science Library

    Mckinney, Terry

    1994-01-01

    Our objectives were to verify the accountability for cash and related assets and to evaluate the adequacy of procedures used to determine the accuracy of records used to support cash accountability...

  10. METHODOLOGICAL APPROACHES TO THE ANALYSIS OF EFFICIENCY OF CASH FLOW MANAGEMENT IN INVESTMENT ACTIVITY OF THE ENTERPRISES

    OpenAIRE

    I. Magdych

    2015-01-01

    The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their o...

  11. An Experiment of Student Understanding of Accruals versus Cash Flows

    Science.gov (United States)

    Miranda-Lopez, Jose Eduardo; Nichols, Linda M.

    2007-01-01

    The concepts of both accrual accounting and cash basis accounting need to be thoroughly understood by accounting graduates as they enter the workplace. In making decisions, both managers and investors often may need to make adjustments from one basis to the other. But do students really understand these concepts? This study uses an experimental…

  12. 45 CFR 400.52 - Emergency cash assistance to refugees.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 2 2010-10-01 2010-10-01 false Emergency cash assistance to refugees. 400.52 Section 400.52 Public Welfare Regulations Relating to Public Welfare OFFICE OF REFUGEE RESETTLEMENT, ADMINISTRATION FOR CHILDREN AND FAMILIES, DEPARTMENT OF HEALTH AND HUMAN SERVICES REFUGEE RESETTLEMENT PROGRAM...

  13. 7 CFR 3015.83 - Federal cash transactions report.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Federal cash transactions report. 3015.83 Section 3015.83 Agriculture Regulations of the Department of Agriculture (Continued) OFFICE OF THE CHIEF FINANCIAL OFFICER, DEPARTMENT OF AGRICULTURE UNIFORM FEDERAL ASSISTANCE REGULATIONS Financial Reporting...

  14. 20/30 Hindsight: cash management in local banks

    NARCIS (Netherlands)

    Peffer, Ron A.; Telgen, Jan

    1986-01-01

    Who would ever expect that a bank would complain about the number of calculations required to do anything, let alone cut down costs? Mr. Peffer and Dr. Telgen describe their experiences in implementing a cash management system for use by independent local banks; when they got that response—perhaps

  15. Conditional Cash Transfer against Child Labor: Indonesia Program Keluarga Harapan

    Science.gov (United States)

    Lee, Kye Woo; Hwang, Miae

    2016-01-01

    This study aims to analyze whether subsidies provided by the Indonesian conditional cash transfer against child labor program (Program Keluarga Harapan: PKH) were sufficient for children to stop working and go back to schooling. Ex-post evaluations of the program found that it did not improve children's enrollment rate and reduce child labor…

  16. Mathematical annuity models application in cash flow analysis ...

    African Journals Online (AJOL)

    Mathematical annuity models application in cash flow analysis. ... We also compare the cost efficiency between Amortisation and Sinking fund loan repayment as prevalent in financial institutions. Keywords: Annuity, Amortisation, Sinking Fund, Present and Future Value Annuity, Maturity date and Redemption value.

  17. 31 CFR 321.7 - Authorized cash payments.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Authorized cash payments. 321.7 Section 321.7 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL... registration on the front of the security, or by a person authorized or empowered to act for a corporate legal...

  18. The Cash Flow as Financial Management Tool For Small Businesses

    Directory of Open Access Journals (Sweden)

    Osmar Siena

    2015-06-01

    Full Text Available This study is engaged on the axis of Financial Management, with research into the factors controlling corporation in small business finance. It has as main objective to analyze the cash flow tool as a tool for financial management and specific process to describe the use of the Cash Flow tool objectives; analyze the feasibility of implementing the Cash Flow tool as an instrument of financial management and suggest proposals for suitability for deployment of Cash Flows as a financial management system. Facing these objectives the research uses the precedence of qualitative methodology and applies the instruments on-site visit, interview and questionnaire to collect data. Descriptive analysis that confront the theoretical basis and the data obtained from research is used. With the completion of the analysis the following results were achieved: description of business processes researched; identifying the needs and forms of control currently used and presentation of improvement measures for the adjustment of non-conformities identified. The study contributes to both the academic improvement by analyzing the real situation of the company, as well as it serves as a recommendation to companies embracing similar difficulties in financial management.

  19. Pengaruh Free Cash Flow Dan Kualitas Audit Terhadap Manajemen Laba

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-04-01

    Full Text Available Asymmetric information refers to a situation where one party has more information than the other party. The agency problems arise from asymmetric information in the principal agent contracts. In addition, there are also several factors that could affect earnings management that is free cash flow and audit quality. The aim of this research is to provide empirical evidence about the impact of free cash flow and audit quality variables on discretionary accruals, as a measure of Earnings Management with the control variables company’s size. This research used 103 manufacturing companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluced that the variable independent free cash flow have a negative and significant effect on earning management. It means that companies with high free cash flow will restrict the practice of earnings management. While the audit quality no significance effect on earning management.

  20. Cash dividends and futures prices on discontinuous filtrations

    NARCIS (Netherlands)

    Vellekoop, M.H.; Nieuwenhuis, J.W.

    We derive a general formula for the futures price process without the restriction that the assets used in the future margin account are continuous and of finite variation. To do so, we model tradeable securities with dividends which are not necessarily cash dividends at fixed times or continuously

  1. The dynamics of stock price and determination of investor's cash ...

    African Journals Online (AJOL)

    Our aim is to also determine investor's cash flows valuation generated from the investment. The investor invested her short position into N number of investment firms. The firms in turn invest the short position of the investor into the stock and bond markets in order to hedge out the risks associated with the investor's portfolio.

  2. Assessing the impact of cash transfer programs on women's ...

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

    In Tanzania, the Tanzania Social Action Fund provides financial support to poor and vulnerable people. Conditions attached to the funds include sending children to school and accessing basic health care. Recent evidence suggests that cash transfers can contribute to pro-poor growth by: -serving as an effective risk ...

  3. Direct Loan Cash Management and Data Matching (Reconciliation).

    Science.gov (United States)

    Department of Education, Washington, DC.

    This guide for institutions of higher education and other schools receiving funds under the William D. Ford Direct Loan Program details required and recommended procedures for the reconciliation process. The reconciliation process is explained to include cash management (the accounting for Direct Loan funds drawn down and disbursed to borrowers)…

  4. Financial Management: Cash Management Practices in Florida Community Colleges.

    Science.gov (United States)

    Spiwak, Rand S.

    A study was conducted to identify those variables appearing to affect cash management practices in Florida community colleges, and recommend prescriptive measures concerning these practices. The study methodology included informal discussions with the chief fiscal officers of each Florida community college and appropriate state board staff,…

  5. 31 CFR 206.6 - Cash management planning and review.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Cash management planning and review. 206.6 Section 206.6 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE MANAGEMENT OF FEDERAL AGENCY...

  6. DETERMINANTS AND OPTIMAL LEVEL OF CORPORATE CASH HOLDINGS: EVIDENCE FROM US, UK AND JAPAN

    OpenAIRE

    Zhang, Shan Shan

    2013-01-01

    This paper firstly investigates the empirical determinants of corporate cash holdings for a sample of listed US, UK and Japanese firms during the 2000-2012 period. Through applying the pooled time-series cross-sectional estimations, cross-sectional estimations and GMM two-step method of estimations, the results reveal that firms’ cash flow, cash flow variability, bank debt and degree of shareholders protection and creditor protection all have inverse relationship with cash holdings. Contraril...

  7. Do analysts disclose cash flow forecasts with earnings estimates when earnings quality is low?

    OpenAIRE

    Bilinski, P.

    2014-01-01

    Cash flows are incrementally useful to earnings in security valuation mainly when earnings quality is low. This suggests that when earnings quality decreases, analysts will be more likely to supplement their earnings forecasts with cash flow estimates. Contrary to this prediction, we find that analysts do not disclose cash flow forecasts when the quality of earnings is low. This is because cash flow forecast accuracy depends on the accuracy of the accrual estimates and the precision of accrua...

  8. Forecasting of cash flow from an enterprise’s principal activities

    OpenAIRE

    Kanapickienė, Rasa; Šlekienė, Vaida

    2008-01-01

    The article deals with the forecasting of a cash flow from primary activities of an enterprise. Different mathematical methods are applied to forecast cash flow. Cash flow forecasts are often introduced in the project of the enterprise budget. Some scientific sources state that it is possible to forecast cash flow from primary activities of an enterprise according to its historical financial data by the means of regression analysis. These sources suggest various models of regression analysis ...

  9. A study on relationship between market share and cash flow policy

    OpenAIRE

    Somayeh Sadeghi Moghaddam; Fateme Zabihi

    2014-01-01

    This paper presents an empirical investigation to study the relationship between cash flow and market share on selected firms from Tehran Stock Exchange over the period 2007-2011. Using regression analysis, the study has detected a positive and meaningful relationship between cash flow on one side and three other investment opportunities, firm size and operating cash flow. In addition, there is a negative and meaningful relationship between leverage and cash flow. However, the study does not ...

  10. 20 CFR 404.1586 - Why and when we will stop your cash benefits.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Why and when we will stop your cash benefits... and when we will stop your cash benefits. (a) When you are not entitled to benefits. If you become entitled to disability cash benefits as a statutorily blind person, we will find that you are no longer...

  11. 38 CFR 6.16 - Payment of cash value in monthly installments.

    Science.gov (United States)

    2010-07-01

    ... selected by the insured. If no designated beneficiary survives, the present value of any remaining unpaid... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Payment of cash value in... AFFAIRS UNITED STATES GOVERNMENT LIFE INSURANCE Cash Value § 6.16 Payment of cash value in monthly...

  12. 24 CFR 572.230 - Cash and Management Information (C/MI) System.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 3 2010-04-01 2010-04-01 false Cash and Management Information (C... HOMES PROGRAM (HOPE 3) Grants § 572.230 Cash and Management Information (C/MI) System. Disbursement of HOPE 3 grant funds is managed through HUD's Cash and Management Information (C/MI) System for the HOPE...

  13. 45 CFR 401.12 - Cuban and Haitian entrant cash and medical assistance.

    Science.gov (United States)

    2010-10-01

    ... cash and medical assistance (and related administrative costs) to Cuban and Haitian entrants according... 45 Public Welfare 2 2010-10-01 2010-10-01 false Cuban and Haitian entrant cash and medical... ENTRANT PROGRAM § 401.12 Cuban and Haitian entrant cash and medical assistance. Except as may be otherwise...

  14. 31 CFR 206.10 - Operation of and payments from the Cash Management Improvements Fund.

    Science.gov (United States)

    2010-07-01

    ... SERVICE MANAGEMENT OF FEDERAL AGENCY RECEIPTS, DISBURSEMENTS, AND OPERATION OF THE CASH MANAGEMENT IMPROVEMENTS FUND § 206.10 Operation of and payments from the Cash Management Improvements Fund. (a) The Cash... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Operation of and payments from the...

  15. The effects of country and firm-level governance on cash management

    NARCIS (Netherlands)

    Seifert, Bruce; Gonenc, Halit

    We examine the effects of both country and firm-level governance on cash holdings and the value of cash for a large international sample during the period 2002-2013. We find that both strong country and strong firm-level governance reduce the amount of cash holdings. We observe that a number of the

  16. Cash Flow and Discount Rate Risk in Up and Down Markets: What is actually priced?

    NARCIS (Netherlands)

    Botshekan, M.; Kraeussl, R.G.W.; Lucas, A.

    2012-01-01

    We test whether asymmetric preferences for losses versus gains affect the prices of cash flow versus discount rate risk. We construct a return decomposition distinguishing cash flow and discount rate betas in up and down markets. Using U.S. data, we find that downside cash flow and discount rate

  17. Cash Management and Short-Term Investments for Colleges and Universities.

    Science.gov (United States)

    Haag, Leonard H.

    Effective cash management and short-term investing are discussed in this "how to" guide designed to benefit most institutions of higher education. The following premises are examined: proper compensation for effective cash management is not an expense but an investment; effective cash management and short-term investment programs do not depend on…

  18. 34 CFR 668.161 - Scope and purpose (cash management rules).

    Science.gov (United States)

    2010-07-01

    ... 34 Education 3 2010-07-01 2010-07-01 false Scope and purpose (cash management rules). 668.161... POSTSECONDARY EDUCATION, DEPARTMENT OF EDUCATION STUDENT ASSISTANCE GENERAL PROVISIONS Cash Management § 668.161 Scope and purpose (cash management rules). (a) General. (1) This subpart establishes the rules and...

  19. The Management of Cash. NACUBO Professional File, Volume 9, Number 6.

    Science.gov (United States)

    Boyles, William W.

    With today's relatively high interest rates, inflationary trend, and declining public support to higher education, cash management programs are of interest to the academic business officer as well as the commercial businessman. Four areas in which the management of cash can be improved are: (1) speeding collections of cash; (2) delaying…

  20. 20 CFR 668.860 - What cash management procedures apply to INA grant funds?

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false What cash management procedures apply to INA... Administrative Requirements § 668.860 What cash management procedures apply to INA grant funds? INA grantees must... implement the Cash Management Improvement Act, found at 31 CFR part 205, apply by law to most recipients of...

  1. Paying Students to Learn: An Ethical Analysis of Cash for Grades Programmes

    Science.gov (United States)

    Warnick, Bryan R.

    2017-01-01

    A growing number of schools have begun experimenting with giving students cash rewards to improve academic performance. This practice has come to be known as "cash-for-grades." In this article, I examine some of the philosophical and ethical questions involved with cash-for-grades programmes, rather than focusing on whether such…

  2. Educação do Campo e o programa Projovem Campo em Planaltina/DF

    Directory of Open Access Journals (Sweden)

    Marina Morenna Alves Figueiredo

    2017-07-01

    Full Text Available A Política Nacional de Juventude (PNJ demonstra o reconhecimento do Governo sobre a necessidade de políticas sociais específicas para este segmento. Dentre as diversas políticas para a juventude, a presente pesquisa buscou retratar o Programa Projovem Campo, na área de educação, destinado a promover a conclusão do ensino fundamental dos jovens, de 18 a 29 anos, que já deveriam ter concluído tal etapa. Para elucidar a importância desta política pública foi realizado um estudo de caso no Centro de Ensino Fundamental Pipiripau II, na zona rural de Planaltina/DF e foram feitas entrevistas com os gestores, coordenadores, professores e estudantes do Programa Projovem Campo nesta unidade de ensino. Os resultados do trabalho de campo indicaram dificuldades na implementação e execução do programa. Entre as principais dificuldades destacam-se o não cumprimento de ações estabelecidas no desenho da política, como a refeição oferecida que não era jantar, as rotas dos ônibus e o impedimento de transportar crianças, a falta de um espaço específico e de materiais para a sala de acolhimento, além do não pagamento da bolsa auxílio para os estudantes.

  3. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling)

    OpenAIRE

    Ali KABAKÇI

    2011-01-01

    Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash m...

  4. Unanswered Quibbles with Fractional Reserve Free Banking

    Directory of Open Access Journals (Sweden)

    Philipp Bagus

    2011-07-01

    Full Text Available In this article we reply to George Selgin’s counterarguments to our article “Fractional Reserve Free Banking: Some Quibbles”. Selgin regards holding cash as saving while we focus on the real savings necessary to maintain investment projects. Real savings are unconsumed real income. Variations in real savings are not necessarily equal to variations in cash holdings. We show that a coordinated credit expansion in a fractional reserve free banking (FRFB system is possible and that precautionary reserves consequently do not pose a necessary limit. We discuss various instances in which a FRFB system may expand credit without a prior increase in real savings. These facets all demonstrate why a fractional reserve banking system – even a free banking one – is inherently unstable, and incentivized to impose a stabilizing central bank. We find that at the root of our disagreements with Selgin lies a different approach to monetary theory. Selgin subscribes to the aggregative equation of exchange, which impedes him from seeing the microeconomic problems that the stabilization of “MV” by a FRFB system causes.

  5. JAIME CAMPOS GARRIDO (1939-2010

    Directory of Open Access Journals (Sweden)

    Efraím Otero Ruiz

    2011-01-01

    Full Text Available

    Palabras pronunciadas durante las honras fúnebres, Iglesia Inmaculada Concepción del Chicó, Diciembre 21, 2010

    Con el desgarramiento de las calamidades imprevistas y ahogados por la sorpresa y el dolor reprimido, nos agrupamos aquí hoy para decir unas palabras de despedida al inolvidable amigo y colega Jaime Campos Garrido. Porque quienes lo vieron a su regreso de Europa, hacía apenas un mes, jamás se imaginaron que la muerte iría a incluirlo en ese terrible listado que en el último semestre se ha llevado a lo mejor de la gastroenterología clínica y quirúrgica colombianas, en un desfi le interminable de duelos sucesivos: Alvaro Caro Mendoza, Jaime De la Hoz De la Hoz y ahora Jaime, todos después de coronar las más brillantes carreras que la especialidad y la Universidad  Nacional avalaron en la última mitad del siglo XX, y todos cercados de ese nimbo de prestigio y amistad que hoy nos hace más insoportable y dolorosa su partida. 

    Nacido de cuna preclara en Popayán, Jaime terminó sus estudios de médico en la Universidad Nacional en 1964 y desde sus épocas de estudiante mostró la inclinación por la que iría a ser su especialidad definitiva. Muy recién graduado viajó a Francia, donde iría a especializarse por varios años en endoscopia digestiva; allí fue pronto acogido por sus colegas que en etapas sucesivas lo irían incorporando a la Sociedad Nacional Francesa de dicha especialidad, lo mismo que a la Francesa de Gastroenterología y al Círculo André Lambling, del que sería Fundador en 1981 y poco después su Presidente, distinción extraordinaria para un joven especialista proveniente de estas latitudes. A su regreso a Bogotá además como destacado internista, fue fundador en 1967 de la cátedra de Gastroenterología en el Hospital de San Juan de Dios, siguiendo de ahí en adelante por riguroso concurso a ocupar los cargos de Instructor Asociado

  6. Trial Readiness in Cavernous Angiomas With Symptomatic Hemorrhage (CASH).

    Science.gov (United States)

    Polster, Sean P; Cao, Ying; Carroll, Timothy; Flemming, Kelly; Girard, Romuald; Hanley, Daniel; Hobson, Nicholas; Kim, Helen; Koenig, James; Koskimäki, Janne; Lane, Karen; Majersik, Jennifer J; McBee, Nichol; Morrison, Leslie; Shenkar, Robert; Stadnik, Agnieszka; Thompson, Richard E; Zabramski, Joseph; Zeineddine, Hussein A; Awad, Issam A

    2018-04-11

    Brain cavernous angiomas with symptomatic hemorrhage (CASH) are uncommon but exact a heavy burden of neurological disability from recurrent bleeding, for which there is no proven therapy. Candidate drugs to stabilize the CASH lesion and prevent rebleeding will ultimately require testing of safety and efficacy in multisite clinical trials. Much progress has been made in understanding the epidemiology of CASH, and novel biomarkers have been linked to the biological mechanisms and clinical activity in lesions. Yet, the ability to enroll and risk-stratify CASH subjects has never been assessed prospectively at multiple sites. Biomarkers and other outcomes have not been evaluated for their sensitivity and reliability, nor have they been harmonized across sites. To address knowledge gaps and establish a research network as infrastructure for future clinical trials, through the Trial Readiness grant mechanism, funded by National Institute of Neurological Disorders and Stroke/National Institutes of Health. This project includes an observational cohort study to assess (1) the feasibility of screening, enrollment rates, baseline disease categorization, and follow-up of CASH using common data elements at multiple sites, (2) the reliability of imaging biomarkers including quantitative susceptibility mapping and permeability measures that have been shown to correlate with lesion activity, and (3) the rates of recurrent hemorrhage and change in functional status and biomarker measurements during prospective follow-up. We propose a harmonized multisite assessment of enrollment rates of CASH, baseline features relevant to stratification in clinical trials, and follow-up assessments of functional outcomes in relation to clinical bleeds. We introduce novel biomarkers of vascular leak and hemorrhage, with firm mechanistic foundations, which have been linked to clinical disease activity. We shall test their reliability and validity at multiple sites, and assess their changes over time

  7. How your bank balance buys happiness: The importance of "cash on hand" to life satisfaction.

    Science.gov (United States)

    Ruberton, Peter M; Gladstone, Joe; Lyubomirsky, Sonja

    2016-08-01

    Could liquid wealth, or "cash on hand"-the balance of one's checking and savings accounts-be a better predictor of life satisfaction than income? In a field study using 585 U.K. bank customers, we paired individual Satisfaction With Life Scale responses with anonymized account data held by the bank, including the full account balances for each respondent. Individuals with higher liquid wealth were found to have more positive perceptions of their financial well-being, which, in turn, predicted higher life satisfaction, suggesting that liquid wealth is indirectly associated with life satisfaction. This effect persisted after accounting for multiple controls, including investments, total spending, and indebtedness (which predicted financial well-being) and demographics (which predicted life satisfaction). Our results suggest that having readily accessible sources of cash is of unique importance to life satisfaction, above and beyond raw earnings, investments, or indebtedness. Therefore, to improve the well-being of citizens, policymakers should focus not just on boosting incomes but also on increasing people's immediate access to money. (PsycINFO Database Record (c) 2016 APA, all rights reserved).

  8. Sociedade e cultura portuguesas II : a cidade e o campo

    OpenAIRE

    Catroga, Fernando; Carvalho, Paulo Archer de

    2000-01-01

    Académico - Licenciaturas A cidade e o campo, um jogo dicotómico evidenciando características que por um lado eram associadas à pax rústica, santuário de virtudes cristãs, e por outro lado aos conflitos e desventuras urbanas. O campo tipifica um segmento mágico de um passado que o crescimento urbano ameaça destruir.

  9. An investigation on how to estimate future cash flows: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Roghayeh Ahmdi Panah Banad Koki

    2014-03-01

    Full Text Available This paper presents an empirical investigation to predict future cash flows using present cash flow and accruals using the information of 96 selected firms listed on Tehran Stock Exchange over the period 2007-2011. The proposed study uses linear regression techniques to forecast future cash flow and the results indicate that cash flow and accruals together could provide more power to forecast cash flow. In addition, accrual provides future cash flow better than cash flow. The survey also performs an investigation on discretionary accrual and finds that the firms with higher accruals maintain lower return compared with firms with lower return. This means there is a clear evidence of discretionary accruals on Tehran Stock Exchange.

  10. Factors Affecting Corporate Cash Holding of Non-Financial Firms in Pakistan

    Directory of Open Access Journals (Sweden)

    Atif Kafayat

    2014-06-01

    Full Text Available The previous researches explore the question of why firms hold cash. But there are few researches done in developing countries like Pakistan. The need for cash is characterized by its policies of firms regarding capital structure, working capital requirements, cash flow management, dividend payments, and asset management. In this paper, the impact of these factors is normally analyzed under the framework of Tradeoff theory, Pecking Order Theory and Free Cash Flow Theory. This paper focuses on determining the level of corporate cash holdings of non-financial Pakistani firms, and cash holding requirement among different industries. The data is set for period of 2008- 2012 by using the data of 40companies and 6 industries. The findings of the study support the theories. Which show that firm size, net working capital, leverage, Capital Expenditure and Dividend significantly affect the cash holdings of non-financial firms in Pakistan.

  11. Strategic Management Accounting in Organizations’ Cash Flow Control

    Directory of Open Access Journals (Sweden)

    Y. P. Vetrov

    2017-09-01

    Full Text Available The article deals with the various interpretations of the term "strategic management accounting". The role and importance of strategic management accounting in the organization’s cash flows control are investigated. The accounting and analytical models of strategic management accounting are analyzed. The territorial scope of this article covers the Russian Federation. The study concludes that the system of assessment parameters of organization’s financial condition should cover all its aspects, namely, financial sustainability, solvency, liquidity and business activity. Hence, strategic management accounting of cash flows makes it possible to correctly set information base to monitor financial flows of a company which responds the tends of market economy and allows to make optimal management decisions.

  12. CASH AND LIQUIDITY/LIQUIDITY AND LIQUIDITY RATIO

    Directory of Open Access Journals (Sweden)

    BEATRIX LIGHEZAN BREUER

    2012-12-01

    Full Text Available The present paper aims to present the correlation as well as the differences between liquidity/cash and liquidity ratio in terms of economic entities. Researches on this topic are based on the opinions of some specialists in accounting and in the economic-financial analysis, as well as on the national legal stipulations and the ones set out in the International Accounting Standards, the Financial report, respectively. The object of this paper is represented by the correlation between liquidity/cash and liquidity ratios representing the liquidity as current assets, assets implied in the determination of liquidity ratios. The end of the paper consists of the conclusions drawn from the issues presented in the paper but also our views on this research topic.

  13. CASH HOLDING, GOOD CORPORATE GOVERNANCE AND FIRM VALUE

    Directory of Open Access Journals (Sweden)

    Prana Wahyu Nisasmara

    2016-12-01

    Full Text Available This research aims to understand the influence of profitability, capital structure, cash holding, and GCG (Good Corporate Governance on firm value.  The samples of this study were the property sector and real estate companies listed on Indonesia Stock Exchange (IDX in the period of 2008-2013. The data used from the annual report company. The methods of data analysis were multiple regression models and analyzed using IBM SPSS software. The results of this study are profitability has no influence on firm value, capital structure has positive influence on firm value, cash holding has no influence on firm value and GCG a has a positive influence on firm value.

  14. Levantamento de Orchidaceae em quatro fragmentos de Campos de Altitude em Campos do Jordão, SP, Brasil

    OpenAIRE

    Gonçalves,Gabriel Franco; Sampaio,Daniela; Barros,Fábio de

    2015-01-01

    Orchidaceae é uma das maiores famílias das Angiospermas, sendo também uma das mais ricas e com mais alto grau de endemismo na Mata Atlântica, bioma que inclui a Floresta Ombrófila Mista e os Campos de Altitude, típicos da região de Campos do Jordão. Este trabalho teve como objetivo fazer um levantamento das espécies de Orchidaceae ocorrentes em quatro campos de altitude em uma Área de Proteção Ambiental pertencente ao Instituto Presbiteriano Mackenzie em Campos do Jordão, Estado de São Paulo,...

  15. Watch for pitfalls of discounted cash flow techniques.

    Science.gov (United States)

    Chow, C W; McNamee, A H

    1991-04-01

    Discounted cash flow (DCF) techniques can enhance the effectiveness of a healthcare organization's capital budgeting decisions. But a financial manager unaware of common misapplications of DCF techniques may make capital decisions with a hidden bias against long-term projects, an inaccurate evaluation of options, or inappropriate estimations of expected inflation and risk. Social and psychological factors also can impede effective decisions on projects already introduced.

  16. Strategic Management Accounting in Organizations’ Cash Flow Control

    OpenAIRE

    Y. P. Vetrov; O. G. Vandina; A. R. Galustov

    2017-01-01

    The article deals with the various interpretations of the term "strategic management accounting". The role and importance of strategic management accounting in the organization’s cash flows control are investigated. The accounting and analytical models of strategic management accounting are analyzed. The territorial scope of this article covers the Russian Federation. The study concludes that the system of assessment parameters of organization’s financial condition should cover all its aspect...

  17. The Cash-out Refinancing in the Norwegian Housing Market

    OpenAIRE

    Almaas, Synne Schanke; Bystrøm, Line Synnøve

    2014-01-01

    The housing prices in Norway and the ratio of Norwegian household debt to disposable income have reached unprecedentedly high levels in recent years, raising concerns about whether we are in a serious housing bubble. This attracts much attention and initiates debates among politicians, researchers as well as the entire society. Contributing to the debates, the present thesis studies "cash-out" refinancing in the Norwegian housing market and has two main findings. First, along with the soaring...

  18. Corporate cash holdings: Determinants and implications from Vietnamese market

    OpenAIRE

    Cap, Kim Hoang

    2014-01-01

    2014 dissertation for MSc in International Accounting and Finance. Selected by academic staff as a good example of a masters level dissertation. This paper investigates the determination of corporate cash holdings in Vietnam. The sample includes Vietnamese publicly-traded firms for the period 2010-2013. Determinants include financial indicators as firm-specific characteristics and state ownership as an institutional factor for the purpose of exploring the existence of agency costs for this em...

  19. CASH AND LIQUIDITY/LIQUIDITY AND LIQUIDITY RATIO

    OpenAIRE

    ADELA BREUER; MIHAELA LESCONI FRUMUSANU; BEATRIX LIGHEZAN BREUER; ANDRA MANCIU

    2012-01-01

    The present paper aims to present the correlation as well as the differences between liquidity/cash and liquidity ratio in terms of economic entities. Researches on this topic are based on the opinions of some specialists in accounting and in the economic-financial analysis, as well as on the national legal stipulations and the ones set out in the International Accounting Standards, the Financial report, respectively. The object of this paper is represented by the correlation between liquidit...

  20. Cutting risk, boosting cash flow and developing marginal fields

    International Nuclear Information System (INIS)

    Baustad, T.; Courtin, G.; Davies, T.; Kenison, R.; Turnbull, J.; Gray, B.; Jalali, Y.; Remondet, J.C.; Hjelmsmark, L.; Oldfield, T.; Romano, C.; Saier, R.; Rannestad, G.

    1996-01-01

    To minimize financial risk and accelerate return on investment, oil companies are using low-cost, reusable production systems. The scope of these development options is illustrated by looking at three offshore case studies that range from extended well test to marginal field development. In each case, production systems technology has been deployed to provide superior data, early oil or both, thus reducing economic uncertainty and delivering accelerated cash flow. 10 figs., 23 refs

  1. Managing the Cash and Liquidity of the Croatian Budget

    Directory of Open Access Journals (Sweden)

    Anto Bajo

    2005-06-01

    Full Text Available The principal proposition this paper will endeavour to maintain is that the liquidity of the budget is not fully managed by the Ministry of Finance, which is why it is unable, in collaboration with the Croatian National Bank, to rein in and slow down the growth in short-term public debt. Only since 2001, thanks to institutional improvements, have the conditions been created in the Ministry of Finance for cash and liquidity management. Thus payments operations, previously in the hands of a government institution, were taken over by the banks; the financial operations of budgetary spending agencies were channelled via the Single Account of the Treasury; and government deposits were gradually transferred from numerous commercial banks to the Single Account of the Treasury in the Croatian National Bank and the state-owned Croatian Postal Bank. Unfortunately, however, the Ministry of Finance, in collaboration with the Croatian National Bank, still carries out no operation of cash and liquidity management within the government Treasury system, nor does it operate on the money market with its surplus budgetary resources. Because of this state of affairs, management of the cash and liquidity of the central government budget is within the purview of the commercial banks.

  2. Cash transfers, maternal depression and emotional well-being: Quasi-experimental evidence from India's Janani Suraksha Yojana programme.

    Science.gov (United States)

    Powell-Jackson, Timothy; Pereira, Shreya K; Dutt, Varun; Tougher, Sarah; Haldar, Kaveri; Kumar, Paresh

    2016-08-01

    Maternal depression is an important public health concern. We investigated whether a national-scale initiative that provides cash transfers to women giving birth in government health facilities, the Janani Suraksha Yojana (JSY), reduced maternal depression in India's largest state, Uttar Pradesh. Using primary data on 1695 women collected in early 2015, our quasi-experimental design exploited the fact that some women did not receive the JSY cash due to administrative problems in its disbursement - reasons that are unlikely to be correlated with determinants of maternal depression. We found that receipt of the cash was associated with an 8.5% reduction in the continuous measure of maternal depression and a 36% reduction in moderate depression. There was no evidence of an association with measures of emotional well-being, namely happiness and worry. The results suggest that the JSY had a clinically meaningful effect in reducing the burden of maternal depression, possibly by lessening the financial strain of delivery care. They contribute to the evidence that financial incentive schemes may have public health benefits beyond improving uptake of targeted health services. Copyright © 2016 The Authors. Published by Elsevier Ltd.. All rights reserved.

  3. El ordenamiento de Medina del Campo de 1328 = The Medina del Campo Legal Code of 1328

    Directory of Open Access Journals (Sweden)

    Ana Arranz Guzmán

    2015-06-01

    Full Text Available Durante los dos últimos siglos la controversia historiográfica ha envuelto en una cierta nebulosa la reunión mantenida por Alfonso XI en Medina del Campo en el año 1328, siendo calificada por algunos historiadores de auténticas Cortes o negando, otros, su propia existencia. Con la transcripción en estas páginas del Ordenamiento elaborado en ella, así como con el análisis realizado del texto y su cotejo con las actas editadas de las Cortes madrileñas de 1329, se espera cerrar, quizá definitivamente, la larga polémica suscitada por esta asamblea, a la vez que aportar algunos datos más sobre la sobresaliente labor legislativa llevada a cabo por el monarca castellano.Scholarship over the last two centuries has debated once and again without reaching a consensus over the meeting held by Alfonso XI in Medina del Campo in 1328, considered by some historians as an authentic parliament (Cortes while others deny it. With the transcription of this legal code (Ordenamiento and its comparison with the edited account of the proceedings of the Cortes held in Madrid in 1329, our purpose is to lay to rest the debate provoked by this assembly. Furthermore, we intend to present additional information relating to the salient legislative work undertaken by this Castilian monarch.

  4. Naval Petroleum and Oil Shale Reserves

    International Nuclear Information System (INIS)

    1992-01-01

    During fiscal year 1992, the reserves generated $473 million in revenues, a $181 million decrease from the fiscal year 1991 revenues, primarily due to significant decreases in oil and natural gas prices. Total costs were $200 million, resulting in net cash flow of $273 million, compared with $454 million in fiscal year 1991. From 1976 through fiscal year 1992, the Naval Petroleum and Oil Shale Reserves generated more than $15 billion in revenues and a net operating income after costs of $12.5 billion. In fiscal year 1992, production at the Naval Petroleum Reserves at maximum efficient rates yielded 26 million barrels of crude oil, 119 billion cubic feet of natural gas, and 164 million gallons of natural gas liquids. From April to November 1992, senior managers from the Naval Petroleum and Oil Shale Reserves held a series of three workshops in Boulder, Colorado, in order to build a comprehensive Strategic Plan as required by Secretary of Energy Notice 25A-91. Other highlights are presented for the following: Naval Petroleum Reserve No. 1--production achievements, crude oil shipments to the strategic petroleum reserve, horizontal drilling, shallow oil zone gas injection project, environment and safety, and vanpool program; Naval Petroleum Reserve No. 2--new management and operating contractor and exploration drilling; Naval Petroleum Reserve No. 3--steamflood; Naval Oil Shale Reserves--protection program; and Tiger Team environmental assessment of the Naval Petroleum and Oil Shale Reserves in Colorado, Utah, and Wyoming

  5. Additional cash incentive within a conditional cash transfer scheme: a 'controlled before and during' design evaluation study from India.

    Science.gov (United States)

    Lahariya, Chandrakant; Mishra, Ashok; Nandan, Deoki; Gautam, Praveen; Gupta, Sanjay

    2011-01-01

    Conditional Cash Transfer (CCT) schemes have shown largely favorable changes in the health seeking behavior. This evaluation study assesses the process and performance of an Additional Cash Incentive (ACI) scheme within an ongoing CCT scheme in India, and document lessons. A controlled before and during design study was conducted in Madhya Pradesh state of India, from August 2007 to March 2008, with increased in institutional deliveries as a primary outcome. In depth interviews, focus group discussions and household surveys were done for data collection. Lack of awareness about ACI scheme amongst general population and beneficiaries, cumbersome cash disbursement procedure, intricate eligibility criteria, extensive paper work, and insufficient focus on community involvement were the major implementation challenges. There were anecdotal reports of political interference and possible scope for corruption. At the end of implementation period, overall rate of institutional deliveries had increased in both target and control populations; however, the differences were not statistically significant. No cause and effect association could be proven by this study. Poor planning and coordination, and lack of public awareness about the scheme resulted in low utilization. Thus, proper IEC and training, detailed implementation plan, orientation training for implementer, sufficient budgetary allocation, and community participation should be an integral part for successful implementation of any such scheme. The lesson learned this evaluation study may be useful in any developing country setting and may be utilized for planning and implementation of any ACI scheme in future.

  6. REFORMASI SISTEM AKUNTANSI CASH BASIS MENUJU SISTEM AKUNTANSI ACCRUAL BASIS

    Directory of Open Access Journals (Sweden)

    Yuri Rahayu

    2016-03-01

    Full Text Available Abstract –  Accounting reform movement was born with the aim of structuring the direction of improvement . This movement is characterized by the enactment of the Act of 2003 and Act 1 of 2004, which became the basis of the birth of Government Regulation No.24 of 2005 on Government Accounting Standards ( SAP . The general,  accounting is based on two systems,  the cash basis  and the accrual basis. The facts speak far students still at problem with differences to the two methods that result in a lack of understanding on the treatment system for recording. The purpose method of research is particularly relevant to student references who are learning basic accounting so that it can provide information and more meaningful understanding of the accounting method cash basis and Accrual basis. This research was conducted through a normative approach, by tracing the document that references a study/library that combines source of reference that can be believed either from books and the internet are processed with a foundation of knowledge and experience of the author. The conclusion can be drawn that basically to be able to understand the difference of the system and the Cash Basis accrual student base treatment requires an understanding of both methods. To be able to have the ability and understanding of both systems required reading exercises and reference sources.   Keywords : Reform, cash basis, accrual basis   Abstrak - Gerakan reformasi akuntansi dilahirkan dengan tujuan penataan ke arah perbaikan. Gerakan ini  ditandai dengan dikeluarkannya  Undang-Undang tahun 2003 dan Undang-Undang No.1 Tahun 2004  yang menjadi dasar lahirnya Peraturan Pemerintah No.24 Tahun 2005 tentang Standar Akuntansi Pemerintah (SAP . Pada umumnya pencatatan akuntansi di dasarkan pada dua sistem yaitu basis kas (Cash Basis dan basis akrual  (Accrual Basis. Fakta berbicara Selama ini mahasiswa masih dibinggungkan dengan perbedaan ke dua metode itu sehingga

  7. DETERMINANTS OF CASH WAQF CONTRIBUTION IN KLANG VALLEY AND SELANGOR: A SEM APPROACH

    Directory of Open Access Journals (Sweden)

    Muhammad Rizky Prima Sakti

    2016-08-01

    Full Text Available Cash waqf is becoming one of the popular Islamic financial instruments which not only focus on the religiosity but also has significant impact to the ummah development. This waqf scheme does not require richness in wealth, yet everybody in the society can contribute to cash waqf. The importance of cash waqf is getting popular as it has benefited in many ways, for example it can be used to develop assets and abandoned land for business and agricultural purposes. In addition, cash waqf also can be utilized to help institutions who are facing financial problem or liquidity issues. Nonetheless, rarely we found in the literature that empirically examines the cash waqf determinants and contributions. This paper is one of the few empirical studies that investigate the determinants towards the contribution of cash waqf in Malaysia. The purpose of this paper is to investigate the main factors that influence people towards the contribution of cash waqf instruments, special reference to the Klang Valley and Selangor. This paper employs structural equation modeling (SEM to verify the determinants of cash waqf contribution. In doing so, we use primary data by distributing self-administrated questionnaire constituting a sample of 114 respondents from Klang Valley and Selangor. Our empirical results reveal that the main factors that driven people towards the contribution of cash waqf products are attitude and social influences, however interestingly religion obligation is not influence the contribution of cash waqf.

  8. A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

    Directory of Open Access Journals (Sweden)

    Mahdi Salehi

    2013-08-01

    Full Text Available The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data during 6 years revealed that the earnings in comparison to the cash flows are very important as they have positive effects on the stock. Moreover, in the case of the relations of earnings and earnings changes with the expected return of stocks and the relation of cash flows and cash flow changes with the expected return of stock, it was found that there is only a meaningful relationship between earning changes and the expected return of stock in banking groups. However, there is no meaningful relationship between earning and cash flows with the expected return of stock. The result was that the informational content test didn’t support the value relation of earning and cash flows. Furthermore, the classifying of information through banking group indicated that the changes of earning was in the first rank and next were earning, the changes of cash flow and cash flows.Keywords: Earnings; Cash flows; expected return; Value relevance; Banking risks

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

    Directory of Open Access Journals (Sweden)

    Camila Menezes

    2017-12-01

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

  10. International Harmonisation Of Accounting Standards: The Case For A Mandatory Requirement For The Direct Method Of Reporting Operating Cash Flows

    OpenAIRE

    Christine Yap

    2011-01-01

    Even though standard setters have now embraced cash flow statements there remains ambivalence as to the best format (i.e. direct or indirect method) for disclosing cash flow from operations. In 1987 the FASB asserted that information about the gross amounts of cash receipts and cash payments is more relevant than information about the net amounts of cash receipts and payments. Yet apart from Australia and New Zealand, most standard setting bodies, including the International Accounting Standa...

  11. A study on effects of cash flow patterns and auditors’ opinions in predicting financial distress

    Directory of Open Access Journals (Sweden)

    Fatemeh Namvar

    2013-07-01

    Full Text Available Bankruptcy has been one of the most important issues among investors in stock market and there are literally different techniques for predicting bankruptcy. In this paper, we study on effects of cash flow patterns and auditors’ opinions in predicting financial distress on some 80 selected firms traded on Tehran Stock Exchange over the period 2005-2011. In this study, the combination of cash flow patterns represent firm’s resource allocations and operational capabilities interacted with their strategy choices. In additions, predictions about each individual cash flow components, operational, investment, financial, are derived from economic theory, which forms a basis for the life proxy. We use cash flow patterns in the decline stage and compare the results with auditors’ opinions. The results indicate that cash flow patterns could predict financial distress companies in Iran. In addition, the effective cash flow patterns in predicting financial distress is more than auditors’ feedbacks.

  12. O voleibol feminino e seu posicionamento no campo esportivo brasileiro

    Directory of Open Access Journals (Sweden)

    Tatiana Moreira

    2013-11-01

    Full Text Available http://dx.doi.org/10.5007/2175-8042.2013v25n41p269 O presente artigo oferece reflexões introdutórias acerca do posicionamento do voleibol feminino no interior do campo esportivo brasileiro. Por meio da pesquisa exploratória com base em Pinheiro (1995, Pizzolato (2004, Marchi Jr. (2004, Costa (2005, Vlastuin (2008, Moreira (2009 e Afonso (2011, identificamos pontos centrais que orientaram a interpretação sociológica fundamentada pela Sociologia Reflexiva de Bourdieu. Constatamos que a trajetória histórica do voleibol feminino no campo esportivo brasileiro se deu entre habitus construídos e legitimados sob efeitos de dominação simbólica do voleibol masculino, instauradores das leis de reprodução social e que refletem o seu posicionamento hierárquico no campo esportivo brasileiro.

  13. The Association between Accounting Conservatism and Cash Dividends: Evidence from Emerging Markets

    OpenAIRE

    Gehan A. Mousa

    2014-01-01

    This research examines the association between accounting conservatism and cash dividends of listed firms in the Kingdom of Bahrain. It has addressed two questions. First, does accounting conservatism actually work? Second, can accounting conservatism influence cash dividends of firms in the Kingdom of Bahrain? The findings of this study support the hypothesis that accounting conservatism plays an important role in reducing cash dividends and managing agency conflicts. It documents a signific...

  14. Why do firms hold so much cash? A tax-based explanation

    OpenAIRE

    C. Fritz Foley; Jay C. Hartzell; Sheridan Titman; Garry Twite

    2006-01-01

    U.S. corporations hold significant amounts of cash on their balance sheets, and these cash holdings have been justified in the existing empirical literature by transaction costs and precautionary motives. An additional explanation, considered in this study, is that U.S. multinational firms hold cash in their foreign subsidiaries because of the tax costs associated with repatriating foreign income. Consistent with this hypothesis, firms that face higher repatriation tax burdens hold higher lev...

  15. Cash social transfers, direct taxes, and income distribution in late socialism

    OpenAIRE

    Milanovic, Branko

    1993-01-01

    The author analyzes the impact of direct taxes and cash social transfers on income distribution in Bulgaria, Czechoslovakia, Hungary, Poland and Yugoslavia in the years before the collapse of communism. He contrasts the results for socialist and market economies. Cash social transfers accounted for about a fifth of gross income, a proportion comparable with that in developed welfare economies. Generally, cash transfers were unrelated to income in socialist countries, in marked contrast with m...

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

    OpenAIRE

    Sergey Krylov

    2012-01-01

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

  17. HSE (CASHES) management in Niger Delta seismic operations

    Energy Technology Data Exchange (ETDEWEB)

    Adepoju, O.J.

    1996-12-31

    3-D seismic acquisition surveys in the Niger Delta of Nigeria, are carried out under extremely arduous field conditions due to difficult terrain, dense vegetation, semi-manual mode of operation, wildlife and volatile communities. The vegetation is a combination of evergreen tropical rain forest in the land areas and mangrove in the swamp areas. Some parts of the delta are prone to high seasonal flooding. Seismic lines are laid out by manual cutting of brush using machetes and shot holes drilled semi-manually with pumps. In order to effectively carry out the operations with due regard to the people and environment, a Community Affairs, Safety, Health, Environment and Security (CASHES) Polio and management System which ensures that a hazards are identified, assessed. controlled, with an effective loop feedback mechanism was introduced and implemented. CASHES critical activities are community relations, field security, explosives handling, water transport/journey management, river crossings. weather, shallow gas blow-out, waste management, seasonal flooding and floating-seaweed (water hyacinth)/timber logs. Environmental Impact Assessment (EIA) studies arc essential at the initial planning stages. About 41 Hazard Registers and 177 Activity Specification Sheets are developed in a typical survey. About 85% of the labor workforce are recruited from the host communities to promote cordial relations. Extensive training is carried out to raise the standards of the new recruits. The implementation of the management system is cascaded down using simplified documentation (procedures, work tasks, checklists etc.) adapted to local conditions. Integrated CASHES audits (Premob, Minor, Major. Follow up) arc conducted to check the efficiency of the system with documents getting reviewed regularly to keep the system alive and capable of handling changes. With these in place, high potential incidents are reduced/eliminated.

  18. Impact of Cash Transfer on Food Security: A Review

    Directory of Open Access Journals (Sweden)

    Fatemeh Mohammadi-Nasrabadi

    2016-04-01

    Full Text Available Cash transfer (CTs is an increasingly popular social protection mechanism used by many developing countries to improve the food security and nutritional status of lower socio-economic groups. This paper is a review of the literature regarding the impact of CT programs on the food security of recipient households in the developing countries, including Iran. We looked for all original studies, performed in the developing countries and published in any language, containing at least one outcome related to food and nutritional security of the beneficiary population using Pub Med, Iran Medex, SID (Scientific Information Database, ISI (Information Sciences Institute database, INP (Iran’s Nutrition Publication Abstracts, IRANDOC and Magiran. Searches used the following terms or keywords: “household food security”, “household food insecurity” and “cash transfer” on any publication published within 1990-2015. A total of 12 studies evaluating the influence of CT programs on the recipients’ food and nutrition security were identified. CT programs have the potential to deliver a range of benefits not only through reducing extreme poverty but also by providing effective support for broader human development objectives, including better nutrition, as well as health and education outputs and outcomes. The extent to which programs can have these different impacts will depend critically on the availability of complementary services, the local context, and the specifics of program design, including the transfer value. However, findings in Iran suggest that the replacement of staple food subsidies by CT has led to a significant increase in household food insecurity (especially marginal or mild food insecurity. Keywords: Household food security, Cash transfer, Developing countries

  19. Designing a portfolio management programme to optimize cash-flow

    International Nuclear Information System (INIS)

    Fassom, D.

    1996-01-01

    The design and implementation of any portfolio management programme must, by definition, be tailored to the drivers and particular objectives of the company owning the assets. This paper will concentrate on one of the most important driving forces, namely managing cash-flow. Five key steps are required to achieve an effective portfolio management programme: 1. establish targets/goals; 2. describe and value the assets in your company's portfolio; 3. identify and catalogue potential 'customers'; 4. construct appropriate deal structures and other strategies to achieve your targets; 5. work hard and do deals. (author)

  20. Managing the Cash and Liquidity of the Croatian Budget

    OpenAIRE

    Anto Bajo

    2005-01-01

    The principal proposition this paper will endeavour to maintain is that the liquidity of the budget is not fully managed by the Ministry of Finance, which is why it is unable, in collaboration with the Croatian National Bank, to rein in and slow down the growth in short-term public debt. Only since 2001, thanks to institutional improvements, have the conditions been created in the Ministry of Finance for cash and liquidity management. Thus payments operations, previously in the hands of a gov...

  1. Cash flow in the context of economic equation of continuity

    Directory of Open Access Journals (Sweden)

    Fernando Gómez Villarraga

    2006-07-01

    Full Text Available The mathematic scheme, known as economic equation of continuity, is established for the balance of economic resources. In order to apply this equation it is necessary to determine an economic volume of control. The patrimonial equation is also proposed as a speed equationfor this volurne. The integral equation of economic continuity is applied to the «cash» system along with the integral patrimonial equation and so it gets expressions that correspond to model to elaborate cashflow statement with the particularities of the direct and indirect method. This model generales a useful definition for the calculation of this basic financial statement classified by operating, investing and financing activities.

  2. A new, but old business model for family physicians: cash.

    Science.gov (United States)

    Weber, J Michael

    2013-01-01

    The following study is an exploratory investigation into the opportunity identification, opportunity analysis, and strategic implications of implementing a cash-only family physician practice. The current market dynamics (i.e., increasing insurance premiums, decreasing benefits, more regulations and paperwork, and cuts in federal and state programs) suggest that there is sufficient motivation for these practitioners to change their current business model. In-depth interviews were conducted with office managers and physicians of family physician practices. The results highlighted a variety of issues, including barriers to change, strategy issues, and opportunities/benefits. The implications include theory applications, strategic marketing applications, and managerial decision-making.

  3. The Incremental Information Content of the Cash Flow Statement: An Australian Empirical Investigation

    OpenAIRE

    Hadri Kusuma

    2014-01-01

    The general objective of the present study is to investigate and assess the incremental information content of cash flow disclosures as required by the AASB 1026 ¡°Statement of Cash Flows¡±. This test addresses the issue of whether a change in cash flow components has the same relationship with security prices as that in earnings. Several previous studies indicate both income and cash flow statements may be mutually exclusive or mutually inclusive statements. The data to test three hypotheses...

  4. Pengaruh krisis keuangan global dan karakteristik perusahaan terhadap cash holding perusahaan di Indonesia

    Directory of Open Access Journals (Sweden)

    Bambang Sutrisno

    2016-12-01

    Full Text Available The aim of this study is to examine the effect of the global financial crisis and firm characteristics on corporate cash holdings in Indonesia. A total of 101 manufacturing firms listed in the Indonesia Stock Exchange from 2005 to 2014 are examined. This study employs panel regression with fixed effect model. The results show that Indonesia firms hold more cash during the global financial crisis than in the normal times. Investment opportunities set and divident payment have positive effect on cash holding, meanwhile firm size, capital expenditure, liquid assets substitutes, and leverage have negative effect on cash holding. 

  5. Growth Opportunities, Earnings Permanence and the Valuation of Free Cash Flow

    Directory of Open Access Journals (Sweden)

    Ahsan Habib

    2011-12-01

    Full Text Available This paper examines empirically the effect of firm growth opportunities and earnings quality on the market valuation of free cash flow, defined as the difference between operating cash flows and capital expenditures. Equity valuation theory prescribes that free cash flow should not be associated with stock returns because itdoes not add value. However, free cash flow could become a value-relevant construct in certain contexts. This study considers growth opportunities and transitory earnings as two such contexts and examines the valuation of free cash flow. An accounting-based valuation framework is developed where stock returns are regressed onfree cash flow interacted with growth and earnings quality proxies, after controlling for book values, dividends, and current earnings realisations. Findings reveal that firms with a positive free cash flow and attractive growth opportunities command a valuation premium. Furthermore, free cash flow is found to be positively associatedwith stock returns when earnings are transitory. The results are robust to alternative definitions of both free cash flow and growth opportunities.

  6. Çokuluslu İşletmelerde Merkezi Nakit Yönetimi ve Havuzlama (Central Cash Management of Multinational Businesses and Pooling

    Directory of Open Access Journals (Sweden)

    Ali KABAKÇI

    2011-01-01

    Full Text Available Cash management can be defined as the optimization of cash flows and investment of excess cash in a corporation. But from an international perspective, cash management becomes very complex because of different laws among countries that pertain to cross-border cash transfers. Besides, the value of cross-border cash transfers is affected by the exchange rate fluctuations. This article is concerned with the optimization of cash flows in a multinational corporation and examines centralized cash management approach and pooling technique in order to optimize the parent-subsidiary and inter-subsidiary cash flows.

  7. TRABALHO DE CAMPO NO VALE DO JEQUITINHONHA: UMA POSSIBILIDADE DE APROXIMAÇÃO DA REALIDADE DO CAMPO

    Directory of Open Access Journals (Sweden)

    Maria de Fátima Almeida Martins

    2010-01-01

    Full Text Available Este texto é fruto da experiência que tivemos na visita de campo ao Vale do Jequitinhonha(MG, lugar de referência e atuação de três educandos do curso de Licenciatura do Campo – Pedagogia da Terra –, integrantes da turma iniciada em dezembro de 2005, na Faculdade de Educação da UFMG. Essa turma marcou o início de nossas reflexões e nossa prática,com a formação e o ensino da Área de Ciências Sociais e Humanidades para professores que atuarão na educação do/no campo. Os relatos, as análises e as aproximações com os saberes e fazeres do campo apresentados aqui resultam das observações e do acompanhamento realizados nos locais de estágio dos referidos educandos. Estes residem 16TRABALHO DE CAMPO NO VALE DO JEQUITINHONHA: Revista Geografares, n° 8, 2010UMA POSSIBILIDADE DE APROXIMAÇÃO DA REALIDADE DO CAMPOnas cidades de Rio Pardo de Minas, Jequitinhonha e Almenara, mas suas práticas se realizam no campo, relacionada, respectivamente, à atuação do Sindicato dos Trabalhadores Rurais de Rio Pardo de Minas; do Centro de Agricultura Alternativa (CAA; da Caritas Diocesana, sediada em Jequitinhonha; e do Movimento dos Trabalhadores Rurais Sem Terra (MST, em Jequitinhonha e Almenara.

  8. Soft currencies, cash economies, new monies: past and present.

    Science.gov (United States)

    Guyer, Jane I

    2012-02-14

    Current variation in the forms of money challenges economic anthropologists and historians to review theory and comparative findings on multiple currency systems. There are four main sections to the paper devoted to (i) the present continuum of hard to soft currencies as an instance of multiplicity, including discussion of different combinations of the classic four functions of money, especially the relationship between store of value and medium of exchange; (ii) the logic of anthropological inquiry into multiple currency economies; (iii) the case of the monies of Atlantic Africa, applying the analytics of exchange rates as conversions to African transactions; and (iv) the return to economic life in a present day Nigerian economy lived in soft currency and cash. The paper identifies five findings that suggest foci for future research. (i) The widespread occurrence of conversions, which bring together ranking principles within transactions. (ii) Several types of positional ranking ranging from simple stepwise ordinal scales to iconic ordinality that creates a parabolic curve of value. (iii) Fictional units of account that serve to mediate both the memorization of nonreductive transactions and their nature as conversions. (iv) The importance of the temporal reach of what constitutes wealth: over the short run, the life span, intergenerational succession, and in (legal) perpetuity (as for corporate and sovereign debts and specified assets). (v) The social niches in which these qualities are brought together in transactional regimes. In conclusion, the paper returns to the exchange function of cash, soft currencies, and new money forms.

  9. Effect of Brazil's conditional cash transfer programme on tuberculosis incidence.

    Science.gov (United States)

    Nery, J S; Rodrigues, L C; Rasella, D; Aquino, R; Barreira, D; Torrens, A W; Boccia, D; Penna, G O; Penna, M L F; Barreto, M L; Pereira, S M

    2017-07-01

    To evaluate the impact of the Brazilian cash transfer programme (Bolsa Família Programme, BFP) on tuberculosis (TB) incidence in Brazil from 2004 to 2012. We studied tuberculosis surveillance data using a combination of an ecological multiple-group and time-trend design covering 2458 Brazilian municipalities. The main independent variable was BFP coverage and the outcome was the TB incidence rate. All study variables were obtained from national databases. We used fixed-effects negative binomial models for panel data adjusted for selected covariates and a variable representing time. After controlling for covariates, TB incidence rates were significantly reduced in municipalities with high BFP coverage compared with those with low and intermediate coverage (in a model with a time variable incidence rate ratio = 0.96, 95%CI 0.93-0.99). This was the first evidence of a statistically significant association between the increase in cash transfer programme coverage and a reduction in TB incidence rate. Our findings provide support for social protection interventions for tackling TB worldwide.

  10. Imagen de retina de campo ultra-amplio

    Directory of Open Access Journals (Sweden)

    Gerardo García-Aguirre

    2017-11-01

    Conclusión: Las imágenes de campo ultra-amplio han revolucionado la forma en la que estudiamos y entendemos la enfermedad de la retina. A medida que la tecnología para obtenerlas se haga más accesible, formará parte del armamentario de rutina para estudiar las enfermedades de la retina.

  11. Poverty and perceived stress: Evidence from two unconditional cash transfer programs in Zambia.

    Science.gov (United States)

    Hjelm, Lisa; Handa, Sudhanshu; de Hoop, Jacobus; Palermo, Tia

    2017-03-01

    Poverty is a chronic stressor that can lead to poor physical and mental health. This study examines whether two similar government poverty alleviation programs reduced the levels of perceived stress and poverty among poor households in Zambia. Secondary data from two cluster randomized controlled trials were used to evaluate the impacts of two unconditional cash transfer programs in Zambia. Participants were interviewed at baseline and followed over 36 months. Perceived stress among female caregivers was assessed using the Cohen Perceived Stress Scale (PSS). Poverty indicators assessed included per capita expenditure, household food security, and (nonproductive) asset ownership. Fixed effects and ordinary least squares regressions were run, controlling for age, education, marital status, household demographics, location, and poverty status at baseline. Cash transfers did not reduce perceived stress but improved economic security (per capita consumption expenditure, food insecurity, and asset ownership). Among these poverty indicators, only food insecurity was associated with perceived stress. Age and education showed no consistent association with stress, whereas death of a household member was associated with higher stress levels. In this setting, perceived stress was not reduced by a positive income shock but was correlated with food insecurity and household deaths, suggesting that food security is an important stressor in this context. Although the program did reduce food insecurity, the size of the reduction was not enough to generate a statistically significant change in stress levels. The measure used in this study appears not to be correlated with characteristics to which it has been linked in other settings, and thus, further research is needed to examine whether this widely used perceived stress measure appropriately captures the concept of perceived stress in this population. Copyright © 2017 UNICEF. Published by Elsevier Ltd.. All rights reserved.

  12. Divagaciones: la ciudad, el campo, la comunicación

    Directory of Open Access Journals (Sweden)

    Gustavo M. Quesada

    2015-01-01

    Full Text Available Espero plantear algunos puntos para un debate de tiroteo entre el alcalde y un pequeño propietario la comunicación rural en una perspectiva de rural. Me pregunto, ¿es esto desarrollo? integración campo-ciudad. En estos puntos se En la integración campo-ciudad es necesario anotarán las diferencias del campo y de la ciudad. Su comprender que, en la mayoría de los casos, el explicación requerirá elaboraciones teóricas y campo lleva todas las probabilidades de perder. La metodológicas particulares. Al hablar de tecnología de producción, las determinaciones sobre comunicación rural, hay que considerar que la política agrícola y las operaciones de descripción de sus problemas alude a otros campos comercialización se realizan en la ciudad bajo su del conocimiento que podrían tratarse ampliamente influjo. Cubriré este debate bajo el prisma de como comunicación de las minorías o comunicación educador / comunidad rural. popular. Quizá así se pueda aspirar a un desarrollo pesar de que el área que abarca la que sirva para evitar nuevos suicidios o tiroteos enseñanza de la comunicación ha sido causados por errores tecnológicos. y a propósito de últimamen te una de las más, fértiles, citaré suicidios y tiroteos allá van dos hechos que mucho aquí como punto de referencia solamente me impresionaron.

  13. 17 CFR 240.3b-14 - Definition of cash management securities activities.

    Science.gov (United States)

    2010-04-01

    ... derivative instruments or other financial instruments; (b) Cash management, in connection with any securities... § 240.15a-1 or any non-securities activities that involve eligible OTC derivative instruments or other... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Definition of cash management...

  14. Cross section of equity returns and assets’ fundamental cash-flow risk

    NARCIS (Netherlands)

    Galsband, V.

    2010-01-01

    The decomposition of consumption beta into a component driven by assets' cash-flow news and one related to assets' discount-rate news reveals that macroeconomic risks embodied in cash flows largely account for the cross-sectional dynamics of average stock returns. Empirically, we find that

  15. 45 CFR 400.50 - Opportunity to apply for cash assistance.

    Science.gov (United States)

    2010-10-01

    ... 45 Public Welfare 2 2010-10-01 2010-10-01 false Opportunity to apply for cash assistance. 400.50 Section 400.50 Public Welfare Regulations Relating to Public Welfare OFFICE OF REFUGEE RESETTLEMENT, ADMINISTRATION FOR CHILDREN AND FAMILIES, DEPARTMENT OF HEALTH AND HUMAN SERVICES REFUGEE RESETTLEMENT PROGRAM Refugee Cash Assistance § 400.50...

  16. 75 FR 9491 - Proposed Information Collection (Application for Cash Surrender or Policy Loan) Activity: Comment...

    Science.gov (United States)

    2010-03-02

    ....S.C. 3501-21), Federal agencies must obtain approval from the Office of Management and Budget (OMB... (Application for Cash Surrender or Policy Loan) Activity: Comment Request AGENCY: Veterans Benefits... to determine a claimant's eligibility for a loan or cash surrender value on his or her Government...

  17. Implementation of Treasury Single Account and Strengthening of Cash Management in Vietnam

    OpenAIRE

    World Bank

    2014-01-01

    Vietnam has made progress to improve oversight and control over cash balances for the state budget. The current arrangement however falls short of a treasury single account (TSA), which has led to inefficiencies in the management of cash balances and higher than necessary borrowing costs. In response to this, the Government of Vietnam has embarked on reforms to adopt a TSA and strengthen o...

  18. 78 FR 48941 - Agency Information Collection (Application for Cash Surrender or Policy Loan) Activities: Under...

    Science.gov (United States)

    2013-08-12

    ... the Office of Management and Budget (OMB) for review and comment. The PRA submission describes the... (Application for Cash Surrender or Policy Loan) Activities: Under OMB Review AGENCY: Veterans Benefits... ``OMB Control No. 2900-0012.'' SUPPLEMENTARY INFORMATION: Titles: a. Application for Cash Surrender...

  19. 75 FR 26346 - Agency Information Collection (Application for Cash Surrender or Policy Loan) Activities: Under...

    Science.gov (United States)

    2010-05-11

    ... abstracted below to the Office of Management and Budget (OMB) for review and comment. The PRA submission... (Application for Cash Surrender or Policy Loan) Activities: Under OMB Review AGENCY: Veterans Benefits...: Titles: a. Application for Cash Surrender, Government Life Insurance, VA Form 29-1546. b. Application for...

  20. 78 FR 18426 - Proposed Information Collection (Application for Cash Surrender or Policy Loan) Activity: Comment...

    Science.gov (United States)

    2013-03-26

    ... obtain approval from the Office of Management and Budget (OMB) for each collection of information they... (Application for Cash Surrender or Policy Loan) Activity: Comment Request AGENCY: Veterans Benefits... to determine a claimant's eligibility for a loan or cash surrender value on his or her Government...

  1. Investment cash flow sensitivity and financing constraints : New evidence from Indian business group firms

    NARCIS (Netherlands)

    George, R.; Kabir, Mohammed Rezaul; Qian, J.

    2011-01-01

    A controversy exists on the use of the investment–cash flow sensitivity as a measure of financing constraints of firms.Were-examine this controversy by analyzing firms affiliated to Indian business groups. We find a strong investment–cash flow sensitivity for both group-affiliated and independent

  2. 24 CFR 511.75 - Disbursement of rental rehabilitation grant amounts: Cash and Management Information System.

    Science.gov (United States)

    2010-04-01

    ... rehabilitation grant amounts: Cash and Management Information System. 511.75 Section 511.75 Housing and Urban... rehabilitation grant amounts: Cash and Management Information System. (a) General. Rental Rehabilitation grants.... Any drawdown is conditioned upon the submission of satisfactory information by the grantee or State...

  3. A Conceptual Framework for the Indirect Method of Reporting Net Cash Flow from Operating Activities

    Science.gov (United States)

    Wang, Ting J.

    2010-01-01

    This paper describes the fundamental concept of the reconciliation behind the indirect method of the statement of cash flows. A conceptual framework is presented to demonstrate how accrual and cash-basis accounting methods relate to each other and to illustrate the concept of reconciling these two accounting methods. The conceptual framework…

  4. New Findings on New York City's Conditional Cash Transfer Program. Fast Focus. No. 18-2013

    Science.gov (United States)

    Riccio, James A.

    2013-01-01

    The Earned Income Tax Credit (EITC) and Temporary Assistance for Needy Families (TANF) are long-standing policies that link cash assistance to low-income families to work effort. A new policy being tested in New York City adopts this "conditional cash transfer" principle and extends it to a broader set of family efforts to build their…

  5. DETERMINANTS OF RURAL FARMERS PREFERENCE FOR CASH-LESS TRANSACTIONS IN IMO STATE

    Directory of Open Access Journals (Sweden)

    Igwe Ikenna UKOHA

    2017-04-01

    Full Text Available The preference for cash-less transaction by Nigerians cannot be exaggerated, but despite its patronage, there exist limited access and utilization of the cash-less technologies among farmers in South-East Nigeria. The study analysed the determinants of rural farmers’ preference for cash-less transactions in Imo state, South-East Nigeria. Multi-stage sampling technique was employed in selection of 100 farmers for the study. The determinant of rural farmers’ preference for cash-less transactions in Imo State, was achieved using logit model. The result of the analysis showed that age (5%, gender (10% education levels of the farmers (1%, user friendliness of technologies (5%, transaction charge (5% and security of transactions (5% were found to be the major determinants of farmers preference for cash-less transactions based on their levels of significance. Centred on the findings, the study recommended the strengthening of the use of cash-less transaction by farmers by providing a favourable financial environment through better orientation programs, so as to enable a smooth transition from a cash-based economy to cash-less economy.

  6. An Analysis Regarding Cash Holdings. Empirical Study on the Bucharest Stock Exchange Listed Firms

    Directory of Open Access Journals (Sweden)

    Nenu Elena Alexandra

    2017-10-01

    Full Text Available Worldwide corporate cash holdings have significantly increased and have become an important tool for managers. This study explores the factors that influence firms’ behavior regarding cash holdings and the signal that financial conservatism is sending to potential investors. Our data consists in annual observations collected through the Reuters Eikon platform. It includes companies listed on the Bucharest Stock Exchange, the investigated period being 2005-2014. The econometric analysis employs multivariate regression for an unbalanced panel data, using the OLS technique. The results show a positive correlation of cash holdings with the value registered by this indicator in the previous period, fact that might be interpreted as an attempting of the companies to maintain a target level of cash. Also, the results showed a non-linear relationship between leverage and cash holdings, while the tangible assets determine a negative correlation. As regards firm size and ownership concentration, the correlations were not statistically validated.

  7. Problems with Cash and Other Non-Operating Assets Value in the Process of Valuing Company

    Directory of Open Access Journals (Sweden)

    Piotr Szczepankowski

    2007-12-01

    Full Text Available In economic practice the process of valuing enterprises is based on potential earnings from companies operating assets ñ operating fixed assets and operating working capital. Cash and other non-operating assets (mainly financial are treated as unproductive, non-income assets. Eventually, in process of pricing their current, accounting value is added to income value of enterprise or cash is treated as source for quick covering the debts of firm, what of course indirectly improve for better value of equity (the lower financial risk. Not taking into account the profitable influence of cash value and other non-operating assets can negatively affect on result of final value of enterprise, reducing it. In the article two alternative approaches (separate and inclusive of cash value is presented. Also main determinants of estimating value of cash are described as well as potential threats of its valuation.

  8. Operating Cash Flow, Earning Response Coefficient, and Fixed Asset Revaluation: Study on Manufacturing Company

    Directory of Open Access Journals (Sweden)

    Andison Andison

    2017-03-01

    Full Text Available The purpose of this study to determine the effect of operating cash flow to the abnormal return and the effect of operating cash flow to the abnormal return of companies that conduct the revaluation is higher than that of non revaluation which adopted SFAS No. 16 (2012. The analysis used in this study are multiple regression, for the period 2012-2015. The results showed that operating cash flow has no effect on non-sampled companies revaluation, while the sample of firms that perform revaluation proves that operating cash flow has a positive and significant impact on the abnormal return. Moreover, the effect of revaluation policy can strengthen the influence between operating cash flow to the firm abnormal return than non revaluation.DOI: 10.15408/etk.v16i1.4820

  9. Cash Management Policies By Evolutionary Models: A Comparison Using The MILLER-ORR Model

    Directory of Open Access Journals (Sweden)

    Marcelo Botelho da Costa Moraes

    2013-10-01

    Full Text Available This work aims to apply genetic algorithms (GA and particle swarm optimization (PSO to managing cash balance, comparing performance results between computational models and the Miller-Orr model. Thus, the paper proposes the application of computational evolutionary models to minimize the total cost of cash balance maintenance, obtaining the parameters for a cash management policy, using assumptions presented in the literature, considering the cost of maintenance and opportunity for cost of cash. For such, we developed computational experiments from cash flows simulated to implement the algorithms. For a control purpose, an algorithm has been developed that uses the Miller-Orr model defining the lower bound parameter, which is not obtained by the original model. The results indicate that evolutionary algorithms present better results than the Miller-Orr model, with prevalence for PSO algorithm in results.

  10. Association of market, mission, operational, and financial factors with hospitals' level of cash and security investments.

    Science.gov (United States)

    McCue, M J; Thompson, J M; Dodd-McCue, D

    Using a resource dependency framework and financial theory, this study assessed the market, mission, operational, and financial factors associated with the level of cash and security investments in hospitals. We ranked hospitals in the study sample based on their cash and security investments as a percentage of total assets: hospitals in the high cash/security investment category were in the top 25th percentile of all hospitals; those in the low cash/security investment group were in the bottom 25th percentile. Findings indicate that high cash/security investment hospitals are under either public or private nonprofit ownership and have greater market share. They also serve more complex cases, offer more technology services, generate greater profits, incur a more stable patient revenue base, and maintain less debt.

  11. Cash Accountability in the Department of Defense, for the Imprest Fund Maintained at the Defense Logistics Agency, Sharonsville, Ohio

    National Research Council Canada - National Science Library

    McKinney, Terry

    1994-01-01

    Our objectives were to verify the accountability for cash and related assets and to evaluate the adequacy of procedures used to determine the accuracy of records used to support cash accountability...

  12. METHODOLOGICAL APPROACHES TO THE ANALYSIS OF EFFICIENCY OF CASH FLOW MANAGEMENT IN INVESTMENT ACTIVITY OF THE ENTERPRISES

    Directory of Open Access Journals (Sweden)

    I. Magdych

    2015-06-01

    Full Text Available The article explores the methodological approaches to the analysis of cash flows in investment activity of the enterprise; the system of motion net cash flows, reflecting the impact of cash management efficiency on the amount and source of investment cash flows of the enterprise; analytical model of definition of effectiveness of cash management of the enterprise is proposed, based on the selected principals of modeling, comprehensive analysis of cash flows in investing activities and their optimization for the purpose of maximization of social and economic benefit. The research performed here allowed generalization and definition of stages of analysis for investing cash flow of the enterprise with the appropriate reasoning. It is necessary that research is going concern in this direction of effectiveness valuation of cash flow management in investing activity of the enterprise.

  13. Comments on contingency management and conditional cash transfers.

    Science.gov (United States)

    Higgins, Stephen T

    2010-10-01

    This essay discusses research on incentive-based interventions to promote healthy behavior change, contingency management (CM) and conditional cash transfers (CCT). The overarching point of the essay is that CM and CCT are often treated as distinct areas of inquiry when at their core they represent a common approach. Some potential bi-directional benefits of recognizing this commonality are discussed. Distinct intellectual traditions probably account for the separate paths of CM and CCT to date, with the former being rooted in behavioral psychology and the latter in microeconomics. It is concluded that the emerging field of behavioral economics, which is informed by and integrates principles of each of those disciplines, may provide the proper conceptual framework for integrating CM and CCT.

  14. 40 CFR 35.3565 - Specific cash draw rules for authorized types of assistance from the Fund.

    Science.gov (United States)

    2010-07-01

    ... the following rules: (a) Loans—(1) Eligible project costs. A State may draw cash based on the... associated pre-project costs, cash may be drawn immediately upon execution of the loan agreement. (2) Eligible project reimbursement costs. A State may draw cash to reimburse assistance recipients for eligible...

  15. Composition, phenology and restoration of campo rupestre mountain grasslands - Brazil

    OpenAIRE

    Le Stradic, Soizig

    2012-01-01

    Global environmental changes, especially land-use changes, have profound effects on both ecosystem functioning and biodiversity, having already altered many ecosystem services. These losses emphasize the need to preserve what remains; however when conservation programs are not sufficient, restoring areas that have been destroyed or disturbed can improve conservation efforts and mitigate damages. This work focuses on campos rupestres, Neotropical grasslands found at altitudes, which are part o...

  16. O mato & o asfalto: Campos da Antropologia no Brasil

    Directory of Open Access Journals (Sweden)

    Mariza Corrêa

    2011-06-01

    Full Text Available O artigo é um breve apanhado sobre o campo da antropologia no Brasil. Feito originalmente para leitores estrangeiros, pareceu-me melhor deixá-lo como estava a atualizá-lo, na expectativa de que possa ser útil para jovens iniciantes nesse campo, já que o texto refere algumas instituições importantes para a sua formação nos últimos anos — como os programas de pós-graduação e a Associação Brasileira de Antropologia (ABA, e seus temas de pesquisa. Propõe-se aqui também que não apenas a interdisciplinaridade, bastante praticada hoje, mas também relações transversais ao próprio campo da antropologia são desejáveis — isto é, que os antropólogos “urbanos” levem em conta o que dizem os etnólogos, que estes dialoguem com os estudos de gênero etc. De todo modo, a bibliografia incluída ainda é, e continuará a sê-lo por um bom tempo, leitura necessária para pesquisadores que se interessem pela história da antropologia.

  17. Macrorrealismo fenomenológico e campos-experiência

    Directory of Open Access Journals (Sweden)

    Renato Schaeffer

    1995-01-01

    Full Text Available Este artigo critica a concepção predominante, representacionista-neurofisicalista sobre a percepção sensorial. Introduz a noção de "campo-experiência" na tentativa de tratamento ontológico dos dados fenomenológicos da experiência. A idéia geral é que a experiência visual, por exemplo, seria ontologicamente algo assim como um campo-experiência de intencionalidade visual, que se estende por sobre e entre o sistema nervoso central do sujeito da experiência e o objeto distai da visão. Chamo esta posição de macrorrealismo fenomenológico, em contraste com o microrrealismo científico. Qualidades da fenomenalidade não estão subjetivamente dentro do cérebro, mas objetivamente dentro de campos-experiência perceptuais extra-encefálicos, ou, como dizemos, lá fora no mundo. Algumas conseqüências específicas do macrorrealismo fenomenológico são apresentadas.

  18. Helping enhances productivity in campo flicker ( Colaptes campestris) cooperative groups

    Science.gov (United States)

    Dias, Raphael Igor; Webster, Michael S.; Macedo, Regina H.

    2015-06-01

    Reproductive adults in many bird species are assisted by non-breeding auxiliary helpers at the nest, yet the impact of auxiliaries on reproduction is variable and not always obvious. In this study, we tested Hamilton's rule and evaluated the effect of auxiliaries on productivity in the facultative cooperative breeder campo flicker ( Colaptes campestris campestris). Campo flickers have a variable mating system, with some groups having auxiliaries and others lacking them (i.e., unassisted pairs). Most auxiliaries are closely related to the breeding pair (primary auxiliaries), but some auxiliaries (secondary auxiliaries) are unrelated females that joined established groups. We found no effect of breeder quality (body condition) or territory quality (food availability) on group productivity, but the presence of auxiliaries increased the number of fledglings produced relative to unassisted pairs. Nonetheless, the indirect benefit of helping was small and did not outweigh the costs of delayed breeding and so seemed insufficient to explain the evolution of cooperative breeding in campo flickers. We concluded that some ecological constraints must limit dispersal or independent breeding, making staying in the group a "best-of-a-bad-job" situation for auxiliaries.

  19. Circumscribing campo rupestre – megadiverse Brazilian rocky montane savanas

    Directory of Open Access Journals (Sweden)

    RJV. Alves

    Full Text Available Currently campo rupestre (CR is a name accepted and used internationally by botanists, zoologists, and other naturalists, usually applied to a very specific ecosystem, despite the lack of a consensual published circumscription. We present a tentative geographic circumscription of the term, combining data on climate, geology, geomorphology, soil, flora, fauna and vegetation. The circumscription of campo rupestre proposed herein is based on the following premises: (1 the classification of vegetation is not an exact science, and it is difficult to attain a high degree of consensus to the circumscription of vegetation names; (2 despite this, vegetation classification is useful for conservation and management. It is thus desirable to circumscribe vegetation types with the greatest attainable precision; (3 there is a need to preserve all montane and rocky vegetation types, regardless of classification, biome, etc; (4 the CRs are formed by a complex mosaic of vegetation types including rock-dwelling, psammophilous, aquatic, epiphytic, and penumbral plant communities. Campos rupestres stricto sensu are a Neotropical, azonal vegetation complex endemic to Brazil, forming a mosaic of rocky mountaintop “archipelagos” inserted within a matrix of zonal vegetation, mainly in the Cerrado and Caatinga provinces of the Brazilian Shield (southeastern, northeastern and central-western regions, occurring mainly above 900 m asl. up to altitudes exceeding 2000 m, having measured annual precipitation between 800 and 1500 mm, and an arid season of two to five months.

  20. Circumscribing campo rupestre - megadiverse Brazilian rocky montane savanas.

    Science.gov (United States)

    Alves, R J V; Silva, N G; Oliveira, J A; Medeiros, D

    2014-05-01

    Currently campo rupestre (CR) is a name accepted and used internationally by botanists, zoologists, and other naturalists, usually applied to a very specific ecosystem, despite the lack of a consensual published circumscription. We present a tentative geographic circumscription of the term, combining data on climate, geology, geomorphology, soil, flora, fauna and vegetation. The circumscription of campo rupestre proposed herein is based on the following premises: (1) the classification of vegetation is not an exact science, and it is difficult to attain a high degree of consensus to the circumscription of vegetation names; (2) despite this, vegetation classification is useful for conservation and management. It is thus desirable to circumscribe vegetation types with the greatest attainable precision; (3) there is a need to preserve all montane and rocky vegetation types, regardless of classification, biome, etc; (4) the CRs are formed by a complex mosaic of vegetation types including rock-dwelling, psammophilous, aquatic, epiphytic, and penumbral plant communities. Campos rupestres stricto sensu are a Neotropical, azonal vegetation complex endemic to Brazil, forming a mosaic of rocky mountaintop "archipelagos" inserted within a matrix of zonal vegetation, mainly in the Cerrado and Caatinga provinces of the Brazilian Shield (southeastern, northeastern and central-western regions), occurring mainly above 900 m asl. up to altitudes exceeding 2000 m, having measured annual precipitation between 800 and 1500 mm, and an arid season of two to five months.

  1. Valuation of Index-Linked Cash Flows in a Heath–Jarrow–Morton Framework

    Directory of Open Access Journals (Sweden)

    Jonas Alm

    2015-09-01

    Full Text Available In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims inflation, i.e., an increase in claims cost per sold insurance contract. We focus primarily on the case when a deep and liquid market for index-linked contracts is absent or when the market price data are unreliable. Firstly, we present an approach for assigning a monetary value to a stochastic cash flow that does not require full knowledge of the joint dynamics of the cash flow and the term structure of interest rates. Secondly, we investigate in detail model selection, estimation and validation in a Heath–Jarrow–Morton framework. Finally, we analyze the effects of model uncertainty on the valuation of the cash flows and how forecasts of cash flows and interest rates translate into model parameters and affect the valuation.

  2. Sistemas Correctores de Campo Para EL Telescopio Cassegrain IAC80

    Science.gov (United States)

    Galan, M. J.; Cobos, F. J.

    1987-05-01

    El proyecto de instrumentación de mayor importancia que ha tenido el Instituto de Astrofisica de Canarias en los últimos afios ha sido el diseflo y construcción del te1escopio IAC8O. Este requería del esfuerzo con junto en mec´nica, óptica y electrónica, lo que facilitó la estructuración y el crecimiento de los respectivos grupos de trabajo, que posteriormente se integraron en departamentos En su origen (1977), el telescopio IAC80 fue concebido como un sistema clásico tipo Cassegrain, con una razón focal F/i 1.3 para el sistema Casse grain y una razón focal F/20 para el sistema Coudé. Posteriormente, aunque se mantuvo la filosofia de que el sistema básico fuera el F/11.3, se consideró conveniente el diseño de secundarios para razones focales F/16 y F/32, y se eliminó el de F/20. Sin embargo, dada la importancia relativa que un foco estrictamente fotográfico tiene en un telescopio moderno, diseñado básicamente para fotometría fotoeléctrica y con un campo util mínimamente de 40 minutos de arco, se decídió Ilevar a cabo el diseño de un secundario F/8 con un sistema corrector de campo, pero que estuviera formado únicamente por lentes con superficies esféricas para que asl su construcción fuera posible en España ó en México. La creciente utilización de detectores bidimensionales para fines de investigación astron6mica y la viabilidad de que en un futuro cercano éstos tengan un área sensible cada vez mayor, hicieron atractiva la idea de tener diseñado un sistema corrector de campo para el foco primario (F/3), con un campo útil mínimo de un grado, y también con la limitante de que sus componentes tuvieron sólamente supérficies esféricas. Ambos diseños de los sis-temas correctores de campo se llevaron a cabo, en gran medida, como parte de un proyecto de colaboración e intercambio en el área de diseño y evaluación de sistemas ópticos.

  3. Effects of Organisational Characteristics on Contractors’ Construction Cash Flow Forecasting Capabilities

    Directory of Open Access Journals (Sweden)

    Muhammad Abdullahi

    2017-01-01

    Full Text Available Inadequate cash resources resulting from poor cash flows have been among the fundamental causes of construction project failures. Despite the panoply of cash flow forecasting (CFF tools, the cash flow performance of many construction firms have been reported to be poor due weak Cash flow forecasting (CFF process capabilities influenced by a couple of organisational characteristics. Although these organisational characteristics have been reported to significantly influence firms’ CFF process capabilities, the underlying mechanisms of how these organisational features and characteristics exhibit their specific influences on the cash flow forecasting capabilities of construction firms still remains underexplored. Therefore, this study aims at empirically exploring the influence of some organisation characteristics on the CFF process capabilities of construction firms. Best practices in CFF identified from the Royal Institute of Chartered Surveyors (RICS Cash Flow Forecasting (CFF guide were used to develop an assessment criteria used to assess the CFF capabilities of construction firms. The assessment was conducted through a questionnaire survey involving contracting organisations involved in both building and civil engineering works in Nigeria. The key best practices in CFF were ranked based on arithmetic mean value scores and averages were also determined for each of the four CFF components assessed (Knowledge and understanding CFF concepts and principles, Practical application, Practical considerations, and other Managerial issues. Hierarchical regression analysis was then used to examine the relationships between contractors’’ CFF process capabilities and some organisational characteristics. Results of the study reveals that organisational characteristics are strongly associated to firms’ abilities to prudently manage cash flows. The results of this study could serve as a basis for the strategic planning and improvement of Cash Flow

  4. Using cash to monitor liquidity: Implications for payments, currency demand and withdrawal behavior

    OpenAIRE

    von Kalckreuth, Ulf; Schmidt, Tobias; Stix, Helmut

    2011-01-01

    Standard transaction cost arguments can only partially explain why the share of cash transactions is still high in many countries. This paper shows that consumers’ desire to monitor liquidity is one of the reasons. Consumers make use of a distinctive feature of cash – a glance into one’s pocket provides a signal for both the remaining budget as well as the level of past expenses. We propose a theoretical framework which incorporates this feature of cash, and derives implications not only for ...

  5. Potential dividends and actual cash flows in equity valuation. A critical analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available Practitioners and most academics in valuation include changes in liquid assets (potential dividends in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses. Empirical arguments, from recent studies, suggest that investors discount potential dividends with high discount rates, which means that changes in liquid assets are not value drivers. Hence, when valuing cash flows, we should consider only actual payments.

  6. Valuation of index-linked cash flows in a Heath-Jarrow-Morton framework

    OpenAIRE

    Alm, Jonas; Lindskog, Filip

    2015-01-01

    In this paper, we study the valuation of stochastic cash flows that exhibit dependence on interest rates. We focus on insurance liability cash flows linked to an index, such as a consumer price index or wage index, where changes in the index value can be partially understood in terms of changes in the term structure of interest rates. Insurance liability cash flows that are not explicitly linked to an index may still be valued in our framework by interpreting index returns as so-called claims...

  7. EXCESS CASH HOLDINGS DAN KEPEMILIKAN INSTITUSIONAL PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEI

    Directory of Open Access Journals (Sweden)

    Yessica Tria Christina

    2014-02-01

    Full Text Available This research provides an empirical evidence about the effect of institutional ownerships as a proxy of information transparancy on excess cash holdings. Manufacture companies listed on BEI from years 2002 to 2011 are employed. The results show that the higher the proportion of institutional ownership, the lower the excess cash holdings. Informational transparancy, as one of the requirements of good corporate governance, can in fact lower the chance of aggrevating the manager’s behavior to practice excess cash holdings that can lower the company’s efficiency.

  8. Investigating the persistence of earnings components and pricing test of abnormal changes in cash

    Directory of Open Access Journals (Sweden)

    Yaser Ahmadi

    2013-03-01

    Full Text Available This paper investigates the persistence of earnings components and pricing test of abnormal changes in cash for selected firms listed on Tehran Stock Exchange (TSE. The proposed study gathers the necessary data from 166 firms over the period 2004-2012 from firms whose shares were actively traded on TSE market. The study uses Panel data and with the implementation of linear regression technique examines four hypotheses. The results indicate that abnormal negative changes in cash are more persistence than positive abnormal changes. In addition, both positive and negative abnormal changes are more persistence than accruals. Market also has a good perception on abnormal positive and negative changes in cash.

  9. Cash grants in humanitarian assistance: a nongovernmental organization experience in Aceh, Indonesia, following the 2004 Indian Ocean Tsunami.

    Science.gov (United States)

    Doocy, Shannon; Johnson, Diane; Robinson, Courtland

    2008-06-01

    Historically, cash interventions, as opposed to material or in-kind aid, have been relatively uncommon in the humanitarian response to emergencies. The widespread implementation of cash-based programs following the 2004 Indian Ocean tsunami provided an opportunity to examine cash distributions following disasters. The Mercy Corps cash grant program in Aceh, Indonesia, was a short-term intervention intended to assist in recompensing losses from the December 2004 tsunami. An evaluation of the Mercy Corps cash grant program was conducted for the 12-month period following the tsunami using program monitoring data and a systematic survey of cash grant beneficiaries. in 2005, the cash grant program disbursed more than US$3.3 million to more than 53,000 beneficiaries; the average cash grant award was US$6390, which was shared by an average of 108 beneficiaries. In a beneficiary survey, more than 95% of respondents reported the grant allocation processes were fair and transparent and that grant funds were received. The Mercy Corps experience with cash programs suggests that cash interventions in the emergency context, when properly administered, can have an immediate impact and serve as an efficient mechanism for providing assistance. Organizations involved in humanitarian relief, particularly donors and nongovernmental organizations, should consider incorporating cash-based interventions as an element of their response in future emergencies.

  10. A study on relationship between earnings management and operating cash flows management: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Bahman Banimahd

    2013-06-01

    Full Text Available This study investigates the impact of earnings management on operating cash flows management over the period 2004-2011 using the information of 119 firms listed on the Tehran Stock Exchange. Results indicate that there is a meaningful relationship between earnings management and operating cash flows management. In other words, earnings management creates and shapes operating cash flows management. In addition, after controlling for the loss reporting, firm size and firm's financial risk, the results show that there was a relationship between loss reporting and firm size with the cash flows management. When firms report loss, then operating cash flows increases. Finally, operating cash flows decreases when firm size increases. However, our survey does not provide any evidence to believe there is any relationship between financial risk and cash flows management.

  11. Replacing reserve requirements

    OpenAIRE

    Edward J. Stevens

    1993-01-01

    An examination of the fading significance of the Federal Reserve System's reserve requirements and the recent flowering of required clearing balances, a rapidly growing feature of Reserve Bank operations.

  12. Evidence of eligibility manipulation for conditional cash transfer programs

    Directory of Open Access Journals (Sweden)

    Sergio Firpo

    2014-09-01

    Full Text Available This paper assesses whether eligibility for conditional cash transfer programs has been manipulated, as well as the impact of this phenomenon on time allocation within households. To perform this analysis, we use data from the 2006 PNAD (Brazilian national household survey and investigate the eligibility manipulation for the Bolsa Família (Family Stipend program during this time period. The program assists families with a monthly per capita income of around R$120.00 (US$60.00. By applying the tests developed by McCrary (2008, we find suggestive evidence that individuals manipulate their income by voluntarily reducing their labor supply in order to become eligible to the program. Moreover, the reduction in labor supply is greater among women, especially single or divorced mothers. This evidence raises some concern about the unintended consequences related to the eligibility criteria utilized by Bolsa Família, as well as the program's impact on individuals living in extreme poverty.

  13. Small farms, cash crops, agrarian ideals, and international development.

    Science.gov (United States)

    Effland, Anne

    2010-01-01

    This address is an exploration of a lifetime of disparate and often conflicting observations about how different people view what is right and good for agriculture, food, and farmers around the world. The exploration utilizes the concept of wicked problems to focus on the issue of differing historical interpretations of global agricultural development. Sandra Batie defines wicked problems as "dynamically complex, ill-structured, public problems" for which "there can be radically different views and understanding of the problem by different stakeholders, with no unique 'correct' view." The wicked problem construct is applied to four core ideas in the history of agricultural development -- small farms, cash crops, agrarian ideals, and international development -- to demonstrate the potential for using this concept to approach complex problems of historical interpretation and contribute to solutions to the challenges of global agricultural development. The author suggests historians should acknowledge contradictory interpretations adn work toward reconciliation and synthesis, where it is possible and, where not, toward a clear explication of the basis for remaining differences. The author also encourages historians to seek multidisciplinary research opportunities that will help bring insights about historical context to policy deliberations.

  14. The Earnings Management Motivation: Accrual Accounting vs. Cash Accounting

    Directory of Open Access Journals (Sweden)

    Sandeep Goel

    2016-09-01

    Full Text Available The Accrual basis of accounting has always found favour amongst corporate practitioners of earnings management. There have been extensive studies on earnings management, focusing on earnings hazards. This paper contributes to the literature by showing market inclination to accrual basis of accounting as motivated by a desire for earnings management. It analyzes the sample units’ performance in regard to accrual-indicators vs. cash-indicators and their pervasiveness on stock pricing in India. In India, the corporate ownership model is the Promoter Dominated Shareholders Model (PDSHM which makes this study unique in highlighting earnings management motivation. The units show a market preference for accrual numbers and motivation for earnings management as clear in their stock pricing behavior. I hope the study improves investors’ perception of the reliability of a firm’s performance, as measured by earnings. It is of use to the users of financial accounting and corporate finance globally for rationalizing the motivation behind earnings manipulation by the management.

  15. CERN Fellows, don’t splash that cash!

    CERN Multimedia

    Anaïs Schaeffer

    2013-01-01

    When their CERN contracts expire and they leave the Organization, Fellows recoup the amounts paid into the Pension Fund by and for them every month. If they invest this money well, right from the outset, it can grow into a nice little nest-egg by the time they reach retirement age.   As employed members of the CERN personnel, Fellows are members of the Organization’s Pension Fund. Accordingly, a specific amount is withheld from their salary every month (see first box) and, as the months go by, this gradually accumulates into their transfer value (i.e. their capital). When their contracts expire, Fellows may opt to transfer that money directly into another pension fund (subject to the national laws of the destination country and, unfortunately, not possible everywhere), or take it in cash. This is because only employed members of the personnel who have at least five years of service with the Organization are entitled to remain beneficiaries of the CERN Pension Fund for life*. But the capi...

  16. A study on the relationship between operational cash flow and the return of stockholders

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-07-01

    Full Text Available Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the information of 54 firms from Tehran Stock Exchange. The results show that there were some meaningful relationship between the operating cash flow, profitability and the returns of all stakeholders. However, this happens by increasing profitability and cash flow of information asymmetry proportion to their correlation with the economic efficiency of shareholders’ returns.

  17. Accrual-based accounting system versus cash-based accounting: An empirical study in municipality organization

    Directory of Open Access Journals (Sweden)

    Mahbobeh Arab

    2013-01-01

    Full Text Available There are many cases, where we may wish to choose a good accounting system and would like to learn how they work and the advantages and disadvantages of each so we can choose the better one for a business. In this paper, we present an empirical survey to understand whether we can choose accrual or cash accounting system. The proposed study designs a questionnaire among 220 experts in area of accounting affairs. The survey considers four sub hypotheses and one main hypothesis to see whether there are reliable rules and regulations in accrual-based accounting compared with cash accounting or not. Similarly, the survey investigates whether accrual-based accounting is more informative, comprehensive and provides better comparative results compared with cash accounting. The results indicate that accrual-based account performs better in terms of all mentioned criteria and it is a better method for managing accounting affairs compared with cash accounting systems.

  18. Do business groups affect corporate cash holdings? Evidence from a transition economy

    Directory of Open Access Journals (Sweden)

    Weixing Cai

    2016-03-01

    Full Text Available We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult external capital acquisition. A hand-collected dataset of Chinese firms reveals that group affiliation decreases cash holdings, alleviating the free-cash-flow problem of agency costs. State ownership and control of listed firms moderate this benefit, which is more pronounced when the financial market is less liquid. Group affiliation facilitates related-party transactions, increases debt capacity and decreases investment-cash-flow sensitivity and overinvestment. In transitional economies, privately controlled firms are more likely to benefit from group affiliation than state-controlled firms propped up by the government.

  19. A planning model for the short-term management of cash.

    Science.gov (United States)

    Broyles, Robert W; Mattachione, Steven; Khaliq, Amir

    2011-02-01

    This paper develops a model that enables the health administrator to identify the balance that minimizes the projected cost of holding cash. Adopting the principles of mathematical expectation, the model estimates the expected total costs of adopting each of the several strategies concerning the cash balance that the organization might maintain. Expected total costs consist of anticipated short costs, resulting from a potential shortage of funds. Long costs are associated with a potential surplus of funds and an opportunity cost represented by foregone investment income. Of importance to the model is the potential for the health service organization to realize a surplus of funds during periods characterized by a net cash disbursement. The paper also develops an interactive spreadsheet that enables the administrator to perform sensitivity analysis and examine the response of the desired or target cash balance to changes in the parameters that define the expected long and short cost functions.

  20. Impact of VAT on the Profitability and the Cash Flow of Romanian Small and Medium Enterprises

    Directory of Open Access Journals (Sweden)

    MARIA ZENOVIA GRIGORE

    2014-05-01

    Full Text Available The options available to taxpayers make tax systems attractive and give them an opportunity to choose one system or another after a careful analysis of the fiscal advantages and disadvantages of each choice. A small or medium company has to explore the options available, whether that is VAT registration or de-registration or choosing the best VAT special scheme. VAT optimisation is particularly interesting because of the high cash flow involved and because of the cash flow benefits that can be obtained. This paper presents an analysis of VAT costs and their impact on profitability and cash flow of small and medium enterprises. We also analysed specific mechanisms to improve profitability and cash flow through VAT optimisation.

  1. IMPACT OF VAT ON THE PROFITABILITY AND THE CASH FLOW OF ROMANIAN SMALL AND MEDIUM ENTREPRISES

    Directory of Open Access Journals (Sweden)

    Maria Zenovia GRIGORE

    2014-05-01

    Full Text Available The options available to taxpayers make tax systems attractive and give them an opportunity to choose one system or another after a careful analysis of the fiscal advantages and disadvantages of each choice. A small or medium company has to explore the options available, whether that is VAT registration or de-registration or choosing the best VAT special scheme. VAT optimisation is particularly interesting because of the high cash flow involved and because of the cash flow benefits that can be obtained. This paper presents an analysis of VAT costs and their impact on profitability and cash flow of small and medium enterprises. We also analysed specific mechanisms to improve profitability and cash flow through VAT optimisation.

  2. Determinants of corporate cash holdings: Evidence from Portuguese publicly traded firms

    Directory of Open Access Journals (Sweden)

    Fernandes, Filipa

    2017-05-01

    Full Text Available This paper investigates the determinants of cash holdings of publicly traded Portuguese firms. We find that such firms hold less cash than similar companies operating in countries where both shareholders and creditors’ rights are more tightly protected by the law. In addition, our regression results suggest that leverage, other liquid assets, and firm growth are negatively correlated with our sample firms’ cash holdings whereas long-term debt and financial distress are positively correlated. Our findings cannot be reconciled with just one of the existent theories (trade-off, pecking order and free cashflow theory, and emphasize the importance of a country’s legal, institutional, and economic environment for explaining firms’ cash holdings decisions.

  3. ANALYSIS OF FINANCIAL PERFORMANCE BASED ON THE RELATIONSHIP BETWEEN INVESTMENTS AND CASH-FLOW

    Directory of Open Access Journals (Sweden)

    Ludmila PROFIR

    2018-06-01

    Full Text Available Financial performance is often difficult to achieve by economic entities, especially in the current economic context and successful models of some companies constitute examples of good practice for aspirants. Cash-flow explains investment because it contains information about future flows of cash and because investment is made in pursuit of future income. Therfore, the purpose of this paper is to analyze the relationship between cash-flow, investment and net income. The target population of the study was the companies listed and traded on the Bucharest Stock Exchange during 2012-2016. The results of this empirical study showed that most of the companies listed and traded on BVB that earn profit constantly generate cash-flow and 65% of the companies listed and traded on BVB during the period 2012-2016 show a satisfactory long-term financial balance.

  4. Methods of the enterprise cash flows optimization in the context of sustainable development

    OpenAIRE

    O. Bardyn

    2015-01-01

    This paper deals with nature and analysis of current approaches to optimization of cash flows of the enterprise. Ways and management directions in order to achieve sustainable development by enterprise have been justified

  5. OPINIONS ON INTERNATIONAL RESERVES MANAGEMENT - POST CRISIS

    Directory of Open Access Journals (Sweden)

    MERCEA (HANDRO PATRICIA AMALIA

    2017-11-01

    Full Text Available The recent crisis demonstrated once again the importance of maintaining an adequate level of the international reserves as part of the defense of a country against the shocks internationally transmitted. Liquidity buffers aided the good functioning of financial systems, and allowed countries to cope with sudden foreign capital stops or to manage massive outflows without facing a costly crisis. This logic has been strengthened in the context of the crisis from 2008, when countries with lots of reserves, such as China or Brazil, came through better than those with lower liquid assets. Economists have argued that developing countries need reserves mainly to cover urgent imports and short-term debts. The current level of global reserves far exceeds this traditional postulate. In this context, it is necessary to rethink the adequacy of the level of constituting the reserves portfolio. The dominance of the dollar as a reserve currency, another important feature of the current reserves portfolio, makes the holders become vulnerable to the monetary policy of FED. A greater flexibility of the currency will also be needed. The often called the “trilemma” of international economics dictates: when capital is mobile, countries must choose between fixing their currencies and controlling their domestic monetary conditions. They cannot do both. The domestic currency inflexibility will ultimately lead to asset bubbles and inflation. The pressure of capital flows will depend on the prospects of rich economies, especially America’s. The increment of emerging economies availability to allow the exchange rate to move will depend on what China does - and China may remain forever linked to the dollar. The emergence of a global currency that constitute a genuine means of exchange or the use of cross-border multifaceted cash pools common to IMF members would reduce systemic risks. International regulations for countries with persistent trade surpluses could be a

  6. Teorias sobre o amor no campo da Psicologia Social

    OpenAIRE

    Martins-Silva, Priscilla de Oliveira; Trindade, Zeidi Araujo; Silva Junior, Annor da

    2013-01-01

    Este é um ensaio teórico sobre o fenômeno amor em relacionamentos românticos no campo da Psicologia e no da Psicologia social. São apresentadas as primeiras teorias sobre o amor na Psicologia, e, posteriormente, são abordadas em maior profundidade três teorias da Psicologia social: os estilos de amor de John Alan Lee, a teoria de apego, de Phillip Shaver, Cindy Hazan e Donna Bradshaw, e a teoria triangular do amor, de Robert J. Sternberg. São apresentados os aspectos teóricos, empíricos e met...

  7. Francisco Giner de los Ríos en el campo.

    OpenAIRE

    Anónimo (siglo XX)

    2010-01-01

    1 fot.; papel. - Hombre mayor sentado en campo.Francisco Giner de los Rios, filósofo, ensayista y pedagogo. Fundador y director de la Institución Libre de Enseñanza. (Emulsión de plata de ennegrecimiento directo montada sobre cartulina del mismo tamaño. Imagen muy arrugada y dañada en márgenes. Pequeña pérdida de materia en centro de lateral derecho. Imagen amarillenta y desvanecida). - Procedencia: fondo Miguel de Unamuno. - Buena Conservación.

  8. Empirical study of the ability of Canadian oil and gas companies' reserves disclosures to account for relative changes in common stock prices

    Energy Technology Data Exchange (ETDEWEB)

    Teall, H D

    1987-01-01

    The purpose of this study is to determine which of these alternative annual report disclosures of oil and gas reserves, namely historic capitalized costs, quantities, and discounted cash flows contributes the most information content. Information content is defined as the ability of a reserves disclosure to account for relative changes in common stock prices. Multiple correlation/regression analysis was used to evaluate the extent that each of the three alternative reserves disclosures account for common stock returns after first recognizing the information provided by an industry variable and by an earnings per share or cash flow per share variable. The results indicated that the earnings per share provides significant information content while the cash flow per share consistently provides no significant evidence of information content. The capitalized costs reserves disclosure did not provide consistent evidence of information content, while the quantities disclosure and the discounted cash flows disclosure do provide significant incremental information content. The study concludes that the alternative reserves disclosures of quantities and discounted cash flows are more informative to users when accounting for changes in a corporation's common stock prices than the disclosure of reserves in historic capitalized costs.

  9. Determinants of cash holdings in the accommodation industry: evidence from Southerm European Countries

    OpenAIRE

    Morais, Flávio

    2013-01-01

    This study analyzes the determinants of cash holdings for the accommodation industry in Southern European countries (Spain, Greece, Italy and Portugal) using a sample of 5964 firms during the period 2003-2011. A fixed-effects panel data model revealed that larger companies, higher leveraged, where most debt is short-term and that maintain better relationships with financial institutions exhibit lower cash to assets ratios. Liquid assets substitutes, capital expenditures and asset tangibility ...

  10. ANALYSIS OF EXPECTED PRICE DYNAMICS BETWEEN FLUID MILK FUTURES CONTRACTS AND CASH PRICES FOR FLUID MILK

    OpenAIRE

    T. Randall FORTENBERY; Robert A. CROPP; Hector O. ZAPATA

    1997-01-01

    The objective of this study is to provide an empirical evaluation of the expected relationship between cash and futures prices for fluid milk. This is done using historic cash prices from 1988 to 1995, and making inferences about how futures prices would have behaved if they had traded during this sample period. Futures prices are simulated over the sample period based on two assumptions about futures market behavior for fluid milk. The first is that the futures market will essentially price ...

  11. Cash Accounting in the Equation of the Budget Execution and of the Public Management

    OpenAIRE

    Iuliana Cenar

    2009-01-01

    Accounting is the instrument used by the management of a public institution to satisfy the need for information and to direct their decisions. The state’s treasury is the public institution that ensures the perpetuation of the cash based accounting. The paper approaches the following: the treasury’s role in achieving the execution phase of the budgetary process, methods of changing into cash the budgetary incomes and to pay the expenses, the accounting instruments of the various transactions ...

  12. Non-cash benefits from social housing in Europe: a comparative perspective

    OpenAIRE

    Markus M. Grabka; Gerlinde Verbist

    2015-01-01

    Most of the available comparative empirical evidence on levels and trends in income inequalities and poverty in OECD countries relies on the concept of household disposable cash income, thus ignoring the services governments provide to households. Including those services matters a lot, however, for policy interpretation. While cash housing benefits are generally included in household disposable income, the effect of social housing is not accounted for. This may provide a misleading picture o...

  13. Corporate Financial Flexibility, Investment Activities, and Cash Holding: Evidence From Indonesia

    OpenAIRE

    Rahmat Heru Setianto; Addenver Kusumaputra

    2017-01-01

    This paper examines empirically the impact of financial flexibility on investment activities. Furthermore, we also investigate how financial flexibility determines the sensitivity of investment activities to cash flow. Using annual data of Indonesian manufacturing firms spanning five years, our analyses reveal that financial flexibility enhances investment ability and decreases sensitivity of investment activities to cash flow. Further analysis indicates that financially flexible firms in Ind...

  14. Investment Opportunity, Institutional Ownership, Cash Flow, Company Life Cycle Terhadap Kebijakan Dividen Dan Return Saham

    OpenAIRE

    Wiagustini, Ni Luh Putu

    2009-01-01

    The objective of this research was to examine and to analyze the infl uences of investmentopportunity, cash fl ow, company institutional ownership, and company life cycle stages to dividendpolicy; and the infl uences of dividend policy to investment opportunity, cash fl ow, institutionalownership, and company life cycle stages to share return. The samples used in this research weremanufacturing companies registered at Indonesia Stock Exchange (ISX), who paid dividend regularlywithin the perio...

  15. ACFAC: a cash flow analysis code for estimating product price from an industrial operation

    International Nuclear Information System (INIS)

    Delene, J.G.

    1980-04-01

    A computer code is presented which uses a discountted cash flow methodology to obtain an average product price for an industtrial process. The general discounted cash flow method is discussed. Special code options include multiple treatments of interest during construction and other preoperational costs, investment tax credits, and different methods for tax depreciation of capital assets. Two options for allocating the cost of plant decommissioning are available. The FORTRAN code listing and the computer output for a sample problem are included

  16. The costs of paying: Private and social costs of cash and card systems

    OpenAIRE

    Bergman, Mats; Guibourg, Gabriela; Segendorf, Björn

    2007-01-01

    Despite the central role of payments in theoretical and policy oriented economics, there is surprisingly little known about the costs of different payment instruments. We estimate social and private costs of cash, debit and credit card payments in Sweden in 2002. The combined social cost of providing these payment services is approximately 0.4 per cent of GDP. Debit and credit cards are socially less costly than cash for payments above EURO 8 and EURO 18, respectively. Corresponding threshold...

  17. Land grab. More investors offer hospitals cash for their real estate as providers hunt for capital.

    Science.gov (United States)

    Evans, Melanie

    2011-03-07

    More real estate investors are offering hospitals cash for real estate as providers tap into their assets for capital. But if REITs are banking on providers cashing in their real estate chips, that's not happening yet, says Mike O'Keefe, left, of Navigant Consulting. The capital flooding into healthcare real estate has met with a limited supply of sellers. "That's what's driving some of this consolidation," O'Keefe said.

  18. A Study on the Relationship of Earnings and Cash Flows: Evidence of Finance Sector in Iran

    OpenAIRE

    Mahdi Salehi; Mirsohrab Seyedghorbani

    2013-01-01

    The present study is investigating the quality of annual accounting earnings in banking firms that have been listed in Tehran Stock Exchange (TSE) and it evaluates the most important information of accounting that is earnings and cash flows. The study also intends to investigate the relationship between earnings and cash flows regarding their relationship with the expected return of stocks and the extent of informing in the analysis of the inevitable return of stocks. The analyses of data dur...

  19. Using Cash Flows to Predict Bankruptcy of Chemical Companies: Case Study Approach

    OpenAIRE

    Siow, Hui Wen

    2009-01-01

    The intent of this study is to present an argument for the usefulness of cash flow information in bankruptcy prediction, and whether cash flow information provide a superior prediction of business failure over the conventional accrual accounting information. In addition, this dissertation also aim to analyze other important factors leading to bankruptcy, particularly contingent liabilities in which the obligations are not accrued and accounted for, nor are they considered in conventional bank...

  20. Investment cash flow sensitivity under managerial optimism: new evidence from NYSE panel data firms

    OpenAIRE

    Mohamed, Ezzeddine Ben; Fairchild, Richard; Bouri, Abdelfettah

    2014-01-01

    Investment cash flow sensitivity constitutes one important block of the corporate financial literature. While it is well documented in standard corporate finance, it is still young under behavioral corporate finance. In this paper, we test the investment cash flow sensitivity among panel data of American industrial firms during 1999-2010. Using Q-model of investment (Tobin, 1969), we construct and introduce a proxy of managerial optimism following Malmendier and Tate (2005a) to show the impac...

  1. A study on the relationship between operational cash flow and the return of stockholders

    OpenAIRE

    Hassan Ghodrati; Hassan Abyak

    2014-01-01

    Performance measurement in managerial accounting is normally associated with cash flow and it is executed based on different figures such as testing information content abuse and accounting figures. However, increasing the information content in accrual components of earning and internal performance measurement provides additional informative insights. This paper studies the relationship between operating cash flows and earnings along with total shareholder returns. The study chooses the info...

  2. The value relevance of direct cash flows under international financial reporting standards

    OpenAIRE

    Clacher, I; de Ricquebourg, AD; Hodgson, A

    2013-01-01

    This study examines if there has been a change in the value relevance of direct cash flow components since the adoption of International Financial Reporting Standards (IFRS) in Australia. Our results show that for both industrial and extractive firms direct cash flow statements are value relevant under Australian Generally Accepted Accounting Principles (AGAAP) and remain so after the adoption of IFRS. In addition, for industrial firms there is a significant increase in the value relevance of...

  3. How efficient are municipalities in activating cash-help recipients in Denmark

    DEFF Research Database (Denmark)

    Weatherall, James; Beltov, Tor

    Previous studies do not analyse activation starts as the parameter of interest in evaluating labour market programs. In this paper we evaluate municipality ability to activate cash-help recipients, which helps recipients gain the necessary skills vital to future regular employment in Denmark...... policy (ALMP) practices and organisation can only determine activation participation to a certain extent because unemployed cash-help recipient ability affects participation in activation. Municipalities can improve activation efficiency levels in the future by emulating the efficient municipalities...

  4. Cash flow jako prvek finanční analýzy

    OpenAIRE

    HANZLOVÁ, Monika

    2008-01-01

    The cash flow report is very important for a financial management, especially from the point of monitoring liquidity of the company. Its great advantage, in comparison to a profit and loss statement, is the fact, that it eliminates effects emerging from an accounting principle. The financial analysis has a great importance too. It can show to management some signals about financial health of the company. Fundamental provisions concerning the cash flow is asserted in the prerequisites of the C...

  5. Modeling and identification of new complementary development opportunities in a Campos Basin offshore giant field; Modelagem e identificacao de novas oportunidades de desenvolvimento complementar de um campo gigante na Bacia de Campos

    Energy Technology Data Exchange (ETDEWEB)

    Gomes, Jose Adilson T.; Steagall, Daniel E.; Lorenzatto, Rudimar Andreis [PETROBRAS, Rio de Janeiro, RJ (Brazil)

    2004-07-01

    The objective of this paper is to present the methodology that has been used for the complementary development of the giant Marlin oil field in the Campos Basin, with the study of the opportunities of new wells and application of new technologies for the enhancement of production, recovery factor and the gain of reserves. This methodology is applied integrating geophysics, geology, engineering, planning and operation, containing: identification of the non drained areas, positioning of new locations, risk analysis, reduction risk analysis actions, production estimation, attractive location selection; conceptual well project with location of the well head, submarine layout, drilling program, multiphase flow curves; drilling schedule, completion, and production commencement; production forecasting with flux simulation using operational reality of the oil, gas, and water treatment production capacity; wells substitution and deviation criteria; project critical resources and preliminary economical evaluation including project risk. The obtained results were the optimization of the project portfolio of new wells considering the identification of new opportunities, schedule and entrance order of wells, helping also in the acquisitions of new data for reservoir risk reduction before project implementation. (author)

  6. STATEMENT OF CASH FLOWS - A MEASURE OF OPERATIONAL PERFORMANCE ON AN ACCRUAL BASIS

    Directory of Open Access Journals (Sweden)

    GHEORGHE LEPADATU

    2011-04-01

    Full Text Available Statement of cash flows presents useful information about changing the company's financial position, allowing to assess the enterprise’s ability to generate future cash flows and cash equivalents in the operating, investing and financing activities and their appropriate use. Treasury of an economic entity can be considered its strong point. The manner in which they manage money and financial flows, the final outcome will depend on the respective entity. Treasury is also an essential and main restriction of the financial management of the enterprise. Treasury embodies the results of operations and how to achieve financial balance of compliance. Not always an entity that ends year with benefits, has a positive cash (cash at bank and in availability. And this, because the gap between the recording and accounting of revenue and expenditure receipts and payments as they fall due, that gap can be decisive for the fate of the enterprise. This is a major requirement of the accrual. Therefore, an efficient management of the economic entity comprises both the asset management flows (revenues / expenses and cash management, i.e. the flows of receipts and payments. The statistical evidence shows that most of the failures are due to weaknesses in treasury management.

  7. Improvements of the cash-flow statement control function in financial reporting

    Directory of Open Access Journals (Sweden)

    Metka Duhovnik

    2008-06-01

    Full Text Available On the basis of deductive considerations applying professional judgement, the article focuses on the additional value of accounting information that can be given to the users of fi nancial statements by a properly prepared statement of cash fl ows. It is based on the fi nding that the professional literature is inconsistent in distinguishing liquidity and profi tability information, and consequently also in distinguishing between the ratios calculated on that basis. It therefore stimulates an improvement in the quality of accounting information with a direct statement of cash fl ows, based on tracing instead of calculating the actual cash fl ow. On the basis of fi nancial statements, including a direct statement of cash fl ows, the ratio analysis of fi nancial statements should be approached from both aspects of profi tability and cash return. The cash fl ow ratios would serve as a control mechanism over the assumptions used when preparing the balance sheet and income statement within the chosen financial reporting framework.

  8. Does Cash Contribute to Value? A Comparison of Constrained and Unconstrained Firms in China and Germany

    Directory of Open Access Journals (Sweden)

    Wei Zhang

    2015-11-01

    Full Text Available A fundamental characteristic of emerging markets is the underdevelopment of legal institutions and financial markets. Therefore, the marginal value of a firm’s cash holdings in emerging countries can be lower than 1, due to high agency costs resulting from poor external corporate governance. However, the marginal value of cash may also be high in emerging markets because the information asymmetry between current and new providers of funds is high, which means that it is difficult to access the (low quality capital markets. We study for the industrialized countries of China and Germany whether corporate cash holdings contribute to shareholder value in both constrained and unconstrained firms. In contradiction to previous literature on emerging markets, we find that the marginal value of cash is not smaller than 1 in China, so that agency costs do not dominate. We, however, find marginal values of cash lower than 1 for unconstrained firms in both countries, implying that in these firms agency costs of cash holdings exist. For constrained firms we find marginal values significantly larger than 1 in both countries. This indicates difficulties in accessing the financial markets for these firms. These difficulties prove to be larger in China than in Germany for small and service firms, but not for high growth firms.

  9. The promise and limitations of cash transfer programs for HIV prevention.

    Science.gov (United States)

    Fieno, John; Leclerc-Madlala, Suzanne

    2014-01-01

    As the search for more effective HIV prevention strategies continues, increased attention is being paid to the potential role of cash transfers in prevention programming in sub-Saharan Africa. To date, studies testing the impact of both conditional and unconditional cash transfers on HIV-related behaviours and outcomes in sub-Saharan Africa have been relatively small-scale and their potential feasibility, costs and benefits at scale, among other things, remain largely unexplored. This article examines elements of a successful cash transfer program from Latin America and discusses challenges inherent in scaling-up such programs. The authors attempt a cost simulation of a cash transfer program for HIV prevention in South Africa comparing its cost and relative effectiveness--in number of HIV infections averted--against other prevention interventions. If a cash transfer program were to be taken to scale, the intervention would not have a substantial effect on decreasing the force of the epidemic in middle- and low-income countries. The integration of cash transfer programs into other sectors and linking them to a broader objective such as girls' educational attainment may be one way of addressing doubts raised by the authors regarding their value for HIV prevention.

  10. VOLUNTARY DISCLOSURE OF CASH FLOWS INFORMATION AND COMPANY'S CHARACTERISTICS: EVIDENCE FROM THE CROATIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Željana Aljinović Barać

    2012-12-01

    Full Text Available This paper focuses on the voluntary disclosure of cash flows information of Croatian large companies whose shares are listed on the Zagreb Stock Exchange, with the aim to identify characteristics of companies that provide extensive disclosures. In order to conduct the research and test the likelihood that company publicly announces wealth of information about cash flows, three groups of company’s features are defined as variables: accounting data, capital market information and company’s qualitative characteristics. Verification of empirical evidence was provided through the sample of Croatian listed companies using logistic regression analysis. Obtained results indicate that despite the desire of the regulatory authorities that capital market investors receive all relevant information, companies voluntarily disclose information about cash flows very rarely. Those companies are young (i.e. their shares are listed on an organized securities market for a short time and profitable, with growing net income and growing cash flow from operating activities and usually use indirect method for operating cash flow report. The provision of features of Croatian companies that voluntary disclose cash flow information can be found as contribution of our research, because this topic in a cases of macro-oriented accounting system economies, i.e. bank oriented economies with emerging capital market is still unexplored.

  11. A study on the effects of banks’ cash management on their share value

    Directory of Open Access Journals (Sweden)

    Syed Behzad Zakaria

    2014-09-01

    Full Text Available Banking industry, which is closely associated with the invention and spread of the money, influences on economic growth and development. The main role of the banking system is to create a saving of deposits and using it in beneficial investments or lending it to different people with various investment purposes. Accordingly, banks play essential role as financial intermediaries and provide necessary funds from investors to borrowers and users. In this regard, appropriate management of cash flows is essential for banks. Cash management is a trade-off between risk and return like what happens in other kinds of managements meaning that improving cash management increases the cash considering the limited amount of resources and eventually increases the share of the financial institution. In this paper, the impact of cash management in Iranian banks on their value of stock in 2011 was examined based on the econometrics model and least-square technique. The results indicate a significant and positive impact of the increase in the cash management index on the banks’ stock value, meaning that a one percent increase in this index will increase 1.1 percent of the banks’ stock value.

  12. Family control, institutional environment and cash dividend policy: Evidence from China

    Directory of Open Access Journals (Sweden)

    Zhihua Wei

    2011-06-01

    Full Text Available Using a sample of 1486 Chinese A-share listed companies for the period 2004–2008, this study empirically tests the impact of family control, institutional environment and their interaction on the cash dividend policy of listed companies. Our results indicate that (1 family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms; (2 a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies; and (3 the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms. Somewhat surprisingly, we find that controlling family shareholders in China may intensify Agency Problem I (the owner–manager conflict rather than Agency Problem II (the controlling shareholder–minority shareholder conflict, and thus have a significant negative impact on cash dividend policy. In contrast, a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem I and encouraging family firms to pay cash dividends.

  13. Creencias tradicionales y campos electromagnéticos

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    Colin A. Ross

    2011-09-01

    Full Text Available El autor propone que existe una serie de creencias y prácticas tradicionales que pueden proporcionar pistas acerca de la interacción de campos electromagnéticos en la biosfera. Por ejemplo, la creencia en el mal de ojo puede ser una construcción cultural relacionada con la sensación de estar siendo observado, pero a su vez puede estar basada en las emisiones de ondas electromagnéticas a través de los ojos. En este artículo se presentan datos para apoyar esta hipótesis. Otras creencias tradicionales, como la importancia de la conexión con la Madre Tierra también pueden contener una explicación similar. En este artículo se presentan una serie de hipótesis científicamente verificables sobre creencias tradicionales y campos electromagnéticos. En esta fase, los datos son insuficientes para confirmar la hipótesis, no obstante el objetivo de este artículo es estimular el pensamiento crítico y la investigación sobre algunas creencias tradicionales.

  14. DIAGNOSTICO DE AFECCIONES RESPIRATORIAS EN CAMPO QUIJANO SALTA -ARGENTINA

    Directory of Open Access Journals (Sweden)

    Marta Leonor de Viana

    2008-01-01

    Full Text Available Campo Quijano está a 30 Km. de la ciudad de Salta y cuenta aproximadamente con 8300 habitantes. En el éjido urbano existen dos borateras que constituyen una fuente puntual de contaminación del aire, suelo y aguas. Se estudió la prevalencia de enfermedades respiratorias en la población urbana en el año 2005. Se trabajó con los datos de las planillas de consultas diarias externas del Hospital Francisco Herrera. Se consideraron cuatro grupos de afecciones, seleccionados por la sintomatología y su posible asociación con las emisiones gaseosas de las borateras: Rinitis; Catarro en vías aéreas superiores, Espasmos y Tos irritativa. Se estimó y comparó la prevalencia de las enfermedades por barrio con la prueba de X2 y la de los residuales ajustados de Haberman. Los espasmos y catarros en vías aéreas superiores fueron las afecciones más frecuentes en la población de Campo Quijano. En rinitis no se encontraron diferencias entre barrios. El barrio San Roque presentó las mayores prevalencias en CVAs, espasmos y tos irritativa. Barrios cercanos a las borateras presentaron prevalencias dispares, lo que podría relacionarse con características socio-culturales, sanitarias y económicas, entre otros factores de riesgo, no considerados en este diagnóstico.

  15. Literatura y derechos humanos: “un campo naciente”

    Directory of Open Access Journals (Sweden)

    M. Jimena Saenz

    2014-06-01

    Full Text Available En este trabajo se propone una exploración de uno de los más recientes movimientos conjuntivos del “derecho y”: el área o “campo naciente” que articula las relaciones entre la literatura y los derechos humanos o, en su formulación genérica, el “derecho y las humanidades”. Ello en una escala modesta que enmarca la emergencia de ese campo de estudios en un contexto general y uno de sus más claros antecedentes académicos, para en la sección central presentar con algún detalle dos de los proyectos más representativos --y discutidos-- que se han emprendido en los últimos años y que suelen considerarse fundacionales del área. Sobre el final, se plantean algunos de los problemas y perspectivas del diálogo entre los estudios literarios y los derechos humanos. 

  16. Equivalence of the different discounted cash flow valuation methods. Different alternatives for determining the discounted value of tax shields and their implications for the valuation

    OpenAIRE

    Fernández, Pablo

    1999-01-01

    This paper addresses the valuation of firms by cash flow discounting. The first part shows that the four most commonly used discounted cash flow valuation methods (free cash flow discounted at the WACC; cash flow available for equity holders discounted at the required return on the equity flows; capital cash flow discounted at the WACC before taxes; and Adjusted Present Value) always give the same value. This result is logical because all the methods analyse the same reality under the same hy...

  17. Could cash and good parenting affect child cognitive development? A cross-sectional study in South Africa and Malawi.

    Science.gov (United States)

    Sherr, Lorraine; Macedo, Ana; Tomlinson, Mark; Skeen, Sarah; Cluver, Lucie Dale

    2017-05-12

    Social protection interventions, including cash grants and care provision have been shown to effectively reduce some negative impacts of the HIV epidemic on adolescents and families. Less is known about the role of social protection on younger HIV affected populations. This study explored the impact of cash grants on children's cognitive development. Additionally, we examined whether combined cash and care (operationalised as good parenting) was associated with improved cognitive outcomes. The sample included 854 children, aged 5 - 15, participating in community-based organisation (CBO) programmes for children affected by HIV in South Africa and Malawi. Data on child cognitive functioning were gathered by a combination of caregiver report and observer administered tests. Primary caregivers also reported on the economic situation of the family, cash receipt into the home, child and household HIV status. Parenting was measured on a 10 item scale with good parenting defined as a score of 8 or above. About half of families received cash (55%, n = 473), only 6% (n = 51) reported good parenting above the cut-off point but no cash, 18% (n = 151) received combined cash support and reported good parenting, and 21% (n = 179) had neither. Findings show that cash receipt was associated with enhanced child cognitive outcomes in a number of domains including verbal working memory, general cognitive functioning, and learning. Furthermore, cash plus good parenting provided an additive effect. Child HIV status had a moderating effect on the association between cash or/plus good parenting and cognitive outcomes. The association between cash and good parenting and child cognitive outcomes remained significant among both HIV positive and negative children, but overall the HIV negative group benefited more. This study shows the importance of cash transfers and good parenting on cognitive development of young children living in HIV affected environments. Our data clearly

  18. 38 CFR 8.11 - Cash value and policy loan.

    Science.gov (United States)

    2010-07-01

    ... will be taken as the date of delivery. (c) All values, reserves and net single premiums on..., reserves, and net single premiums issued under the provisions of section 1922(a) of title 38 U.S.C., and on...: 38 U.S.C. 1904, 1906) (e) All values on insurance, reserves, and net single premiums issued under the...

  19. Factors affecting the different results in terms of acceptance and refusal of free cash flow to equity and free cash flow to firm in investment decisions on a project

    Directory of Open Access Journals (Sweden)

    Hasan Bal

    2010-03-01

    Full Text Available Decisions on whether investment projects will be invested are based on such methods as net present value and internal rate of return. These methods focus on net cash flows that will be provided throughout the economic life from the investment. In determining the cash flows there are the methods of free cash flow to firm and free cash flow to equity. In the evaluation of an investment project, each method finds the net present value with a different result. It is such that concerning some projects, while one method finds a positive net present value; the other method can find a negative net present value. This study sets out to examine the factors affecting the conflicting points of the each method, free cash flow to equity and free cash flow to firm, in the acceptance of an investment project.

  20. Paleomorphology of the upper part of the Macae formation, Namorado field, Campos basin; Paleomorfologia do intervalo superior da formacao Macae, Campo de Namorado, Bacia de Campos

    Energy Technology Data Exchange (ETDEWEB)

    Barboza, Eduardo Guimaraes [Universidade Federal do Rio Grande do Sul (UFRGS), Porto Alegre, RS (Brazil). Inst. de Geociencias. Programa de Pos-Graduacao em Geociencias; Tomazelli, Luiz Jose; Ayup-Zouain, Ricardo Norberto [Universidade Federal do Rio Grande do Sul (UFRGS), Porto Alegre, RS (Brazil). Inst. de Geociencias. Centro de Estudos de Geologia Costeira e Oceanica; Viana, Adriano Roessler [PETROBRAS, Rio de Janeiro, RJ (Brazil). Exploracao e Producao. Edificio Sede

    2004-07-01

    The Macae Formation (Late Albian-Turonian of the Campos Basin) is represented by a thick column of carbonate sediments whose deposition began soon after the evaporitic phase that marks the beginning of the marine occupation of the basin. The top of this interval is represented by an unconformity (Type I), indicative of a variation in the base level of the basin, on which the turbidities of the basal sequence of the Namorado Field were deposited. For a better understanding of the depositional geometry of these turbidities, the paleogeomorphology analysis demonstrated to be quite efficient. The method of work used for so was a combination among the seismic 3D visualization (VoxelGeo{sup R}), from the characterization of different physical attributes of the seismic signal, and the facies analysis of wells profiles of the referred field. The developed analysis allowed the individualization and the three-dimensional visualization of a sinuous paleochannel in the top of the interval, until then not described in previous interpretations of this depositional system. With the information coming from this study, a better understanding of the genesis of this accumulation can be reached, especially in the part regarding to the units of important economic character, represented by the turbidities deposits and whose occurrences are related with stages of relative lowering of the sea level. (author)

  1. A psicologia e a constituição do campo educacional brasileiro

    OpenAIRE

    Sganderla, Ana Paola; Carvalho, Diana Carvalho de

    2010-01-01

    O presente artigo tem por objetivo discutir como a Psicologia contribuiu para a formação do campo educacional brasileiro início do século XX. Ao mesmo tempo, o campo educacional forneceu elementos fundamentais que serviram de base à constituição dessa ciência como campo científico reconhecido no País. Como base teórica para a investigação, utilizamos o conceito de campo social de Pierre Bourdieu, relacionando as implicações práticas presentes nesta constituição: Intelectualidade influente; es...

  2. La tradición del trabajo de campo en Geografía

    Directory of Open Access Journals (Sweden)

    Perla Zusman

    2011-01-01

    Full Text Available El trabajo de campo ha adquirido distintas significaciones a lo largo de la historia de la Geografía. Los cambios en la concepción de la Geografía han derivado en redefiniciones de la contribución del trabajo de campo al proceso de producción de conocimiento. El objetivo de este texto es aproximarse a los aspectos epistemológicos y políticos presentes en las distintas formas de entender el trabajo de campo. A su vez, se busca mostrar que las diversas maneras de concebir y hacer el trabajo de campo conviven en la actualidad

  3. Social acceptability and perceived impact of a community-led cash transfer programme in Zimbabwe.

    Science.gov (United States)

    Skovdal, Morten; Mushati, Phyllis; Robertson, Laura; Munyati, Shungu; Sherr, Lorraine; Nyamukapa, Constance; Gregson, Simon

    2013-04-15

    Cash transfer programmes are increasingly recognised as promising and scalable interventions that can promote the health and development of children. However, concerns have been raised about the potential for cash transfers to contribute to social division, jealousy and conflict at a community level. Against this background, and in our interest to promote community participation in cash transfer programmes, we examine local perceptions of a community-led cash transfer programme in Eastern Zimbabwe. We collected and analysed data from 35 individual interviews and three focus group discussions, involving 24 key informants (community committee members and programme implementers), 24 cash transfer beneficiaries, of which four were youth, and 14 non-beneficiaries. Transcripts were subjected to thematic analysis and coding to generate concepts. Study participants described the programme as participatory, fair and transparent - reducing the likelihood of jealousy. The programme was perceived to have had a substantial impact on children's health and education, primarily through aiding parents and guardians to better cater for their children's needs. Moreover, participants alluded to the potential of the programme to facilitate more transformational change, for example by enabling families to invest money in assets and income generating activities and by promoting a community-wide sense of responsibility for the support of orphaned and vulnerable children. Community participation, combined with the perceived impact of the cash transfer programme, led community members to speak enthusiastically about the programme. We conclude that community-led cash transfer programmes have the potential to open up for possibilities of participation and community agency that enable social acceptability and limit social divisiveness.

  4. Modelling of project cash flow on construction projects in Malang city

    Science.gov (United States)

    Djatmiko, Bambang

    2017-09-01

    Contractors usually prepare a project cash flow (PCF) on construction projects. The flow of cash in and cash out within a construction project may vary depending on the owner, contract documents, and construction service providers who have their own authority. Other factors affecting the PCF are down payment, termyn, progress schedule, material schedule, equipment schedule, manpower schedules, and wages of workers and subcontractors. This study aims to describe the cash inflow and cash outflow based on the empirical data obtained from contractors, develop a PCF model based on Halpen & Woodhead's PCF model, and investigate whether or not there is a significant difference between the Halpen & Woodhead's PCF model and the empirical PCF model. Based on the researcher's observation, the PCF management has never been implemented by the contractors in Malang in serving their clients (owners). The research setting is in Malang City because physical development in all field and there are many new construction service providers. The findings in this current study are summarised as follows: 1) Cash in included current assets (20%), owner's down payment (20%), termyin I (5%-25%), termyin II (20%), termyin III (25%), termyin IV (25%) and retention (5%). Cash out included direct cost (65%), indirect cost (20%), and profit + informal cost(15%), 2)the construction work involving the empirical PCF model in this study was started with the funds obtained from DP or current assets and 3) The two models bear several similarities in the upward trends of direct cost, indirect cost, Pro Ic, progress billing, and S-curve. The difference between the two models is the occurrence of overdraft in the Halpen and Woodhead's PCF model only.

  5. The financial determinants of corporate cash holdings in an oil rich country: Evidence from Kingdom of Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Muncef Guizani

    2017-09-01

    Full Text Available This paper investigates the determinants of the cash holdings for a sample of Saudi firms over the period 2006–2014, using static and dynamic panel models. Our results show that leverage, firm size, capital expenditure, net working capital and cash flow volatility are important in determining cash holdings. When we divide our sample into two sub-samples: petrochemical and non-petrochemical firms, our results show a significant difference between the determinants of cash holdings of the two groups of firms. We also investigate the characteristics of high liquid firms (conservative firms. The results indicate that conservative firms are less leveraged, have large size, have low investment expenditures and have low cash flow fluctuation. Furthermore, dynamic panel estimation indicates that Saudi firms adjust their liquidity holdings quickly towards an endogenous target cash ratio.

  6. Disaggregating reserve-to-production ratios: An algorithm for United States oil and gas reserve development

    Science.gov (United States)

    Williams, Charles William

    Reserve-to-production ratios for oil and gas development are utilized by oil and gas producing states to monitor oil and gas reserve and production dynamics. These ratios are used to determine production levels for the manipulation of oil and gas prices while maintaining adequate reserves for future development. These aggregate reserve-to-production ratios do not provide information concerning development cost and the best time necessary to develop newly discovered reserves. Oil and gas reserves are a semi-finished inventory because development of the reserves must take place in order to implement production. These reserves are considered semi-finished in that they are not counted unless it is economically profitable to produce them. The development of these reserves is encouraged by profit maximization economic variables which must consider the legal, political, and geological aspects of a project. This development is comprised of a myriad of incremental operational decisions, each of which influences profit maximization. The primary purpose of this study was to provide a model for characterizing a single product multi-period inventory/production optimization problem from an unconstrained quantity of raw material which was produced and stored as inventory reserve. This optimization was determined by evaluating dynamic changes in new additions to reserves and the subsequent depletion of these reserves with the maximization of production. A secondary purpose was to determine an equation for exponential depletion of proved reserves which presented a more comprehensive representation of reserve-to-production ratio values than an inadequate and frequently used aggregate historical method. The final purpose of this study was to determine the most accurate delay time for a proved reserve to achieve maximum production. This calculated time provided a measure of the discounted cost and calculation of net present value for developing new reserves. This study concluded that

  7. WITHOUT FEAR TO DARE: DIGITAL INCLUSION IN CAMPOS

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    Margarida Maria Mussa Tavares Gomes

    2010-05-01

    Full Text Available The debate concerning changes brought by new technologies has shown that knowledge has been increasingly pointed out as a key / crucial factor in establishing or overcoming social and economic inequality, in creating or eliminating job opportunities and, in disseminating or concentrating well-being. However, participating in the Information Society is a far reality for most of the world population. With the aim of discussing the concept of digital inclusion and possible ways of making it work, two experiments in Campos dos Goytacazes, Rio de Janeiro State, Brazil, are examined: the CITIZEN INFORMATICS PROJECT (Projeto Informática Cidadã and the SURFING IS NECESSARY PROJECT (Projeto Navegar é Preciso.

  8. GEOMORFOLOGIA DO CAMPO DE INSELBERGUES DE QUIXADÁ, NORDESTE DO BRASIL

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    Rúbson Pinheiro Maia

    2015-06-01

    Full Text Available Ao norte do Maciço da Borborema, no Nordeste Brasileiro, vários campos de inselbergues caracterizam as depressões sertanejas. Esses relevos ocorrem principalmente em áreas de intrusões graníticas que atualmente estão sendo exumadas pela erosão diferencial. Em Quixadá, no estado do Ceará, ocorre um dos mais representativos campo de inselbergues do Brasil. Trata-se de diversas massas rochosas em geral côncavo-convexas ou fraturadas, formada pela exposição subaérea de um batólito granítico. Nesse trabalho, individualizamos as diversas formas de inselbergues agrupando-as segundo seus padrões morfológicos. Esses padrões foram correlacionados com as fáceis do granito e com a densidade de fraturamento. Observamos que as fáceis porfiríticas ricas em fenocristais de feldspato originaram inselbergues com feições de dissolução do tipo caneluras e vasques, enquanto as fáceis caracterizadas pela presença de diques e enclaves máficos originaram inselbergues caracterizados por feições de fraturamento do tipo taffonis de colapso. Essa correlação nos permitiu concluir que mesmo dentro de uma mesma unidade litológica como o granitoide, as variações faciológicas internas podem resultar em feições distintas de acordo com as características mineralógicas e texturais da rocha e do fraturamento.

  9. Designing the Cash and Counseling Demonstration and Evaluation.

    Science.gov (United States)

    Doty, Pamela; Mahoney, Kevin J; Simon-Rusinowitz, Lori

    2007-02-01

    The Cash and Counseling Demonstration and Evaluation (CCDE) was designed as an experiment in shifting the paradigm in home and community-based long-term care from a professional/bureaucratic model of service delivery to one emphasizing consumer choice and control. The experimental intervention was an individualized budget offered in lieu of traditional Medicaid-covered services, such as agency-delivered aide services or a plan of care developed and coordinated by a professional case-manager, which typically involves authorization for several different providers to deliver a range of services. Within the spending limits established by their budgets, program participants were largely free to choose the types and amounts of paid services and supports they judged best able to meet their disability-related personal assistance needs. Medicaid beneficiaries in selected states who volunteered to participate. In all of the participating state Medicaid programs, beneficiaries eligible to participate included elders and younger adults with chronic disabilities and, in one state, adults and children with mental retardation/developmental disabilities could also participate. Minor children and adults with cognitive impairment could participate via representatives (family or friends who agreed to assist them in managing their services or to act as their surrogate decision-makers). Members of the CCDE management team describe the rationale for and implications of key design decisions. Key design decisions included the choice of research methodology (random assignment of CCDE participants in each state to treatment and control groups), selection of the state sites (AR, FL, NJ, NY), and the need for the CCDE to comply with federal waiver requirements for Medicaid research and demonstration projects. Principle Findings. The CCDE design was successfully implemented in three of the four state Medicaid programs selected for participation. The successful implementation of the CCDE

  10. Household determinants of bushmeat and eru (Gnetum africanum) harvesting for cash in the Democratic Republic of Congo

    DEFF Research Database (Denmark)

    Bakkegaard, Riyong Kim; Nielsen, Martin Reinhardt; Thorsen, Bo Jellesmark

    2017-01-01

    Peri-urban pressure on the Luki Biosphere Reserve in Bas-Congo, Democratic Republic of Congo, is fuelled by growing demand in urban markets coupled with easy access. With data from 175 randomly selected households, this paper examines factors that motivate households to collect two major forest....... Greater market distance being a female-headed household and greater age of household heads negatively affected selection into eru collection, reflecting characteristics of cash harvesting activities. Low education and more local knowledge characterised more successful outcome of eru collection, whereas...... of these activities in providing a pathway out of poverty and stress the needs for better integration of conservation and development policies....

  11. ANALISIS FREE CASH FLOW DAN KEPEMILIKAN MANAJERIAL TERHADAP KEBIJAKAN HUTANG PADA PERUSAHAAN PUBLIK DI INDONESIA

    Directory of Open Access Journals (Sweden)

    R. Anastasia Endang Susilawati

    2010-06-01

    Full Text Available The main objective of this research is to examine behavior public company in Indonesia to manage of free cash flows and the role namagerial ownership on corporate debt policy. The using dependent variable on this research is debt, so independent variables are free cash flows and managerial ownership. The sample used was the public companies listed in the Jakarta Stock Exchange (JSX. There were 59 companies which have and during the period from 2005-2009. Data collected by purposive sampling. The result examination is that public company in Indonesia have low investment opportunity set (IOS when free cash flow high attending by using debt for cost operation company. This result robust because evidence with chow test the result that significant difference regression stability between free cash flow to corporate debt policy have low and high investment opportunity set. Although, when dividend based big company have low investment opportunity and small company have low investment opportunity, both have the same effect between free cash flow on corporate debt policy. The result chow test suggest examination there are not statistically significant difference. Managerial ownership association negative with debt policy, this result evidence that agency cost of debt can be reduce by managerial ownership

  12. Relevance of free cash flow as a measure of generating value for owners

    Directory of Open Access Journals (Sweden)

    Bešlić Ivana

    2014-01-01

    Full Text Available In the new economy or knowledge economy the main goal of any company should be directed towards the achievement of the business in the interest of the owners, or generating the value for owners. In dynamic business environment, an effective performance measurement system is key determinant of successful implementation of corporate strategy, growth and survival of the company. Modern performance measures should provide an accurate assessment of the intrinsic value of the company, as well as the value for the owners (shareholders. The essence is maximizing the immanent or guaranteed value of the company. The immanent value is the value of a company based on internal evaluation (assessment discounted cash flows or expected cash flow in the future by the management team. Corporate managers in Serbia are facing the challenge of increasingly efficient capital markets and the competition in the future, which requires the implementation of a value oriented corporate governance, therefore this paper presents FCF (Free Cash Flow methodology of valuation. Free cash flow (FCF is the amount of cash available for owners of the company after the necessary investments in fixed assets and working capital to maintain the current scope of activities and support to planning.

  13. Earnings volatility and the role of cash flows in the capital markets: Empirical evidence

    Directory of Open Access Journals (Sweden)

    Dr. Melita Charitou

    2013-07-01

    Full Text Available The recent global financial crisis brought to the forefront of the capital markets the importance of firm fundamentals and especially, the valuation role of cash flows. In this study, we examine the role of earnings and cash flows in two major capital markets, namely, USA and France. We hypothesize that the relationship between cash flows and security returns improves when earnings are transitory and this robustness is country specific. The dataset consists of more than 37,000 USA and French firm-year observations over an eight-year period. Multivariate statistical regression analysis is undertaken to test the major research hypotheses. Results indicate that when earnings are transitory (unstable, investors pay more attention to cash flows and less attention to earnings, a result indicating that investors penalize firms with unstable earnings. In summary, the evidence provided in this study supports that there are substantial differences in the way investors and financial analysts perceive financial information such as earnings and cash flows in France and USA. These results should be of great importance to the major stakeholders such as investors, creditors, financial analysts, especially after the recent global financial crisis and the collapse of giant organizations worldwide.

  14. Measuring The Impact Of Cash Transfers And Behavioral 'Nudges' On Maternity Care In Nairobi, Kenya.

    Science.gov (United States)

    Cohen, Jessica; Rothschild, Claire; Golub, Ginger; Omondi, George N; Kruk, Margaret E; McConnell, Margaret

    2017-11-01

    Many patients in low-income countries express preferences for high-quality health care but often end up with low-quality providers. We conducted a randomized controlled trial with pregnant women in Nairobi, Kenya, to analyze whether cash transfers, enhanced with behavioral "nudges," can help women deliver in facilities that are consistent with their preferences and are of higher quality. We tested two interventions. The first was a labeled cash transfer (LCT), which explained that the cash was to help women deliver where they wanted. The second was a cash transfer that combined labeling and a commitment by the recipient to deliver in a prespecified desired facility as a condition of receiving the final payment (L-CCT). The L-CCT improved patient-perceived quality of interpersonal care but not perceived technical quality of care. It also increased women's likelihood of delivering in facilities that met standards for routine and emergency newborn care but not the likelihood of delivering in facilities that met standards for obstetric care. The LCT had fewer measured benefits. Women preferred facilities with high technical and interpersonal care quality, but these quality measures were often negatively correlated within facilities. Even with cash transfers, many women still used poor-quality facilities. A larger study is warranted to determine whether the L-CCT can improve maternal and newborn outcomes.

  15. Development of cash management products in Serbia and impact on the profitability of banks

    Directory of Open Access Journals (Sweden)

    Barjaktarović Lidija

    2014-01-01

    Full Text Available Cash management products are in the function of promotion of the company's business, i.e. of liquidity management. The objective of this work is to determine the level of development of the Cash Management products in Serbia and their impact on the profitability and cost optimisation of a bank. Domestic banks established with foreign capital, primarily from Austria and Italy, were the first to introduce the initial contemporary Cash Management Products by the end of 2002, thanks to the development of electronic banking and relocation of the domestic payment transfers into the business banks. In addition, the analysis will show that banks with a clear focus on cooperation with the corporate clients are continuously developing this group of products in Serbia (Raiffeisen Bank, UniCredit Bank, Banca Intesa, Erste Bank. The research covers parallel presentation of development of the Cash Management products both of the domestic banks and their head offices abroad by the end of the year 2009 and the year 2012. The results of conducted research point out at the fact that the domestic banks established with the Italian capital (Banca Intesa and UniCredit Bank have taken over the leading role in the introduction of the new and more modern Cash Management products thanks to the good sector of information technology that is present in Serbia.

  16. A study on relationship between earnings before tax, interest and operational cash flows with stockholders’ equity

    Directory of Open Access Journals (Sweden)

    Mohammad Reza karimi Torghabeh

    2014-08-01

    Full Text Available One of the primary economic issues is associated with optimum resource allocation in profitable investments with reasonable risk. For this purpose, performance measurement’s criteria are needed some of which emphasize cash flow variables and some others focus on information content of accounting profit. On this basis, this study examines the relationship between earnings before tax and interest and operational cash flows with stockholders’ return in Tehran Stock Exchange (TSE. In this regard, information asymmetry was also examined. To test hypotheses, multivariable regression and combined data method were used. The results showed that based on the information of 102 companies in stock market from 2004 to 2009, there was a positive and significant correlation between earnings before interest and tax and stock return in the companies. While, operational cash flow has no significant impact on stock return. Increasing information asymmetry, earnings before interest and tax has a positive and significant correlation with stockholders ’return; but operational cash flow has no significant effect on stockholders’ return. In other words, earnings before interest and tax have higher information content than operational cash flow.

  17. HYDROCARBONS RESERVES IN VENEZUELA

    Energy Technology Data Exchange (ETDEWEB)

    Gonzalez Cruz, D.J.

    2007-07-01

    Venezuela is an important player in the energy world, because of its hydrocarbons reserves. The process for calculating oil and associated gas reserves is described bearing in mind that 90% of the gas reserves of Venezuela are associated to oil. Likewise, an analysis is made of the oil reserves figures from 1975 to 2003. Reference is also made to inconsistencies found by international experts and the explanations offered in this respect by the Ministry of Energy and Petroleum (MENPET) and Petroleos de Venezuela (PDVSA) regarding the changes that took place in the 1980s. In turn, Hubbert's Law is explained to determine peak production of conventional oil that a reservoir or field will reach, as well as its relationship with remaining reserves. Emphasis is placed on the interest of the United Nations on this topic. The reserves of associated gas are presented along with their relationship with the different crude oils that are produced and with injected gas, as well as with respect to the possible changes that would take place in the latter if oil reserves are revised. Some recommendations are submitted so that the MENPET starts preparing the pertinent policies ruling reserves. (auth)

  18. Evaluating cash benefits as real options for a commodity producer in an emerging market

    Directory of Open Access Journals (Sweden)

    Fernando Antonio Lucena Aiube

    2009-07-01

    Full Text Available The amount of cash a firm should maintain is an old problem tackled by finance literature. The recent advances in finance, mainly in the derivatives area, has opened the opportunity to revisit this subject. Cossin and Hricko (2004 studied the benefits of cash holdings using the Real Options approach. We follow their ideas extending the problem to a specific commodity producer firm in an emerging economy. We evaluate the benefits considering that raising capital takes time (timing benefit and also the benefit of avoiding the issue of securities at unfavorable moments (underpricing benefit. We use numerical procedures to solve the problem. Despite the fact that the results are not totally intuitive, we verify that the timing benefit is much more relevant than that of avoiding the underpricing benefit and that firms in emerging economies have greater advantage holding cash than those in developed economies. There is empirical evidence of this last result in the literature.

  19. Pengaruh Faktor Good Corporate Governance, Free Cash Flow, dan Leverage Terhadap Manajemen Laba

    Directory of Open Access Journals (Sweden)

    Dian Agustia

    2013-01-01

    Full Text Available The aim of this research is to provide empirical evidence on the impact of good corporate governance, free cash flow, and leverage ratio on earnings management. Good corporate governance is measured by audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership. Discretionary accrual is the proxy of earning management. This research used 14 textile companies listed in Indonesia Stock Exchange, selected using purposive sampling method, during the research period 2007-2011. Data were analyzed using multiple regression method. Based on the result of analysis concluded that all components of good corporate governance (audit committee’s size, the proportion of independent commissioners, institutional ownership, and managerial ownership, have no significant effect on earnings management, while leverage ratio has a significant effect on earnings management, and free cash flow has a negative and significant effect on earnings management. It means that companies with high free cash flow will restrict the practice of earnings management.

  20. Measuring the Capacity and Transaction Time of Cash and Electronic Toll Collection Systems

    Directory of Open Access Journals (Sweden)

    Rudy Hermawan Karsaman

    2014-07-01

    Full Text Available A long queue can occur at tollgates due to the amount of transaction time required to perform ticket payment and toll fee collection. This problem can be addressed by the use of an electronic toll collection (ETC system. A case study conducted on the Jakarta Intra Urban, Cikupa-Merak, and Cawang Pluit Toll Roads suggests that the queueing at the tollgates when modelled followed a Poisson distribution. The average cash transaction time was approximately 5 to 6 seconds, while the ETC transaction time was only 4 seconds. Furthermore, the capacity of the cash system gate was 550 to 620 vehicles/hour (which is above the minimum service standard of 450 vehicles/hour,whereas the electronic gate capacity was 770 to 870 vehicles/hour. This study demonstrates that the ETC system is more effective than the cash system in terms of reducing the number of queueing vehicles.

  1. The Norwegian Cash-for-Care Reform. Changing behaviour and stable attitudes

    Directory of Open Access Journals (Sweden)

    Lars Gulbrandsen

    2009-03-01

    Full Text Available In 1998 Norway introduced a cash-for-care scheme. Parent with children aged one or two were offered
    a cash-for-care benefit if they did not make use of public funded day care centres. The reform was supported by
    political parties of the centre and right and strongly opposed by parties on the left. Since 1999 ever fewer parents
    have made use of the opportunity to claim the benefit and have instead sent their children to a day care centre. At-
    titudes towards the cash-for-care reform, however, have remained very stable up to now. The principle of freedom
    of choice appears to be strongly rooted among Norwegians. The political agreement on maximum prices made
    this freedom a reality even for parents who wanted to make use of child care centres.

  2. A Survey Study on Customer Experience in Banking Cash Management Products and, Participation Banking Example

    Directory of Open Access Journals (Sweden)

    Cüneyt DİRİCAN

    2016-04-01

    Full Text Available Banking as a safe bridge of risk management balances relation between deposit and loan. In the growing trend of interest-free banking Turkey practice, Participation Banking is working to fix the expectations of customers with reasonable solutions. For corporate customers with comprehensive cash management expectations, producing appropriate and fast solutions are important for a positive and sustainable customer experience. Cash Management covers collection of trade receivables and short -term debt payments. In this study, in the light of the financial ratios of participation banking within the banking industry, a participation bank customers' experiences and expectations in cash management products and services were evaluated with the survey methodology and its importance were also examined.

  3. An Empirical Investigation of the Determinants of Cash Waqf Awareness in Malaysia

    Directory of Open Access Journals (Sweden)

    Adewale Abideen Adeyemi

    2017-01-01

    Full Text Available Notwithstanding the consensus among most classical and contemporary scholars on the permissibility of cash or money for Waqf purpose, its apparent limited application to religious purposes in Malaysia undermines its potentials for socio-economic development. Extant Malaysia theoretical and conceptual studies only offered remarks on the likely low levels of application of this very important variant of Waqf in Malaysia. Thus a lacuna exists to empirically assess the level of awareness and unravel the likely factors that explain such limited application of Cash Waqf in Malaysia. In an attempt to fill this gap in this study, data elicited from respondents via an adopted survey instrument was subjected to both descriptive and inferential statistical analysis. The results indicated that the awareness level is still low and that social culture, lack of promotion, and lack of understanding statistically and significantly explain the level of awareness and application about Cash Waqf among the respondents. Recommendations contingent on research findings were offered.

  4. An Empirical Study on Listed Company’s Value of Cash Holdings: An Information Asymmetry Perspective

    Directory of Open Access Journals (Sweden)

    Chuangxia Huang

    2014-01-01

    Full Text Available The value of a company’s cash holdings is currently a hot issue in corporate finance research. Current studies have not reached a unified conclusion. Moreover, no one has ever studied that from the perspective of information asymmetry. However, there still exist disputes about the measurement of the degree of information asymmetry. Previous studies mostly adopt single index to analysis this issue, and the economic meaning it represents only reflects some information of asymmetric information, so it was one-sided and the conclusion also differ. Drawing on the market microstructure and the index of information asymmetry of managers and investors, this paper constructs a new proxy for information asymmetry based on the principal component analysis. We find that a company’s value of cash holdings decreases increasingly with its level of information asymmetry, and the relationship between information asymmetry and the value of cash holdings is nonlinear.

  5. CASH FLOW – AN INSTRUMET FOR ANNALYSING AND DETERMINING THE VALUE OF AN ENTERPRISE

    Directory of Open Access Journals (Sweden)

    Valentina Dorina BOGDAN

    2015-11-01

    Full Text Available The purpose of this thesis is to understand the logic of the approach based on income and the methods included in this approach. Reading through this paper must provide us with the ability to choose and correctly apply the methods presented in order to estimate the enterprise value. Understanding the method cash - flow update – is conditioned by the differentiation between collection and income, fees and expenses. The profit is the result of comparing revenues and expenses. Not all revenue generate collection at the same time; not all expenses generate payments. Their registration into accounting is delayed. Cash-flow is the evolution of the availability of funds in itself of the company, the evolution of the net treasury. In summary, we note that approach based on income estimates an enterprise value by converting future streams of income in the present value of an enterprise which can generate those cash flows.

  6. Radiometric age of granite from Campo Formoso, BA-Brazil - a minimum age for Jacobina group

    International Nuclear Information System (INIS)

    Torquato, J.R.; Oliveira, M.A.F.T. de; Bartels, R.L.

    1978-01-01

    The Campo Formoso granite represents the magmatic phase of the remobilized Pre-Jacobina basement, located within an are defined by the Serra de Jacobina, north of Campo Formoso, Bahia. Intrusive relationships between this granite and the Jacobina Group metasediments, gradational changes in textures and compositions between the granite and basement rocks, and the general structural-topographic expression of this suggest a mantled gneiss dome model for this area. A RB/Sr whole rock isochron age of 1911 +- 13 m.y. for the Campo Formoso granite is established. This date is interpreted as the age of the development of the structure, as well as a minimum age for the Jacobina Group metasediments. K/Ar dates on muscovites from the Campo Formoso granite are concordant with the Rb/Sr isocron. It is suggested that a lower regional thermal gradient in the Campo Formoso area during Transamazonic time is the cause for a more rapid cooling environment. (Author) [pt

  7. Reserve growth during financial volatility in a technologically challenging world

    Science.gov (United States)

    Klett, Timothy R.; Gautier, Donald L.

    2010-01-01

    Reserve growth (growth-to-known) is the addition of oil and gas quantities to reported proved or proved-plus-probable reserves in discovered fields. The amount of reserve growth fluctuates through time with prevailing economic and technological conditions. Most reserve additions are the result of investment in field operations and in development technology. These investments can be justified by higher prices of oil and gas, the desire to maintain cash flow, and by greater recovery efficiency in well established fields. The price/cost ratio affects decisions for field abandonment and (or) implementation of improved recovery methods. Although small- to medium-size fields might show higher percentages of reserve growth, a relatively few giant fields contribute most volumetric reserve growth, indicating that companies may prefer to invest in existing fields with low geologic and production risk and an established infrastructure in order to increase their price/cost relationship. Whereas many previous estimates of reserve growth were based on past trends of reported reserves, future reserve growth is expected to be greatly affected by financial volatility and fluctuating economic and technological conditions.

  8. TAX AVOIDANCE, RELATED PARTY TRANSACTIONS, CORPORATE GOVERNANCE AND THE CORPORATE CASH DIVIDEND POLICY

    Directory of Open Access Journals (Sweden)

    Dewi Kartika Sari

    2017-09-01

    Full Text Available This study aims to investigate the relationship between tax avoidance, related party transactions and the corporate dividend policy. Furthermore, this study will also investigate the moderating effects of the implementation of Corporate Governance (CG on the relationship between tax avoidance, Related Party Transactions (RPT and corporate dividend policies. Our sample covers companies listed on the Indonesian Stock Exchange during 2011-2014. The results provide moderate support for the proposed hypotheses. First, the greater tax avoidance that a company makes will increase the size of the firm's RPT. Second, the higher that the company's RPT is, this will lower the company's cash dividend payout rate. Third, the greater the tax avoidance is, the lower the company's cash dividend payout rate will be, which is done through a related party transaction.Fourth, the impact of the implementation of strong CG will weaken the positive relationship between corporate tax avoidance and the company’s RPT size, strengthen the negative relationship between the RPT’s size and the cash dividend payout policy of the firm, and strengthen the negative relationship between the company’s tax avoidance and the company's cash dividend payout policy which is mediated by the company’s RPT. This study makes three contributions. First, this study shows an indirect relationship between tax avoidance and cash dividend payments, mediated by RPT. Second, this study tries to examine the effect of CG’s moderation on the relationship between tax avoidance and RPT, as well as the effect of CG’s moderation on the relationship between tax avoidance and cash dividend payments, mediated by RPT. Third, this study developed RPT measurements by looking at the RPT’s components more specifically (looking at components of transactions outside of the main business of the company - the "others" component.

  9. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    Directory of Open Access Journals (Sweden)

    Jurica Lucyanda

    2012-12-01

    Full Text Available Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009. Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhadap pembagian dividen adalah free cash flow, kepemilikan institusional, dan ukuran perusahaan. Jumlah free cash flow perusahaan yang tinggi, persentase kepemilikan institusional yang rendah, dan ukuran perusahaan yang besar akan menghasilkan dividend payout ratio yang tinggi. Variabel kepemilikan keluarga, kepemilikan asing, kebijakan utang, dan kesempatan investasi tidak terbukti mempunyai pengaruh yang signifikan terhadap Dividend Payout Ratio perusahaan.This study aims at testing the effect of free cash flow and ownership structure on the dividend payout ratio of non-financial companies, listed on the Indonesia Stock Exchange. Multiple regression was employed to analyze data. The study collected empirical data from the Indonesia Stock Exchange consisting of 70 companies. The data were collected from financial report from three consecutive years (2007-2009. The finding indicates that the variables which have a significant effect on the dividend payout ratio are free cash flow, institutional ownership, and firm size. The high free cash flow,  the low percentage of institutional ownership, and the large size companies will produce high dividends. The variable of family ownership, foreign ownership, debt policy, and investment opportunities do not significantly effect corporate dividend payout ratio.

  10. Densidade populacional de raposa-do-campo Lycalopex vetulus (Carnivora, Canidae em áreas de pastagem e campo sujo, Campinápolis, Mato Grosso, Brasil

    Directory of Open Access Journals (Sweden)

    Ednaldo C. Rocha

    2008-03-01

    Full Text Available Diante da crescente descaracterização do Bioma Cerrado em função da expansão da fronteira agropecuária na região central do Brasil, torna-se importante avaliar a capacidade de adaptação das espécies ao ambiente antropizado. Neste sentido, este trabalho foi desenvolvido com o objetivo de estimar e comparar a densidade populacional da raposa-do-campo Lycalopex vetulus (Lund, 1842 em duas áreas com diferentes graus de alteração, pastagem e campo sujo, em Campinápolis, Mato Grosso. Para tanto, no período entre agosto a novembro de 2005, foram efetuados censos noturnos ao longo de transectos lineares, totalizando percursos de 129,8 km na área de campo sujo e 62,08 km na área de pastagem. Estimativas de densidade populacional foram geradas utilizando o programa Distance 5.0, sendo que o modelo e ajuste mais adequados aos dados foram half-normal + hermite. Foram obtidas 23 e 52 detecções de raposas-do-campo nas áreas de campo sujo e pastagem, respectivamente. A densidade populacional de raposa-do-campo na área de pastagem (D=4,28 indivíduos/km²; IC=2,69 - 6,82 foi maior que na área de campo sujo (D=1,21 indivíduos/km²; IC=0,73 - 2,01, fato que deve estar relacionado, principalmente, com a disponibilidade de alimento e redução de potenciais predadores. Por apresentar uma dieta composta principalmente de cupins, especialmente os dos gêneros Syntermes e Cornitermes, a raposa-do-campo encontra na área de pastagem uma base alimentar abundante e estável. Além disto, a simplificação ambiental, em função da implantação de pastagens acaba por reduzir, ou até mesmo eliminar, animais que são potenciais predadores de raposas-do-campo, como Chrysocyon brachyurus (Illiger, 1815, favorecendo o aumento da densidade populacional da espécie neste tipo de ambiente. Por fim, características adaptativas apresentadas pela raposa-do-campo têm permitido que esta espécie sobreviva, inclusive apresentando elevada densidade

  11. Which cost of debt should be used in forecasting cash flows?

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez–Pareja

    2009-04-01

    Full Text Available Frequently, analysts and teachers use the capitalized rate of interest for the cost of debt when forecasting and discounting cash flows. Others estimate the interest payments when forecasting annual financial statements or cash flows based on the average of debt calculated with the beginning and ending balance. Others use the end of year convention that calculates the yearly interest multiplying the beginning balance times its contractual cost. The use of one or other methods is critical for the definition of the tax savings. These approaches are illustrated with examples and the differences in using them. A simple proposal to solve the problem is presented.

  12. Valuation of micro and small enterprises using the methodology multicriteria and method of discounted cash flow

    Directory of Open Access Journals (Sweden)

    Marcus Vinicius Andrade de Lima

    2010-01-01

    Full Text Available This paper presents a contribution to the method of discounted cash flow methodology using multicriteria decision aid. This methodology incorporates qualitative variables and subjective to the traditional method of discounted cash flows used in valuation companies. To illustrate the proposed method was a descriptive study of exploratory nature applied to a multicase. The intervention was in Micro and Small Enterprises (MSE from the chemical, pharmaceutical and tourism. As a result, the appraiser set the price of the business taking into account the result of mixing between the two methodologies.

  13. Chuva de sementes em remanescentes florestais de Campo Verde, MT

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    William Pietro-Souza

    2014-08-01

    Full Text Available O objetivo deste trabalho consistiu em avaliar sazonalmente a produção de sementes provenientes de fragmentos florestais presentes na zona rural de Campo Verde, MT. Essa caracterização ocorreu em termos de produção de sementes e riqueza de espécies vegetais. Foram selecionados três fragmentos florestais caracterizados como Floresta Estacional Semidecidual. Em cada fragmento, cinco coletores foram instalados e confeccionados com canos de PVC (1 m²; malha de náilon de 0,001 m e 0,15 m de profundidade do bojo. O material foi coletado mensalmente, cujas sementes foram quantificadas e separadas conforme a síndrome de dispersão, etapa sucessional e forma de vida. Houve a determinação da densidade, frequência absoluta, índice de diversidade e equitabilidade. Ao todo, foram obtidas 3.622 sementes, pertencentes a 74 táxons. Maiores densidades de sementes foram observadas durante os meses de setembro, outubro e novembro. As lianas Gouania sp., Fridericia speciosa, Heteropterys sp. e Distictella sp. responderam com 55,95% do total de sementes aportadas. Das espécies que compuseram a chuva de sementes, 74% não são dispersas pelo vento. Todavia, quando se verificou a quantidade de diásporos coletados, formas dispersas pelo vento foram predominantes, representando 76% do total. Citam-se como táxons arbóreos importantes para a recomposição florestal na região de Campo Verde, situada no Sudeste de Mato Grosso: Tachigali rubiginosa, Siparuna guianensis, Nectandra sp., Cordia alliodora, Alibertia sp., Terminalia brasiliensis e Myrcia sp. Essas espécies devem ser alvo de estudos mais específicos relacionados ao seu potencial para recuperação de ambientes degradados, considerando-se as Áreas de Preservação Permanente e Reservas Legais.

  14. APROACHING THE ECONOMIC DIMENSION OF SUSTAINABLE DEVELOPMENT FROM A FINANCIAL PERSPECTIVE: A CASE STUDY REGARDING CASH - FLOW ANALYSIS AND THE RELATIONSIPS BETWEEN CASH - FLOW AND NET INCOME

    Directory of Open Access Journals (Sweden)

    Diana Elena Vasiu

    2014-10-01

    Full Text Available Europe 2020, a strategy for smart, sustainable and inclusive growth stresses the necessity of smart, sustainable and inclusive growth. The objectives of a sustainable economic development include sustaining economic growth, maximizing private profits and expanding markets. Considering this, economic development must based on facts, not on papers. Therefore, considering the economic dimension of sustainable development, it is important to establish if Romanian companies listed and traded on Bucharest Stock Exchange are able to obtain profit while cash is withdrawn. Even if reported in the income statement, net profit is not simultaneously charged due to accrual accounting that makes the balance sheet provide a static picture of the financial position, while the cash flow statement provides a dynamic picture of it. Therefore, the financial performance analysis based on classical indicators of performance must be accompanied by the analysis of treasury, namely of the cash flow, which provides a comprehensive assessment possibility of the financial performance, flexibility and adaptability of the economic entity, in the context of a highly competitive and often unstable environment. A positive net flows is a confirmation of the economic success of the company representing the concrete expression of the net profit and other pecuniary accumulations, interpreted as the real self-financing investment capacity, which would lead to the real asset growth and thus to the increase of the owners' wealth.

  15. ¿CUÁNTO DURA UNA INVERSIÓN DEL CAMPO MAGNÉTICO TERRESTRE? Nuevos datos de la última inversión del campo magnético terrestre

    OpenAIRE

    Sagnotti, L.

    2014-01-01

    CUÁNTO DURA UNA INVERSIÓN DEL CAMPO MAGNÉTICO TERRESTRE? El campo magnético terrestre (o campo geomagnético) está generado por el movimiento complejo que tiene lugar en el núcleo externo de la Tierra. En su mayor parte, este campo es asimilable al que generaría una barra de imán situada en el centro del planeta.

  16. Skyline Reservation System

    Data.gov (United States)

    US Agency for International Development — Flight reservation application used for in-country flights by USAID and DoS staff in Afghanistan. The application is managed and maintained by the vendor and USAID...

  17. Why cash-based budgeting still prevails in an era of accrual-based reporting in the public sector

    NARCIS (Netherlands)

    van Helden, Jan; Reichard, Christoph

    2016-01-01

    This paper discusses the phenomenon that governments in many Western countries have transferred their cash-based systems into accrual-based systems for reporting purposes during the last decades, while still retaining cash-based budgeting systems. The main question we want to answer is whether there

  18. Is Investment-Cash Flow Sensitivity Caused by the Agency Costs or Asymmetric Information? Evidence from the UK

    NARCIS (Netherlands)

    Pawlina, G.; Renneboog, L.D.R.

    2005-01-01

    We investigate the investment-cash flow sensitivity of a large sample of the UK listed firms and confirm that investment is strongly cash flow-sensitive.Is this suboptimal investment policy the result of agency problems when managers with high discretion overinvest, or of asymmetric information when

  19. Do Annual Stock Price Effects of Extreme Cash Dividend Pay-Out Events Differ from Their Short Term Effects?

    NARCIS (Netherlands)

    von Eije, Johan; Muckley, Cal

    2015-01-01

    In this paper, we assess the long-term stock price impact of 1327 cash dividend payment initiations and 1156 cash dividend payment omissions of firms listed on the NYSE and the NASDAQ, from 1972 to 2012. In particular we compare the annual returns of dividend initiating and omitting firms and firms

  20. 20 CFR 670.620 - Are Job Corps students eligible to receive cash allowances and performance bonuses?

    Science.gov (United States)

    2010-04-01

    ... Student Support § 670.620 Are Job Corps students eligible to receive cash allowances and performance... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Are Job Corps students eligible to receive cash allowances and performance bonuses? 670.620 Section 670.620 Employees' Benefits EMPLOYMENT AND...

  1. Examining the Costs and Benefits of Family Rewards 2.0: A Conditional Cash Transfer Program in Two American Cities

    Science.gov (United States)

    Rudd, Timothy; Rodriguez, Jonathan; Greenberg, David

    2016-01-01

    Family Rewards was an innovative approach to poverty reduction in the United States that was modelled on the conditional cash transfer (CCT) programs common in lower- and middle-income countries. The program offered cash assistance to poor families to reduce immediate hardship, provided they met certain criteria related to family health care,…

  2. 49 CFR 594.9 - Fee for reimbursement of bond processing costs and costs for processing offers of cash deposits...

    Science.gov (United States)

    2010-10-01

    ... 49 Transportation 7 2010-10-01 2010-10-01 false Fee for reimbursement of bond processing costs and costs for processing offers of cash deposits or obligations of the United States in lieu of sureties on... indirect costs the agency incurs for receipt, processing, handling, and disbursement of cash deposits or...

  3. Effects of a Modified Conditional Cash Transfer Program in Two American Cities: Findings from Family Rewards 2.0

    Science.gov (United States)

    Miller, Cynthia; Miller, Rhiannon; Verma, Nandita; Dechausay, Nadine; Yang, Edith; Rudd, Timothy; Rodriguez, Jonathan; Honig, Sylvie

    2016-01-01

    Family Rewards was an innovative approach to poverty reduction in the United States that was modeled on the conditional cash transfer (CCT) programs common in lower- and middle-income countries. The program offered cash assistance to low-income families, provided that they met certain conditions related to family health care, children's education,…

  4. Impact of Implementation of Direct Cash Transfer Program 2008/2009 on Household Consumption in Central Java Province

    Science.gov (United States)

    Subanti, S.; Hakim, A. R.; Hakim, I. M.

    2017-04-01

    This study aims to see the impact of direct cash transfer program for 2008/2009 on household consumption of food, nonfood, education, and health in Central Java Province. The study is expected to provide important findings for the improvement of a similar program in the future. This study findings that (1) the increasing in food and non-food consumption for direct cash transfer recipients than non direct cash transfer recipients; (2) the impact of households expenditure on education for direct cash transfer recipients is higher than non direct cash transfer recipients; (3) the impact of households expenditure on health for direct cash transfer recipients is lower than non direct cash transfer recipients. This study recommended that (1) implementation of direct cash transfer program 2008/2009 must be managed to be better because this program can defend household welfare. It shows from several indicators of well-being such as consumption spending, education, and health; (2) data targets for poor households (very poor, poor, nearly poor) must be updated.

  5. 78 FR 63974 - Student Assistance General Provisions-Subpart K-Cash Management; Extension of Public Comment...

    Science.gov (United States)

    2013-10-25

    ... DEPARTMENT OF EDUCATION Student Assistance General Provisions--Subpart K--Cash Management... an information collection entitled, ``Student Assistance General Provisions--Subpart K--Cash Management''. ED is extending the comment period to November 18, 2013 due to the public's inability to access...

  6. 46 CFR 308.525 - Application for decrease in amount of cash collateral fund, Form MA-305.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 8 2010-10-01 2010-10-01 false Application for decrease in amount of cash collateral... TRANSPORTATION EMERGENCY OPERATIONS WAR RISK INSURANCE War Risk Cargo Insurance Ii-Open Policy War Risk Cargo Insurance § 308.525 Application for decrease in amount of cash collateral fund, Form MA-305. Application for...

  7. Review of Nuria del Campo Martínez: Illocutionary Constructions in English: Cognitive Motivation and Linguistic Realization (2013)

    DEFF Research Database (Denmark)

    Jensen, Kim Ebensgaard

    2014-01-01

    A review of Nuria del Campo Martínez: Illocutionary Constructions in English: Cognitive Motivation and Linguistic Realization (2013)......A review of Nuria del Campo Martínez: Illocutionary Constructions in English: Cognitive Motivation and Linguistic Realization (2013)...

  8. Effects of unconditional and conditional cash transfers on child health and development in Zimbabwe: a cluster-randomised trial.

    Science.gov (United States)

    Robertson, Laura; Mushati, Phyllis; Eaton, Jeffrey W; Dumba, Lovemore; Mavise, Gideon; Makoni, Jeremiah; Schumacher, Christina; Crea, Tom; Monasch, Roeland; Sherr, Lorraine; Garnett, Geoffrey P; Nyamukapa, Constance; Gregson, Simon

    2013-04-13

    certificates had increased by 1·5% (95% CI -7·1 to 10·1) in the UCT group and by 16·4% (7·8-25·0) in the CCT group by the end of the intervention period. The proportions of children aged 0-4 years with complete vaccination records was 3·1% (-3·8 to 9·9) greater in the UCT group and 1·8% (-5·0 to 8·7) greater in the CCT group than in the control group. The proportions of children aged 6-12 years who attended school at least 80% of the time was 7·2% (0·8-13·7) higher in the UCT group and 7·6% (1·2-14·1) in the CCT group than in the control group. Our results support strategies to integrate cash transfers into social welfare programming in sub-Saharan Africa, but further evidence is needed for the comparative effectiveness of UCT and CCT programmes in this region. Wellcome Trust, the World Bank through the Partnership for Child Development, and the Programme of Support for the Zimbabwe National Action Plan for Orphans and Vulnerable Children. Copyright © 2013 Elsevier Ltd. All rights reserved.

  9. Writing under cover: Cristina Campo as translator of John Donne

    Directory of Open Access Journals (Sweden)

    Maria Panarello

    2009-12-01

    Full Text Available The study of Cristina Campo’s translations offers a precious contribution to those of us who are attempting to investigate the unknown area that lies in the shadowy zone between the source text and its translation. Vittoria Guerrini, a rather solitary and reticent figure in 20th-century Italian literature, wrote under several pen names, of which her favourite was Cristina Campo, the masque she chose for her beautiful and intense translations of a small but significant collection of poems by John Donne. This paper aims at exploring Cristina Campo’s attitude towards translation and the unique relationship she established with the poets she translated. John Donne’s translations reflect a singular solidarity displaying points of affinity between two extremely complex personalities. The dialogic rapport abolishes difference in space and time, as well as difference in language, as author and translator testify the same supreme tension towards beauty, truth and perfection. Translation in this perspective is a sacred gesture of mediation.

  10. municipio Antolín del Campo. Estado Nueva Esparta

    Directory of Open Access Journals (Sweden)

    Rebeca Morales A.

    2006-01-01

    Full Text Available Se caracteriza la situación actual de la Gastronomía Típica Margariteña como atractivo turístico del Municipio Antolín del Campo. Se determinan los elementos que la componen, se inventariaron los productos de la Gastronomía Típica Margariteña ofertados por los restaurantes del municipio y se identificó el tipo de promoción, se obtuvo la opinión de turistas y propietarios de los restaurantes, respecto a esta gastronomía como Atractivo Turístico. El estudio es descriptivo. Como conclusión se obtuvo que: la gastronomía Típica Margariteña no es resaltada como elemento del folklore margariteño, es ofrecida como una opción más en el menú no como plato principal, los restaurantes que ofrecen gastronomía Típica Margariteña no utilizan ningún tipo de promoción para la misma.

  11. Evaluation of elemental composition of clays from Campos Gerais (MG)

    International Nuclear Information System (INIS)

    Martins, Joao P.M.; Maduar, Marcelo F.; Silva, Paulo S.C da

    2013-01-01

    There are numerous applications given to clays including oil and water adsorbent, ceramic, whitening of beverages, porcelain, waste treatment, organic carrier molecules in cosmetics and pharmaceuticals, support for catalysts. In the pharmaceutical industry, the clays are used as excipients, diluents, desiccants, emulsifiers, to mask undesirable flavors, isotonic agent such as charger and delivery of active substances. These characteristics have contributed to the expansion of the search for applications of clay minerals in the cosmetic industry. The aim of this study was to determine the elemental composition of clays from Campos Gerais, Minas Gerais, with a view to their applicability in the production of cosmetics. The elements As, Ba, Br, Ce, Cl, Co, Cr, Cs, Eu, Fe, Hf, K, La, Lu, Na, Nd, Rb, Sb, Sc, Sm, Ta, Tb, Th,U, Yb and Zn were determined by neutron activation analysis and radionuclide activity concentration of 226 Ra, 228 Ra, 210 Pb and 40 K were determined by gamma spectrometry. It was verified that the activity concentration of radionuclides was in the same concentration as the global average, indicating that these samples do not present a risk of increased radiation exposure. The concentration of most elements determined is less than or equal to the overall mean concentrations, indicated by the values of Continental Upper Crust. (author)

  12. Insomnia and hypnotic use in Campo Grande general population, Brazil

    Directory of Open Access Journals (Sweden)

    Souza José Carlos

    2002-01-01

    Full Text Available The insomnia prevalence in general population was determined by means of 408 home interviews of adults, in a representative sample of Campo Grande city, Brazil. The random sample was stratified by sex, age and economic social status. Insomnia subtypes evaluated were the disorders of sleep initiation (DSI, sleep maintenance (DSM and early awakening (DEA. A structured questionnaire was used with the consent from the interviewed subjects. Statistics used chi-square, and Fisher tests; and inferences based on binomial distribution parameters; the significance level was 5% and confidence interval (CI was 95%.The general prevalence of insomnia was 19.1% (sd=2.0%, mostly women (p=0.0015, and people of less years of schooling (p=0.0317, subtype DSI (14.2%, p=0.0043, and chronic (p=0.7022. Hypnotic drugs were used by 6.9%(sd=1.3% in the last month. Use in the last 2 years, 70.3% mostly insomniacs (p<0.0001, women (p=0.0372 and people over 30 years of age (p=0.0536.

  13. Acerca de los estilos cognitivos: dependencia- independencia de campo

    Directory of Open Access Journals (Sweden)

    Anibal Meza

    1987-12-01

    Full Text Available Se ofrece una breve revisión de la literatura sobre los Estilos Cognitivos de Dependencia- Independencia del Campo (De-le. Se hace notar la ausencia de investigaciones peruanas sobre el tema y se delimita al ámbito de la temática De-le. Se da cuenta del origen de la De-le como constructo, anclándolo al interior del constructo mayor "diferenciación psicológica". Se reseñan los modos de evaluación y se enlistan las características de la De-le como estilos cognitivos (son dimensiones penetrantes del funcionamiento individual, son variables de proceso antes que de contenido y constituyen una dimensión bipolar y de valor neutral. Se ven las relaciones De-le -conducta interpersonal: tipo de orientación interpersonal, responsividad a claves sociales e intereses y respuestas interpersonales típicas. Finalmente, se examinan los orígenes ontogenético (restringiendo la revisión a efectos de entrenamiento y la crianza infantil y cultural de la De-le.

  14. US uranium reserves

    International Nuclear Information System (INIS)

    Hansen, M.V.

    1981-01-01

    The current low level of demand, compounded by rapidly rising costs and low prices, has caused a significant reduction in drilling for uranium in the United States, and the trend is likely to continue for a few more years. The effect on uranium reserves will be fewer additions to reserves because less exploration is being done. Further reductions will occur, especially in low-cost reserves, because of increasing costs, continuing depletion through production, and erosion through the high grading of deposits to fulfill previous contractual commitments. During the past several years, it has been necessary to increase the upper reserve cost level twice to compensate for rising costs. Rising costs are reducing the $15 reserves, the cost category corresponding most closely to the present market price, to an insignificant level. An encouraging factor related to US uranium reserves is that the US position internationally, as far as quantity is concerned, is not bad for the longer term. Also, there is a general opinion that US consumers would rather contract for domestic uranium than for foreign because of greater assurance of supply. Still another factor, nearly impossible to assess, is what effect rising costs in other countries will have on their uranium reserves. The annual conferences between the Grand Junction Area Office staff and major uranium companies provide a broad overview of the industry's perception of the future. It is not optimistic for the short term. Many companies are reducing their exploration and mining programs; some are switching to other more marketable mineral commodities, and a few are investing more heavily in foreign ventures. However, there is general optimism for the long term, and many predict a growth in demand in the mid-1980s. If the industry can survive the few lean years ahead, rising prices may restore its viability to former levels

  15. A METRIC FOR A CHIRAL POTENTIAL FIELD UNA MÉTRICA PARA UN CAMPO POTENCIAL QUIRAL

    Directory of Open Access Journals (Sweden)

    Héctor Torres-Silva

    2008-11-01

    Full Text Available In this paper we present an example of a specific metric which geometrizes explicitly a light-like four-vector potential (chiral field. The geometrization shows that such a vector has the same geometrical structure as a gravitational Kerr field. We discuss a theoretical proposition that a rotating body generates, besides a special gravitational field, a magnetic-type gauge field which might be identified with a chiral geometrized field. This chiral field represents a novel type of field because we cannot identify it with any of the known electromagnetic fields. As an application of this theory we discuss the morphology of the planets around the sun.En este trabajo se presenta un ejemplo de una métrica especifica que geometriza explícitamente un potencial cuadrivector tipo luz (campo quiral. La geometrización muestra que tal vector tiene la misma estructura geométrica que un campo gravitacional Kerr. Se discute una proposición teórica que un cuerpo rotante genera, su gravitación y el calibre de campo tipo magnético que puede ser identificado con un campo quiral geometrizado. Este campo quiral representa un tipo novedoso de campo que no puede ser identificado con alguno de los campos electromagnéticos conocidos. Como aplicación de esta teoría se discute la morfología de los planetas alrededor del sol.

  16. Handbook on loss reserving

    CERN Document Server

    Schmidt, Klaus; Schnaus, Anja

    2016-01-01

    This handbook presents the basic aspects of actuarial loss reserving. Besides the traditional methods, it also includes a description of more recent ones and a discussion of certain problems occurring in actuarial practice, like inflation, scarce data, large claims, slow loss development, the use of market statistics, the need for simulation techniques and the task of calculating best estimates and ranges of future losses. In property and casualty insurance the provisions for payment obligations from losses that have occurred but have not yet been settled usually constitute the largest item on the liabilities side of an insurer's balance sheet. For this reason, the determination and evaluation of these loss reserves is of considerable economic importance for every property and casualty insurer. Actuarial students, academics as well as practicing actuaries will benefit from this overview of the most important actuarial methods of loss reserving by developing an understanding of the underlying stochastic models...

  17. Moral Hazard and Cash Benefits in Long-term Home Care

    NARCIS (Netherlands)

    van den Berg, B.; Hassink, W.H.J.

    2004-01-01

    This paper tests empirically for ex-post moral hazard in a system based on demandside subsidies. In the Netherlands, demand-side subsidies were introduced in 1996. Clients receive a cash benefit to purchase the type of home care (housework, personal care, support with mobility, organisational tasks

  18. Cash Transfers and Mayoral Elections: The Case of Sao Paulo's Renda Mínima

    Directory of Open Access Journals (Sweden)

    Diego Sanches Corrêa

    2015-08-01

    Full Text Available Several recently published studies analyze the effects of national conditional cash transfer (CCT programs, such as the Brazilian Bolsa Família and the Mexican Oportunidades, on presidential elections. Most of them show that these programs boost incumbents' electoral support among the poor. This research note is the first scholarly attempt to investigate this phenomenon at a lower-level unit of a federal state, by assessing the impact of a municipal cash transfer program on a mayoral election. Specifically, it investigates whether Renda Mínima, the cash transfer program of the city of Sao Paulo, affected beneficiaries' electoral behavior in favor of the incumbent candidate in the 2004 mayoral election. This note analyzes survey data from CEBRAP/IBOPE and shows that cash transfers did, indeed, affect beneficiaries' behavior in the predicted direction, but only in cases where they did not benefit from any other CCT program, such as the federal Bolsa Família or the São Paulo state Renda Cidadã. These results suggest that the pro-incumbent effect of CCT programs may be diluted by similar programs launched by governments at other tiers of a federation, even if they are led by the same party.

  19. Net Income, Book Value and Cash Flows: The Value Relevance in Jordanian Economic Sectors

    Directory of Open Access Journals (Sweden)

    DHIAA SHAMKI

    2013-07-01

    Full Text Available This paper examines the value relevance of financial statements variables namely net income, book value and cash flows simultaneously relative to Jordanian services and industrial firms for the period from 2000 to 2009. The main findings of this paper are three- dimensional. First, net income is value relevant, while book value and cash flows are irrelevant. Second, net income is more value relevant than book value and cash flows in both sectors. Third, this value relevance is greater in services sector than in industrial sector. The study shows that net income assist more in explaining market values in Jordanian services and industrial firms. Since research on the value relevance of these variables has neglected Jordan (and the Middle Eastern region, the study tries to fill this practical gap. The study is the first in Jordan that examines the value relevance of net income, book value and cash flows simultaneously and compares this value relevance according to Amman Stock Exchange sectors in one study in Jordan.

  20. APAKAH DISTRIBUSI BAGI HASIL CASH BASIS ADIL BAGI DEPOSAN BANK SYARIAH ?

    Directory of Open Access Journals (Sweden)

    Saparuddin Siregar

    2016-04-01

    Full Text Available Abstrak: Apakah Distribusi Bagi Hasil Cash Basis Berkeadilan Bagi Deposan Bank Syariah? Artikel ini bertujuan untuk menganalisis metode pendistribusian bagi hasil bank syariah di Indonesia dengan berfokus kepada penerapan basis kas. Artikel ini menggunakan pendekatan kritis berdasarkan teori keadilan yang menekankan pada analisis koherensi atau konsistensi. Hasil studi menunjukkan bahwa distribusi bagi hasil basis kas tidak diterapkan secara konsisten untuk seluruh stakeholder bank syariah. Hal ini menyebabkan penerimaan yang lebih rendah untuk deposan. Studi ini merekomendasikan perlunya revisi terhadap standar akuntansi syariah agar menerapkan basis akrual pada semua bentuk distribusi bagi hasil. Abstract: Is Cash-Basis Profi-and-Loss Sharing Distribution Just for Islamic Bank Depositors? This article aims to analyze the distribution method of the profi sharing of Islamic bank in Indonesia which focusing in the application of cash basis. This article uses a critical approach which based in a theory of justice that emphasizes on the analysis of coherence or consistency. The study shows that the distribution of cash basis profi sharing are not applied consistently to all stakeholders in Islamic banks. This causes the lower receipts for depositors. This study recommends for a revision of the sharia accounting standards which apply to all forms of accrual basis for the profi sharing distribution.

  1. New York City's First Conditional Cash Transfer Program: What Worked, What Didn't

    Science.gov (United States)

    Riccio, James; Miller, Cynthia

    2016-01-01

    This report summarizes the findings of a long-term evaluation of Opportunity NYC--Family Rewards, an experimental, privately funded, conditional cash transfer (CCT) program to help families break the cycle of poverty. Family Rewards was the first comprehensive CCT program in a developed country. Launched in 2007 by New York City's Center for…

  2. 45 CFR 302.20 - Separation of cash handling and accounting functions.

    Science.gov (United States)

    2010-10-01

    ... accounting functions. The State plan shall provide that the following requirements and criteria to separate the cash handling and accounting functions are in effect. (a) IV-D responsibility. The IV-D agency... receipts of support do not participate in accounting or operating functions which would permit them to...

  3. 76 FR 67105 - Cash Balance Plans; Benefit Determinations and Plan Valuations for Statutory Hybrid Plans...

    Science.gov (United States)

    2011-10-31

    ... annuity conversion rate. Under PBGC's operating policy on cash balance plans (established pre-PPA 2006... pension equity plan that provides for the use of deferred annuity conversion factors (or an interest rate... annuity conversion plan that uses a variable interest rate to determine the amount of a benefit, PBGC...

  4. 77 FR 72219 - Federal Housing Administration: Prohibited Sources of Minimum Cash Investment Under the National...

    Science.gov (United States)

    2012-12-05

    ... insurance is also a critical part of the HFAs' strategy. Of HFA loan production in 2011, 86 percent involved... money management, use of credit, and home maintenance. D. FHA and Minimum Cash Investment Requirements... credit handbook, Handbook 4155.1,\\7\\ provided administrative guidance to approved mortgagees as to...

  5. Bitcoin as cash in terms of the european anti-money laundering directive

    NARCIS (Netherlands)

    Kaiser, Carolin

    2016-01-01

    The European Anti-Money Laundering Directive 2015/849 sets out detailed rules for the prevention of money laundering and terrorist financing. It presents a clear framework for financial institutions, covering both cash and electronic payments systems. However, the directive fails to regulate digital

  6. Learning Together: How Families Responded to Education Incentives in New York City's Conditional Cash Transfer Program

    Science.gov (United States)

    Greenberg, David; Dechausay, Nadine; Fraker, Carolyn

    2011-01-01

    In 2007, New York City's Center for Economic Opportunity launched Opportunity NYC-Family Rewards, an experimental, privately funded, conditional cash transfer (CCT) program to help families break the cycle of poverty. Family Rewards provided payments to low-income families in six of the city's poorest communities for achieving specific goals…

  7. Making Conditional Cash Transfer Programs More Efficient : Designing for Maximum Effect of the Conditionality

    OpenAIRE

    de Janvry, Alain; Sadoulet, Elisabeth

    2006-01-01

    Conditional cash transfer programs are now used extensively to encourage poor parents to increase investments in their children's human capital. These programs can be large and expensive, motivating a quest for greater efficiency through increased impact of the programs' imposed conditions on human capital formation. This requires designing the programs' targeting and calibration rules spe...

  8. The Influence of Conditional Cash Transfers on Eligible Children and Their Siblings

    Science.gov (United States)

    Lincove, Jane Arnold; Parker, Adam

    2016-01-01

    Conditional cash transfers (CCTs) are used to reduce poverty while incentivizing investments in children. Targeting CCTs to certain groups of children can improve efficiency, but positive effects on eligible children may be offset by reductions in investments for ineligible siblings. Using data from Nicaragua, we estimate program effects on…

  9. Corporate Governance and the Value of Excess Cash Holdings of Large European Firms

    NARCIS (Netherlands)

    M.B.J. Schauten (Marc); D.J.C. van Dijk (Dick); J-P. van der Waal (Jan-Paul)

    2008-01-01

    textabstractWe examine the relation between the quality of corporate governance and the value of excess cash for large European firms (FTSEurofirst 300 Index). We use Deminor ratings for Shareholder rights, Takeover defences, Disclosure and Board as proxies for the quality of corporate governance.

  10. Non-Precautionary Cash Hoarding and the Evolution of Growth Firms

    NARCIS (Netherlands)

    Boot, A.W.A.; Vladimirov, V.

    2016-01-01

    The starting point of our paper is the question: Should a growth firm hoard cash to reduce dilution associated with external financing (by self-financing more) if this means delaying its existing investment opportunity? The analysis of such non-precautionary hoarding gives a stark contrast to the

  11. Corporate Governance and the Value of Excess Cash Holdings of Large European Firms

    NARCIS (Netherlands)

    Schauten, M.B.J.; van Dijk, D.J.C.; van der Waal, J.P.

    2013-01-01

    We examine the relation between the quality of corporate governance and the value of excess cash for large publicly listed European firms from common-law and civil-law countries. Besides different law origins, we distinguish different dimensions of corporate governance by using ratings for the

  12. The Effect of the Minimum Compensating Cash Balance on School District Investments.

    Science.gov (United States)

    Dembowski, Frederick L.

    Banks are usually reimbursed for their checking account services either by a fixed service charge or by requiring a minimum or minimum-average compensating cash balance. This paper demonstrates how to determine the optimal minimum balance for a school district to maintain in its account. It is assumed that both the bank and the school district use…

  13. A cash flow oriented EOQ model under permissible delay in payments

    African Journals Online (AJOL)

    A cash flow oriented EOQ model under permissible delay in payments. RP Tripathi, SS Misra, HS Shukla. Abstract. This study presents an inventory model to determine an optimal ordering policy for non-deteriorating items and timedependent demand rate with delay in payments permitted by the supplier under inflation and ...

  14. 12 CFR 220.113 - Necessity for prompt payment and delivery in special cash accounts.

    Science.gov (United States)

    2010-01-01

    ...). (b) It appears that in a typical case the supervisors of the retirement system meet only once or... accept delivery and pay for the securities before some date more than seven business days after the date... creditor (broker-dealer) in good faith” that the customer will “promptly make full cash payment for the...

  15. Convex order approximations in case of cash flows of mixed signs

    NARCIS (Netherlands)

    Dhaene, J.; Goovaerts, M.J.; Vanmaele, M.; van Weert, K.

    2012-01-01

    In Van Weert et al. (2010), results are obtained showing that, when allowing some of the cash flows to be negative, convex order lower bound approximations can still be used to solve general investment problems in a context of provisioning or terminal wealth. In this paper, a correction and further

  16. Back to Basics: Algebraic Foundations of the Statement of Cash Flows

    Science.gov (United States)

    Joyner, Donald T.; Banatte, Jean-Marie; Dondeti, V. Reddy

    2014-01-01

    The indirect method for preparing the statement of cash flows, as described in many standard textbooks, involves an item-by-item approach, telling you to add to or subtract from the net income, the increases or decreases in the balance sheet items, such as accounts payable or accounts receivable. Many business students, especially at the…

  17. 17 CFR 275.206(4)-3 - Cash payments for client solicitations.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Cash payments for client... for client solicitations. (a) It shall be unlawful for any investment adviser required to be... client at the time of the solicitation or referral; or (iii) Other than a solicitor specified in...

  18. 16 CFR 801.21 - Securities and cash not considered assets when acquired.

    Science.gov (United States)

    2010-01-01

    ... 16 Commercial Practices 1 2010-01-01 2010-01-01 false Securities and cash not considered assets when acquired. 801.21 Section 801.21 Commercial Practices FEDERAL TRADE COMMISSION RULES, REGULATIONS... regularly prepared balance sheet of “A” referred to in § 801.11—the voting securities of X must be reflected...

  19. Alternative Methods in the Evaluation of School District Cash Management Programs.

    Science.gov (United States)

    Dembowski, Frederick L.

    1980-01-01

    Empirically evaluates three measures of effectiveness of school district cash management: the rate of return method in common use and two new measures--efficiency rating and Net Present Value (NPV). The NPV approach allows examination of efficiency and provides a framework for evaluating other areas of educational policy. (Author/IRT)

  20. A Review of Cash Management Policies, Procedures and Practices of Mississippi's Institutions of Higher Learning.

    Science.gov (United States)

    Mississippi State Legislature, Jackson. Performance Evaluation and Expenditure Review Committee.

    This report to the Mississippi Legislature presents the findings of a review of the cash management policies, procedures, and practices of the State Board of Trustees of Institutions of Higher Learning (IHL). The methodology involved review of: applicable Mississippi statutes; standards promulgated by the National Association of College and…

  1. 11 CFR 102.11 - Petty cash fund (2 U.S.C. 432(h)(2)).

    Science.gov (United States)

    2010-01-01

    ... 11 Federal Elections 1 2010-01-01 2010-01-01 false Petty cash fund (2 U.S.C. 432(h)(2)). 102.11 Section 102.11 Federal Elections FEDERAL ELECTION COMMISSION GENERAL REGISTRATION, ORGANIZATION, AND... and Congressional district) sought by such candidate. ...

  2. 13 CFR 107.240 - Limitations on including non-cash capital contributions in Private Capital.

    Science.gov (United States)

    2010-01-01

    ... more than their fair market value. (c) Tangible assets used in your operations, priced at no more than their fair market value. (d) Shares in a Disadvantaged Business received by a subsidiary Section 301(d) Licensee from its parent Licensee, valued at the lower of cost or fair value. (e) Other non-cash assets...

  3. The Impact of an Unconditional Cash Transfer on Early Child Development: The Zambia Child Grant Program

    Science.gov (United States)

    Seidenfeld, David; Prencipe, Leah; Handa, Sudhanshu; Hawkinson, Laura

    2015-01-01

    Little research has been conducted on unconditional cash transfers (UCTs) despite their growing prevalence in Africa, including South Africa, Zambia, Zimbabwe, Kenya, Malawi, Lesotho, and Uganda. In this study, researchers implemented a randomized control trial with over 2,500 households to investigate the impact of Africa's child grant program on…

  4. Lithium reserves and resources

    International Nuclear Information System (INIS)

    Evans, R.K.

    1978-01-01

    As a result of accelerating research efforts in the fields of secondary batteries and thermonuclear power generation, concern has been expressed in certain quarters regarding the availability, in sufficient quantities, of lithium. As part of a recent study by the National Research Council on behalf of the Energy Research and Development Administration, a subpanel was formed to consider the outlook for lithium. Principal areas of concern were reserves, resources and the 'surplus' available for energy applications after allowing for the growth in current lithium applications. Reserves and resources were categorized into four classes ranging from fully proved reserves to resources which are probably dependent upon the marketing of co-products to become economically attractive. Because of the proprietary nature of data on beneficiation and processing recoveries, the tonnages of available lithium are expressed in terms of plant feed. However, highly conservative assumptions have been made concerning mining recoveries and these go a considerable way to accounting for total losses. Western World reserves and resources of all classes are estimated at 10.6 million tonnes Li of which 3.5 million tonnes Li are located in the United States. Current United States capacity, virtually equivalent to Western World capacity, is 4700 tonnes Li and production in 1976 approximated to 3500 tonnes Li. Production for current applications is expected to grow to approx. 10,000 tonnes in year 2000 and 13,000 tonnes a decade later. The massive excess of reserves and resources over that necessary to support conventional requirements has limited the amount of justifiable exploration expenditures; on the last occasion, there was a a major increase in demand (by the USAEA) reserves and capacity were increased rapidly. There are no foreseeable reasons why this shouldn't happen again when the need is clear. (author)

  5. Brazilian uranium reserves

    International Nuclear Information System (INIS)

    Marques, J.P.M.

    1981-01-01

    Due to a growing demand of electric power to support Brasil's development, the use of nuclear energy will be indispensable. The nuclear fuel cycle for the production of energy, starts with the uranium exploration. The work performed in this field led to the discovery of several deposits in the country, which to-date totalize a reserve of 236,300t of U 308 , ranking Brazil in the 6th place among the nations of the western world holding uranium reserves. (Author) [pt

  6. The determinants of corporate cash holdings: An empirical investigation of the industry effect of UK publicly held firms (1998-2013)

    OpenAIRE

    WANG, ZIWEN

    2015-01-01

    Abstract This paper investigates the determinants of cash holdings by publicly traded firms over the period 1998-2013. The results suggest that cash holdings are positively affected by investment opportunity set, capital expenditure and profitability and negatively affected by the real firm size, liquid assets substitutes, leverage level, cash flow and dividend payments, which are generally in line with previous studies. In addition, we observed the change of corporate cash holdings during...

  7. Paleoenvironmental changes and influence on Operculodinium centrocarpum during the Quaternary in the Campos Basin, southwestern Brazil

    Science.gov (United States)

    Santos, Alessandra; de Araujo Carvalho, Marcelo; de Oliveira, Antônio Donizeti; Mendonça Filho, João Graciano

    2017-12-01

    The purpose of this paper is to document the changes observed in the Quaternary dinoflagellate assemblages from 80 core samples from the Campos Basin. The Interglacial (Subzone X1), Glacial (Subzones Y5 to Y2), Last Glacial Maximum (Subzone Y1) and Post-Glacial (Zone Z) intervals were identified. High abundance of Operculodinium centrocarpum suggests the warm, high salinity and nutrient-poor water conditions dominated the upper water column of the Campos Basin. The climate and oceanic current dynamic of the continental slope of the Campos Basin appears to has been a significant controlling factor in the distribution of dinocysts, particularly of O. centrocarpum, during the Pleistocene/Holocene transition.

  8. The effects of national cash awards for science teaching on recipients and their peers

    Science.gov (United States)

    Weld, Jeffrey Donn

    Cash teaching awards available to science teachers in the U.S. have goals to improve science teaching. This study assessed the effectiveness of five national cash award programs at identifying exemplars and inspiring better science teaching. Award winning secondary science teachers provided their perceptions of the effects of an award on their own teaching and on the profession as a whole. Randomly selected secondary science teachers across the U.S. reported their perceptions of the effects of the existence of awards on their own teaching and on the profession. Program directors for the five national cash awards were interviewed to determine the intentions and strategies of their award programs. The criteria that guide the selection of award winners were found to align with research-supported exemplar characteristics, but the methods used for identifying outstanding teachers were found to be inadequate for that purpose. Award winning science teachers perceive awards to result from, rather than to inspire, good teaching. Their motivation derives from student achievement and a job well done. The valued effects of winning an award are the recognition and increased respect that follow. Award winners perceive awards as difficult to win, minimally motivating, and frequently causing of dissension among peers. In most respects award winners perceive increased intrinsic rewards to accompany recognition through cash awards. Randomly selected U.S. science teachers who have not won cash awards perceive them as poor motivational incentives because too few awards exist, the basis for recognition is unclear, and the award itself is not a valued outcome. Most science teachers consider themselves good teachers and would apply for an award despite doubts that they would win. Direct comparisons reveal that winners and nonwinners have widely divergent opinions of awards. Winners of lesser cash amounts have the same perceptions of awards as winners of greater cash amounts. Effective

  9. Evaluation of elemental composition of clays from Campos Gerais (MG); Avaliacao da composicao elementar de argilas de Campos Gerais (MG)

    Energy Technology Data Exchange (ETDEWEB)

    Martins, Joao P.M.; Maduar, Marcelo F.; Silva, Paulo S.C da, E-mail: jpmm0697@hotmail.com [Instituto de Pesquisas Energeticas e nucleares (IPEN/CNEN-SP), Sao Paulo, SP (Brazil)

    2013-07-01

    There are numerous applications given to clays including oil and water adsorbent, ceramic, whitening of beverages, porcelain, waste treatment, organic carrier molecules in cosmetics and pharmaceuticals, support for catalysts. In the pharmaceutical industry, the clays are used as excipients, diluents, desiccants, emulsifiers, to mask undesirable flavors, isotonic agent such as charger and delivery of active substances. These characteristics have contributed to the expansion of the search for applications of clay minerals in the cosmetic industry. The aim of this study was to determine the elemental composition of clays from Campos Gerais, Minas Gerais, with a view to their applicability in the production of cosmetics. The elements As, Ba, Br, Ce, Cl, Co, Cr, Cs, Eu, Fe, Hf, K, La, Lu, Na, Nd, Rb, Sb, Sc, Sm, Ta, Tb, Th,U, Yb and Zn were determined by neutron activation analysis and radionuclide activity concentration of {sup 226}Ra, {sup 228} Ra, {sup 210}Pb and {sup 40}K were determined by gamma spectrometry. It was verified that the activity concentration of radionuclides was in the same concentration as the global average, indicating that these samples do not present a risk of increased radiation exposure. The concentration of most elements determined is less than or equal to the overall mean concentrations, indicated by the values of Continental Upper Crust. (author)

  10. Raft tectonics in northern Campos Basin; Tectonica de jangada (raft tectonics) na area norte da Bacia de Campos

    Energy Technology Data Exchange (ETDEWEB)

    Castro, Marilia R. de [Universidade Estadual do Norte Fluminense (UENF), Campos dos Goytacases, RJ (Brazil)]|[PETROBRAS, Macae, RJ (Brazil). Unidade de Negocio da Bacia de Campos; Fugita, Adhemar M. [Universidade do Estado, Rio de Janeiro, RJ (Brazil). Programa de Recursos Humanos da ANP

    2004-07-01

    In the northern area of Campos Basin salt gliding/spreading processes promoted the break-up and transport of Cretaceous and Tertiary rocks overlying the evaporites. This process is known as raft tectonics, and it represents the most extreme form of thin-skinned extension above the salt decollement surface. Three distinct geotectonic domains were recognized that formed in response to the raft tectonics. The first one, confined to the shallower shelf portion of the basin, is characterized by minor extension (pre-raft domain), probably because of small salt thickness and low gradient. In the second domain (or disorganized rafts domain), located in distal platformal and slope areas, seismic sections show the occurrence of blocks or rafts with angular shapes, sometimes imbricated and frequently discontinuous. In the third domain, or domain of organized rafts, located in bacinal region, seismic sections show a more continuous raft pattern, often folded because of salt compression in the distal portions of the basin. The main purposes of this work is to characterize these three tectonic domains distinguished by raft tectonics, as well as their importance in hydrocarbon accumulations in calcarenites. (author)

  11. The tourism potential for birdwatching in three green areas in the city of Campo Grande, MS

    Directory of Open Access Journals (Sweden)

    Emilia Alibio Oppliger

    2016-05-01

    Full Text Available The objective of this study was to evaluate the tourism potential of birds found in three public green areas (a park, a square and a pond, in the city of Campo Grande. The qualitative survey of avifauna totaled 55 observation hours, by the method of direct observation by points. The species were recorded and the frequency of occurrence (FO of each species by analyzed area was calculated. We recorded 107 species, totaling 12% of the Cerrado biome and blue-and-gold macaws were the species with absolute frequency of occurrence in the three areas. Each of the areas presented exclusive species and the park, the largest number of recorded species, standing out as an appropriate place to hold the birdwatch. However, the tourism potential for observing these birds should be strengthened by other actions such as check for complementarity between supply and demand, planning and building elements themselves to the observation activities, organize and present the practical arrangements for the birds observation in accordance with the supply constraints and the level of involvement and expertise of birdwatchers. Local people should be mobilized and motivated to know about the birds that are part of the landscape; the private sector can use a formatted tourism product and create new products or needs, such as crafts or printed guides; and the participation of the government is essential in promoting the 'birdwatching urban script ' product, as in the maintenance of urban nature reserves.

  12. Yo Puedo--a conditional cash transfer and life skills intervention to promote adolescent sexual health: results of a randomized feasibility study in san francisco.

    Science.gov (United States)

    Minnis, Alexandra M; vanDommelen-Gonzalez, Evan; Luecke, Ellen; Dow, William; Bautista-Arredondo, Sergio; Padian, Nancy S

    2014-07-01

    We designed and evaluated for feasibility an intervention-Yo Puedo-that addresses social network influences and socioeconomic opportunities in a neighborhood with substantial gang exposure and early childbearing. Yo Puedo combined conditional cash transfers for completion of educational and reproductive health wellness goals with life skills sessions, and targeted youth 16-21 years of age and same-aged members of their social network. We conducted a two-arm study with social networks randomized to the intervention or a standard services control arm. We evaluated intervention uptake, adherence, and safety; and assessed evidence of effects on behavioral outcomes associated with unintended pregnancy and sexually transmitted infection risk. A total of 72 social networks composed of 162 youth enrolled, with 92% retention over 6 months. Seventy-two percent of youth randomized to the intervention participated in intervention activities: 53% received at least one conditional cash transfer payment and 66% came to at least one life skills session. We found no evidence that cash payments financed illicit or high-risk behavior. At 6 months, compared with controls, intervention participants had a lower odds of hanging out on the street frequently (odds ratio [OR], .54; p = .10) and a lower odds of reporting that their close friends had been incarcerated (OR, .6; p = .12). They reported less regular alcohol use (OR, .54; p = .04) and a lower odds of having sex (OR, .50; p = .04). The feasibility evaluation of Yo Puedo demonstrated its promise; a larger evaluation of effects on pregnancy and sustained behavioral changes is warranted. Copyright © 2014 Society for Adolescent Health and Medicine. Published by Elsevier Inc. All rights reserved.

  13. Effect of Ecuador's cash transfer program (Bono de Desarrollo Humano) on child development in infants and toddlers: a randomized effectiveness trial.

    Science.gov (United States)

    Fernald, Lia C H; Hidrobo, Melissa

    2011-05-01

    We examined the effects of Ecuador's Bono de Desarrollo Humano (BDH)--an unconditional cash transfer program that was rolled-out using a randomized design--on health and development outcomes in very young children. Communities that were randomly assigned to the treatment group began receiving the BDH in 2004 and those randomly assigned to the comparison group began receiving benefits two years later. Families enrolled in the BDH received a monthly cash stipend ($15USD) representing an approximate 6-10% increase in household income. Participants analyzed in this study are children aged 12-35 months from treatment (n = 797) and comparison (n = 399) communities in rural and urban Ecuador. Main outcomes measured were language skills (the Fundación MacArthur Inventorio del Desarollo de Habilidades Comunicativas-Breve), height-for-age z-score, and hemoglobin concentration. Results indicate that in rural areas, being randomized to receive the BDH in very early childhood led to significantly better performance on the number of words a child was saying, and on the probability that the child was combining two or more words. There were no significant effects on language development for children in urban areas and there were no effects on height-for-age z-score or hemoglobin concentration in rural or urban areas. A limited number of potential pathways with respect to cognitive/language stimulation, health behaviors, and parenting quality were also explored. Findings indicate that compared to children in comparison areas, rural children in treatment areas were more likely to have received vitamin A or iron supplementation and have been bought a toy in the past six months. This study provides evidence for significant benefits of an unconditional cash transfer program for language development in very young children in rural areas. Copyright © 2011 Elsevier Ltd. All rights reserved.

  14. Session 7: Reserve

    International Nuclear Information System (INIS)

    Bailey, R.; Crockford, G.

    2001-01-01

    The reserve session was devoted to some issues that came up through the workshop, which were grouped into three main areas: The Global Accelerator Network, Problems of stress and how to get organized to minimize them, What should an operations group be responsible for? This paper summarizes the discussions that took place. (author)

  15. SUIKERBOSRAND NATURE RESERVE

    African Journals Online (AJOL)

    reserve, the total length being 66 km with six overnight huts. There are also the BokmakiePie. Nature Troil. and the Cheetah Interpretive Troil. which can be used by day visitors. The former has two loops, one of 10 km and another of 17 km. The. Cheetah Troil. is much shorter and various points of interest are interpreted en ...

  16. School Shootings Stun Reservation

    Science.gov (United States)

    Borja, Rhea R.; Cavanagh, Sean

    2005-01-01

    This article deals with the impact brought by the school shootings at Red Lake Indian Reservation in Minnesota to the school community. A deeply troubled 16-year-old student shot and killed seven other people and himself at a high school. The nation's deadliest school attack since the 1999 slayings at Colorado's suburban Columbine High School took…

  17. Uranium reserves fall: AAEC

    International Nuclear Information System (INIS)

    Anon.

    1982-01-01

    Figures released by the AAEC show that Australia's reasonably assured resources of uranium recoverable at US$80 a kg fell by 5,000 tonnes during 1980-81. Reserves at 30 June 1981 totalled 294,000 tonnes. This represented 17 per cent of the Western World's low cost reasonably assured resources

  18. Energy and Mass Balance At Gran Campo Nevado, Patagonia, Chile

    Science.gov (United States)

    Schneider, C.; Kilian, R.; Casassa, G.

    The Gran Campo Nevado (GCN) Ice Cap on Peninsula Muñoz Gamero, Chile, is lo- cated in the southernmost part of the Patagonian Andes at 53S. It comprises an ice cap and numerous outlet glaciers which mostly end in proglacial lakes at sea level. The total ice covered area sums up to approximately 250 km2. GCN forms the only major ice body between the Southern Patagonian Icefield and the Street of Magallan. Its almost unique location in the zone of the all-year westerlies makes it a region of key interest in terms of glacier and climate change studies of the westwind zone of the Southern Hemisphere. Mean annual temperature of approximately +5C at sea level and high precipitation of about 8.000 mm per year lead to an extreme turn-over of ice mass from the accumulation area of the GCN Ice Cap to the ablation areas of the outlet glaciers. Since October 1999 an automated weather station (AWS) is run continuously in the area at Bahia Bahamondes for monitoring climate parameters. From February to April 2000 an additional AWS was operated on Glaciar Lengua a small outlet glacier of GCN to the north-west. Ablation has been measured at stakes during the same pe- riod. The aim of this study, was to obtain point energy and mass balance on Glaciar Lengua. The work was conducted as part of the international and interdisciplinary working group SGran Campo NevadoT and supported by the German Research Foun- & cedil;dation (DFG). Energy balance was calculated using the bulk approach formulas and calibrated to the measured ablation. It turns out, that sensible heat transfer is the major contribution to the energy balance. Since high cloud cover rates prevail, air tempera- ture is the key factor for the energy balance of the glacier. Despite high rain fall rates, energy input from rain fall is of only minor importance to the overall energy balance. From the energy balance computed, it was possible to derive summer-time degree-day factors for Glaciar Lengua. With data from the nearby

  19. 41 CFR 304-6.1 - May we accept a monetary payment in the form of cash from a non-Federal source?

    Science.gov (United States)

    2010-07-01

    ... payment in the form of cash from a non-Federal source? 304-6.1 Section 304-6.1 Public Contracts and Property Management Federal Travel Regulation System PAYMENT OF TRAVEL EXPENSES FROM A NON-FEDERAL SOURCE... of cash from a non-Federal source? No, you may not accept a monetary payment in the form of cash from...

  20. O PROTAGONISMO INDÍGENA ENTRE CAMPOS MULTI E INTERDISCIPLINARES

    Directory of Open Access Journals (Sweden)

    Lígia Duque Platero

    2014-12-01

    Full Text Available O livro Missões, Militância Indigenista e Protagonismo Indígena é uma coletânea de artigos que orbitam ao redor das temáticas Missões religiosas e conversão religiosa, educação, terras e reterritorialização, sempre associados à questão do protagonismo indígena. Os artigos escolhidos para esta coletânea foram trabalhos apresentados nas XIII Jornadas Internacionais sobre as Missões Jesuíticas, realizada em Dourados, no Mato Grosso do Sul, de 30 de agosto a 03 de setembro de 2010. Os organizadores são a doutora em Antropologia e Teologia Graciela Chamorro e o doutor em História Protasio Paulo Langer. Esta coletânea contém dezessete artigos e uma entrevista. Os artigos são provenientes de diversas disciplinas e alguns deles são interdisciplinares. Do campo científico, há artigos da História, Etno-história, Etno-musicologia, Antropologia, Sociologia e Geografia. O livro também contém artigos da área de Teologia. A proposta da coletânea é a reunião de artigos que expressam as intrincadas relações interculturais e interpolíticas estabelecidas entre missionários, indigenistas e os povos indígenas na América do Sul.

  1. VIII Graduação em Campo: espaço a jovens pesquisadores e incentivo à pesquisa de campo na área de Antropologia Urbana

    OpenAIRE

    2014-01-01

    Em setembro, ocorreu a oitava edição do Seminário Graduação em Campo, evento realizado pelo NAU – Núcleo de Antropologia Urbana da USP. O evento foi criado para que os alunos de graduação dos cursos de Ciências Sociais e Antropologia no Brasil pudessem apresentar seus trabalhos de pesquisa, valorizando assim a pesquisa de campo  nas diversas instituições de ensino do país. Durante o congresso, os alunos puderam assistir a filmes etnográficos e também participar de minicursos ministrados pelos...

  2. Angiosperm disjunction "Campos rupestres - restingas": a re-evaluation Disjunção de Angiospermas Campos Rupestres - Restingas: uma reavaliação

    Directory of Open Access Journals (Sweden)

    Ruy José Válka Alves

    2007-09-01

    Full Text Available A disjunct distribution pattern between the extrazonal formations of the campos rupestres (rocky grasslands in the Espinhaço mountain range and the restingas (coastal strand vegetation in Brazil has been proposed repeatedly for several flowering-plant species. In order to validate this distribution pattern, available data from the literature and major herbaria were compiled and evaluated. Some of these species also occur in campos rupestres on mountain ranges in Goiás state, campos de altitude (high altitude grasslands of the Serra do Mar, and on geologically homologous rocky formations of the Guyana shield. Species that were also recorded for distinct zonal formations like cerrado, caatinga and forests were excluded from the pattern. The campo rupestre-restinga disjunction proved valid for 9 of 56 investigated species (16%. Explanations put forth by different authors for this unusual disjunction pattern are compared in the light of geological and climatological evidence.Um padrão de distribuição disjunta entre as formações extrazonais conhecidas por campos rupestres na cadeia do Espinhaço e as restingas do litoral brasileiro vem sendo repetidamente proposto para algumas espécies de fanerógamas. Para averiguar a validade deste padrão, foram reunidos dados disponíveis em literatura e nos principais herbários. Verificou-se que algumas espécies aparecem adicionalmente nos campos rupestres das Serras de Goiás, campos de altitude da Serra do Mar, em formações rupestres geologicamente homólogas do Escudo das Guianas. Foram excluídas do padrão as espécies cuja ocorrência foi verificada também em vegetação zonal, tal como cerrado, caatinga e matas. O padrão campo rupestre-restinga se mostrou válido para 9 de 56 espécies investigadas (16%. As razões apresentadas por distintos autores para explicar este padrão peculiar de disjunção são comparadas à luz de evidências geológicas e climatológicas.

  3. Poynting's theorem for complex fields; El teorema de Poynting para campos complejos

    Energy Technology Data Exchange (ETDEWEB)

    Fernandez Guasti, M. [Universidad Autonoma Metropolitana-Unidad Iztapalapa, Mexico, D.F (Mexico)

    2001-04-01

    Poynting's theorem is derived for complex electromagnetic fields without invoking the harmonic dependence of the fields. This reformulation yields the functional form of a continuity equation. The definition of poynting's vector for complex fields reduces to its traditional definition for real fields without involving an extra factor of 1/2. [Spanish] Se presenta la derivacion del teorema de Poynting utilizando una representacion compleja de los campos electromagneticos. En esta reformulacion se obtiene cabalmente la forma funcional de una ecuacion de continuidad. Este resultado no requiere que los campos armonicos sean trenes de onda infinitos, de manera que con este formalismo es posible abordar el caso de pulsos electromagneticos. La definicion del vector Poynting para campos complejos se reduce a la definicion convencional si los campos son reales sin involucrar un factor de 1/2 adicional.

  4. Regeneration after fire in campo rupestre : Short- and long-term vegetation dynamics

    OpenAIRE

    Le Stradic , Soizig; Hernandez , Pauline; Fernandes , Geraldo Wilson; Buisson , Elise

    2018-01-01

    International audience; The Cerrado (Brazilian savanna) is the second largest biome in Brazil, covering 22% of the country, and campo rupestre is one of the most biodiverse ecosystem. Campo rupestre are extremely old mountaintop tropical ecosystems, composed of a mosaic of herbaceous, shrubland and savanna vegetation, generally located above 900 m above sea level characterized by shallow, acidic and nutrient-poor soils. In the context of increased land-use changes, effective conservation and ...

  5. PACTOLUS, Nuclear Power Plant Cost and Economics by Discounted Cash Flow Method. CLOTHO, Mass Flow Data Calculation for Program PACTOLUS

    International Nuclear Information System (INIS)

    Haffner, D.R.

    1976-01-01

    1 - Description of problem or function: PACTOLUS is a code for computing nuclear power costs using the discounted cash flow method. The cash flows are generated from input unit costs, time schedules and burnup data. CLOTHO calculates and communicates to PACTOLUS mass flow data to match a specified load factor history. 2 - Method of solution: Plant lifetime power costs are calculated using the discounted cash flow method. 3 - Restrictions on the complexity of the problem - Maxima of: 40 annual time periods into which all costs and mass flows are accumulated, 20 isotopic mass flows charged into and discharged from the reactor model

  6. The management of subsurface uncertainty using probabilistic modeling of life cycle production forecasts and cash flows

    International Nuclear Information System (INIS)

    Olatunbosun, O. O.

    1998-01-01

    The subject pertains to the implementation of the full range of subsurface uncertainties in life cycle probabilistic forecasting and its extension to project cash flows using the methodology of probabilities. A new tool has been developed in the probabilistic application of Crystal-Ball which can model reservoir volumetrics, life cycle production forecasts and project cash flows in a single environment. The tool is modular such that the volumetrics and cash flow modules are optional. Production forecasts are often generated by applying a decline equation to single best estimate values of input parameters such as initial potential, decline rate, abandonment rate etc -or sometimes by results of reservoir simulation. This new tool provides a means of implementing the full range of uncertainties and interdependencies of the input parameters into the production forecasts by defining the input parameters as probability density functions, PDFs and performing several iterations to generate an expectation curve forecast. Abandonment rate is implemented in each iteration via a link to an OPEX model. The expectation curve forecast is input into a cash flow model to generate a probabilistic NPV. Base case and sensitivity runs from reservoir simulation can likewise form the basis for a probabilistic production forecast from which a probabilistic cash flow can be generated. A good illustration of the application of this tool is in the modelling of the production forecast for a well that encounters its target reservoirs in OUT/ODT situation and thus has significant uncertainties. The uncertainty in presence and size (if present) of gas cap and dependency between ultimate recovery and initial potential amongst other uncertainties can be easily implemented in the production forecast with this tool. From the expectation curve forecast, a probabilistic NPV can be easily generated. Possible applications of this tool include: i. estimation of range of actual recoverable volumes based

  7. Bargeld als elementarer Bestand einer freiheitlichen Gesellschaftordnung. Cash as an elementary component of liberal social order

    Directory of Open Access Journals (Sweden)

    Manfred O.E. Hennies

    2016-08-01

    Full Text Available Since state institutions began using account screening, in the bank sector, not only in cases of suspicion, but as a standard procedure for monitoring account and invest-ment data, much of the illegal transfer of funds has shifted towards cash payments. In order to hinder, or even do away with such illegal monetary transactions, the EU is considering two possible courses of action; one moderate and one more radical. The moderate solution would see the introduction of legislation restricting the amount of cash used in payments. Several countries already have such legislation. It is possible that this limit could be adjusted by governments ad hoc, and could even be set at zero. This would be the radical course of action; doing away completely with cash payments. The consequence would be that the transfer of money would only be possible by bank transfer from account to account. Representatives of the banking sector are in favour of the campaign to eliminate the use of cash transactions, as this would lead to advantages within the banking indus-try. However, there would be many disadvantages for the general public. In the world of commerce, contractual liberty is a fundamental principle. All contracting parties have the right, within the law, to negotiate the terms of a contract to be signed, laying down goods or payment (cash included to be made, as a part of the contract. Thus, legislation restricting the use of cash would be a breach of the free-dom of rights as laid down in the constitution of any EU country. The question as to whether or not to do away with the use of 500, - Euro bank notes is of little interest to legal and private monetary transactions, as these are seldom used in such cases. Since these notes are a simple way of transporting large sums of money unnoticed, their use is mainly limited to the world of illegal transactions where large sums of money need to be moved, as in the case of money laundering

  8. Fractional Reserve Banking

    OpenAIRE

    Andreasen, Niels; Bjerregaard, Mads; Lund, Jonas; Olsen, Ove Bitsch; Rasmussen, Andreas Dalgas

    2012-01-01

    Projektet er bygget op omkring kritisk realisme, som er det gennemgående videnskabelige fundament til undersøgelsen af hvilke strukturelle grunde der er til finansiel ustabilitet i Danmark. Projektet går i dybden med Fractional Reserve Banking og incitamentsstrukturen i banksystemet. Vi bevæger os både på det makro- og mikroøkonomiske niveau i analysen. På makro niveau bruger vi den østrigske skole om konjunktur teori (The Positive Theory of the Cycle). På mikro niveau arbejder vi med princip...

  9. Analysis of the tourism potential in the Campo Grande and Guaratiba Administrative Regions (ARs, west Rio de Janeiro's Municipality (Brazil

    Directory of Open Access Journals (Sweden)

    Vivian Castilho da Costa

    2012-02-01

    Full Text Available This work summarizes the study conducted in two Administrative Regions (ARs of west Rio de Janeiro's Municipality, namely: Campo Grande AR and Garatiba AR. The main objectives were: assess the development and potential of tourism activities in these two ARs through the use of geo-processing techniques, and propose general guidelines for application. The analysis of key findings was carried out separately for each AR, as they represent areas facing different realities despite their geographic proximity. This process revealed the short-term need of better municipal and state planning in relation of the distribution an characterization of spaces reserved for urban expansion. The assessment of tourism potential also showed significant differences in occupation processes between these two ARs, as well as in the nature of the activities required to make an optimum use of this potential.

  10. Conditional cash transfers and social welfare. A look into two Latin American case studies

    Directory of Open Access Journals (Sweden)

    Alexia Delclaux Gaytán de Ayala

    2015-12-01

    Full Text Available This paper analyses the role of conditional cash transfers (CCT in improving social indicators during the past decade in Brazil and Peru. Barely two decades after the appearance of the first programmes, CCTs – cash transfers to families living in poverty or extreme poverty conditioned to school attendance and compulsory medical visits for children – are now one of the main policy tools in the fight against poverty in dozens of developing countries. More specifically, this paper examines the link between the CCT programme in each of these two countries – the giant Bolsa Familia in Brazil, the pioneer and largest program of this type in the world, and Juntos in Peru, smaller in terms of size and relevance, but practically identical in its design – and the evolution of social indicators relative to poverty, education and health.

  11. Potential dividends and actual cash flows. A regional latin american analysis1

    Directory of Open Access Journals (Sweden)

    Ignacio Vélez-Pareja

    2009-10-01

    Full Text Available We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.

  12. SOFTWARE SOLUTIONS FOR MEASURING AND FORECASTING THE CASH GENERATING UNIT FLOWS RELATED TO INTANGIBLE ASSETS

    Directory of Open Access Journals (Sweden)

    Veronica R GROSU

    2016-08-01

    Full Text Available In light of the difficulties encountered in assessing the value of the CGU (Cash Generating Unit and of the cash flows associated with goodwill or other intangible assets of a company and after performing the impairment test as provided by the IAS 36-Intangibile Asset and the forecasts related to it, the aim of this paper is to identify and suggest software instruments that would assist in the measurement and forecasting of these elements. The employment of the SPSS and the NeuroShell programmes in analyzing and forecasting the changes in CGU and CGU flows has helped compare the results and the ensuing error margins, thus giving the business entity the possibility to select the best software option, depending on certain variables identified on a micro or a macroeconomic level that may affect the depreciation or the increases in value of the underlying assets for CGU or CGU flows.

  13. Community-based capital cash transfer to support orphans in Western Kenya

    DEFF Research Database (Denmark)

    Skovdal, Morten; Mwasiaji, W.; Morrison, J.

    2008-01-01

    Various types of 'cash transfer' are currently receiving much attention as a way of helping orphans and vulnerable children in Africa. Drawing on a qualitative study conducted in Western Kenya, this paper points to the strategy of community-based capital cash transfers (CCCT) as a particularly...... promising method of supporting orphans and carers. Qualitative data were obtained from 15 orphans and 26 caregivers in Bondo District, Kenya, beneficiaries of a CCCT programme run by a partnership between the community, the government social services department and a foreign donor. Our findings suggest...... that the programme not only increased food availability, but also enhanced social capital. Further research is needed to explore the potential of CCCT in supporting orphans and vulnerable children in countries with high orphanhood rates....

  14. REVERSE CHARGE AND THE CASH FLOW OF THE PUBLIC BUDGETS IN THE CZECH REPUBLIC

    Directory of Open Access Journals (Sweden)

    Kohoutková Růžena

    2015-12-01

    Full Text Available Reverse charge is currently used as a measure against VAT carousel fraud. Its extension to all goods and services is discussed among the tax policy makers at the national and EU level. Opponents of general reverse-charge argue that this method of VAT collection would completely change the nature of the VAT system. One of the practical drawbacks of reverse charge is the negative impact on the cash flow of the public budgets. This article quantifies the average monthly financing available to the State thanks to delayed repayments of input tax to VAT payers under the normal VAT system. This amount equals to almost 53 billion CZK and represents the negative impact of the general reverse charge on the cash flow of the public budgets. A change in the deadline for remitting VAT or introducing VAT advances to be paid prior to the final tax payment would reduce the negative influence on public finances.

  15. Cash income, intrahousehold cooperative conflict, and child health in central Mozambique.

    Science.gov (United States)

    Pfeiffer, James

    2003-01-01

    This study presents qualitative data on individual cash income generation and intrahousehold bargaining in a sample of 100 households in central Mozambique. It is now recognized that intrahousehold resource allocation patterns can be critical determinants of children's health in the developing world. Recently developed "bargaining-power" models suggest that individual incomes are often not pooled in households and that decisions are the result of a bargaining process that involves cooperation and conflict between men and women. Women's income, many believe, is more often spent on child welfare. Development projects should target benefits to women for greater impact on child health. Some argue that households consist of separate, gendered spheres of economic responsibility that intersect through a "conjugal contract" that defines the terms of cooperation. The findings here support the "separate-spheres" depiction of the household and reveal women's subordinated position in the external cash economy, which undermines their intrahousehold bargaining power.

  16. Valuing uncertain cash flows from investments that enhance energy efficiency.

    Science.gov (United States)

    Abadie, Luis M; Chamorro, José M; González-Eguino, Mikel

    2013-02-15

    There is a broad consensus that investments to enhance energy efficiency quickly pay for themselves in lower energy bills and spared emission allowances. However, investments that at first glance seem worthwhile usually are not undertaken. One of the plausible, non-excluding explanations is the numerous uncertainties that these investments face. This paper deals with the optimal time to invest in an energy efficiency enhancement at a facility already in place that consumes huge amounts of a fossil fuel (coal) and operates under carbon constraints. We follow the Real Options approach. Our model comprises three sources of uncertainty following different stochastic processes which allows for application in a broad range of settings. We assess the investment option by means of a three-dimensional binomial lattice. We compute the trigger investment cost, i.e., the threshold level below which immediate investment would be optimal. We analyze the major drivers of this decision thus aiming at the most promising policies in this regard. Copyright © 2012 Elsevier Ltd. All rights reserved.

  17. The Economic Role and Limitations of Cooperatives: An Investment Cash Flow Derivation

    OpenAIRE

    Peterson, H. Christopher

    1992-01-01

    The economic role and limitations of cooperatives are derived using an approach based on investment cash flows and net present value. Cooperatives are viewed as an option for member investment as well as an option for member patronage. The investment approach yields results similar to the traditional paradigms that focus on patronage. In addition, the approach makes more explicit the impact of member investment on cooperative existence, valuation, performance measurement, and strategy options.

  18. THE RELATIONSHIP BETWEEN ECONOMIC VALUE ADDED AND CASH CONVERSION CYCLE IN COMPANIES LISTED ON THE WSE

    Directory of Open Access Journals (Sweden)

    Monika Bolek

    2012-06-01

    Full Text Available Economic Value Added (EVA a profitability measure and a Cash Conversion Cycle a liquidity and profitability measure are presented in this article. These ratios represent the dynamic approach to management of companies. The relationship between them may be considered as an advanced approach to management in a current economy based on intangible assets and know- how and capital allocated fast and efficient according to information common access.

  19. Impact of Treatment Subsidies and Cash Payouts on Treatment Choices at the End of Life.

    Science.gov (United States)

    Finkelstein, Eric; Malhotra, Chetna; Chay, Junxing; Ozdemir, Semra; Chopra, Akhil; Kanesvaran, Ravindran

    To examine the extent to which financial assistance, in the form of subsidies for life-extending treatments (LETs) or cash payouts, distorts the demand for end-of-life treatments. A discrete choice experiment was administered to 290 patients with cancer in Singapore to elicit preferences for LETs and only palliative care (PC). Responses were fitted to a latent class conditional logistic regression model. We also quantified patients' willingness to pay to avoid and willingness to accept a less effective LET or PC-only. We then simulated the effects of various LET subsidy and cash payout policies on treatment choices. We identified three classes of patients according to their preferences. The first class (26.1% of the sample) had a strong preference for PC and were willing to give up life expectancy gains and even pay for receiving only PC. The second class (29.8% of the sample) had a strong preference for LETs and preferred to extend life regardless of cost or quality of life. The final class (44.1% of the sample) preferred LETs to PC, but actively traded off costs and length and quality of life when making end-of-life treatment choices. Policy simulations showed that LET subsidies increase demand for LETs at the expense of demand for PC, but an equivalent cash payout was not shown to distort demand. Patients with cancer have heterogeneous end-of-life preferences. LET subsidies and cash payouts have differing effects on the use of LETs. Policymakers should be mindful of these differences when designing health care financing schemes for patients with life-limiting illnesses. Copyright © 2016. Published by Elsevier Inc.

  20. Intermediaries, Cash Economies,and Technological Change in Myanmar and India

    OpenAIRE

    Oreglia, Elisa; Srinivasan, Janaki

    2016-01-01

    Why do financial intermediaries persist, despite the promises of disintermediation that accompanied the diffusion of digital technologies?Through a comparative qualitative study of financial intermediation in rural markets in Shan State, Myanmar, and Kerala, India, we map out and make visible official and unofficial roles played by different types of brokers (traders, hundi, transport companies, etc.), and different financial  tools (cash, gold, land, banks, etc.), and look at how information...

  1. PENGARUH FREE CASH FLOW DAN STRUKTUR KEMPEMILIKAN TERHADAP DIVIDEND PAYOUT RATIO

    OpenAIRE

    Jurica Lucyanda; Lilyana -

    2012-01-01

    Penelitian ini bertujuan menguji bagaimana free cash flow dan struktur kepemilikan berpengaruh terhadap dividend payout ratio pada perusahaan nonkeuangan yang terdaftar pada Bursa Efek Indonesia. Metode analisis yang digunakan adalah regresi berganda. Penelitian ini menggunakan data empiris dari Bursa Efek Indonesia dengan sampel sebanyak 70 perusahaan per tahun untuk tiga periode (2007-2009). Berdasarkan hasil pengujian, ditemukan bahwa variabel yang mempunyai pengaruh yang signifikan terhad...

  2. Culture and Human Capital Investments: Evidence of an Unconditional Cash Transfer Program in Bolivia

    OpenAIRE

    Yanez-Pagans, Monica

    2008-01-01

    This paper uses a policy quasi-experiment created by the introduction of an old-age unconditional cash transfer program in Bolivia to study the intra-household income allocation process towards children's educational expenditure by ethnicity and gender of the recipient. Taking advantage of a sharp discontinuity created by the program assignment mechanism, I investigate the heterogeneity in the patterns of allocation within indigenous, multiethnic, and non-indigenous families, conditional on h...

  3. ChargeOut! : discounted cash flow compared with traditional machine-rate analysis

    Science.gov (United States)

    Ted Bilek

    2008-01-01

    ChargeOut!, a discounted cash-flow methodology in spreadsheet format for analyzing machine costs, is compared with traditional machine-rate methodologies. Four machine-rate models are compared and a common data set representative of logging skidders’ costs is used to illustrate the differences between ChargeOut! and the machine-rate methods. The study found that the...

  4. SWOT Analysis of Automation for Cash and Accounts Control in Construction

    OpenAIRE

    Mariya Deriy

    2013-01-01

    The possibility has been analyzed as to computerization of control over accounting and information systems data in terms of cash and payments in company practical activity provided that the problem is solved of the existence of well-functioning single computer network between different units of a developing company. Current state of the control organization and possibility of its automation has been observed. SWOT analysis of control automation to identify its strengths and weaknesses, obstac...

  5. Stochastic Nominal Wage Contacts in a Cash-in-Advance Model

    OpenAIRE

    Collard, Fabrice; Ertz, Guy

    1996-01-01

    We build a simple cash-in-advance model for the German economy, in which we introduce stochastic nominal wage contracts. This allows to weaken the negative effect of the inflation tax such that monetary shocks exert a positive effect on output dynamics. The nominal wage contract model is able to mimic the correlation of inflation and real balances with output. It also lowers the standard deviation of inflation relative to that of output. Further, the variance decomposition analysis indicates ...

  6. Institutional investor monitoring motivation and the\\ud marginal value of cash

    OpenAIRE

    Zeng, Yeqin; Yin, Chao; Ward, Charles

    2018-01-01

    This paper examines whether the motivation of institutional investors in monitoring a firm is positively related to the relative importance of the firm's stock in their portfolios. We find that greater motivated monitoring institutional ownership is associated with a higher marginal value of corporate cash holdings, which cannot be explained by other corporate governance measures and institution types. Further, we find that the economic effect of institutional monitoring on the marginal value...

  7. Manajemen Laba Pada Perusahaan Dengan Permasalahan Free Cash Flow Dan Peran Moderasi Dari Monitoring Eksternal

    OpenAIRE

    Tresnaningsih, Elok

    2008-01-01

    This study examines whether low-growth companies with free cash flow (HFLG) will use income-increasing discretionary accruals to offset the low or negative earnings that inevitably accompany investment with negative net presents values (NPVs). Using 413 manufacturing company year observations over the period 2001-2005, the results show that there is a significantly association between HFLG and increasing discretionary accruals. This study also examines the role o f monitoring by auditors, cre...

  8. Searching for Determinants of Pay or Not to Pay Cash Dividend in Indonesia

    Directory of Open Access Journals (Sweden)

    Triasesiarta Nur

    2014-01-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} A dividend decision of a firm is an outcome of various considerations. These considerations differ across time and industry. Based on asymetric information – agency theory thougtht, this study re-examined various variables that have a bearing on the dividend decision of a firm. In addition to examining the impact of corporate fundamentals on  dividend policy, the study also analyzed the effect of expropriation trigger variables (family ownership, cash funds, the level of diversification and Related Party Transaction/RPT on a dividend policy. The results of panel logistic regression indicated that Cash Funds, RPT, Profitability, Size, Growth, Debt and Macroecomics variables are the determinants of the dividend policy for Indonesian listed public companies, observed during 2002 to 2010.   Keywords: dividend policy-pay and not pay cash dividend, expropriation, asymmetry information, agency theory,  family ownership, cash funds, level of diversification, related party transaction, panel data analysis.

  9. Costs and consequences of a cash transfer for hospital births in a rural district of Uttar Pradesh, India.

    Science.gov (United States)

    Coffey, Diane

    2014-08-01

    The Janani Suraksha Yojana, India's "safe motherhood program," is a conditional cash transfer to encourage women to give birth in health facilities. Despite the program's apparent success in increasing facility-based births, quantitative evaluations have not found corresponding improvements in health outcomes. This study analyses original qualitative data collected between January, 2012 and November, 2013 in a rural district in Uttar Pradesh to address the question of why the program has not improved health outcomes. It finds that health service providers are focused on capturing economic rents associated with the program, and provide an extremely poor quality care. Further, the program does not ultimately provide beneficiaries a large net monetary transfer at the time of birth. Based on a detailed accounting of the monetary costs of hospital and home deliveries, this study finds that the value of the transfer to beneficiaries is small due to costs associated with hospital births. Finally, this study also documents important emotional and psychological costs to women of delivering in the hospital. These findings suggest the need for a substantial rethinking of the program, paying careful attention to incentivizing health outcomes. Copyright © 2014 Elsevier Ltd. All rights reserved.

  10. Cash Flows versus Accounting Earnings in Managing Exchange Rate Exposures: An Empirical Study of Non-Financial Companies

    DEFF Research Database (Denmark)

    Aabo, Tom

    Financial theory argues that companies should manage cash flows and not accounting earnings when they hedge exchange rate exposures. Still, empirical evidence shows that a number of companies choose to manage accounting earnings. This empirical study of Danish, non-financial companies finds (1......) that when hedging the majority of companies expect to add value to their company by avoiding financial distress (reduce down side risk), (2) that when hedging managing cash flows versus managing accounting earnings as a first priority splits the companies in two, (3) a lack of difference (except...... for profitability) in company characteristics between the group of companies that manage cash flows versus the group of companies that manage accounting earnings as a first priority. The decision in real business on whether to manage cash flows or accounting earnings when hedging exchange rate exposures seems...

  11. Corporate Cash Holdings and Adjustment Behaviour in Chinese Firms: An Empirical Analysis Using Generalized Method of Moments

    Directory of Open Access Journals (Sweden)

    Ajid ur Rehman

    2016-05-01

    Full Text Available This study is intended to find out the motives of cash holding in Chinese firms and theories associated with these motives. The study is unique because it not only estimates the adjustment speed of corporate cash holdings but also discuss several firm specific factors that affects cash holdings in Chinese firms with special reference to Chinese SOEs and NSOEs. An extensive set of panel data comprising 1632 A listed Chines firms, over a period from 2001 to 2013 are taken for analysis. The study reports a lower adjustment coefficient for Chinese firms compared to other developed nations. The study finds that target level of cash holdings in Chinese firms is better explained by Trade off and Pecking order theories. To cope with issues of endogeneity and serial correlation the study apply GMM and random effects model with an added AR (autoregressive term.

  12. STUDY ON THE APPLICATION OF CASH ACCOUNTING SYSTEM FOR VAT IN ROMANIA

    Directory of Open Access Journals (Sweden)

    ECOBICI NICOLAE

    2014-02-01

    Full Text Available The cash accounting system for VAT has been implemented in Romania as of 1 January 2013 and now turns one year of application in Romania. Since its implementation the system has sparked controversy, being harshly criticised by professional accountants in Romania and elsewhere. Criticisms mainly concerned the following issues: no possibility to choose to apply the system, breach of the VAT neutrality principles, maximum period of 90 days to postpone the chargeability of VAT for unpaid deliveries, while VAT deduction was subject to payment of the value of goods and services invoiced without specifying any term. In this article we would like to examine the extent to which the legislative changes that came into effect as of 1 January 2014 improve the cash accounting system for VAT in Romania. We will also analyse to what extent the system applied in 2013 has brought advantages/disadvantages to the economic entities in Romania based on a survey carried out on a heterogeneous sample of companies in the county of Gorj, regarded as nationally representative. Finally, we intend to compare the cash accounting system for VAT in Romania with its UK counterpart.

  13. Reliability and criterion validity of an observation protocol for working technique assessments in cash register work.

    Science.gov (United States)

    Palm, Peter; Josephson, Malin; Mathiassen, Svend Erik; Kjellberg, Katarina

    2016-06-01

    We evaluated the intra- and inter-observer reliability and criterion validity of an observation protocol, developed in an iterative process involving practicing ergonomists, for assessment of working technique during cash register work for the purpose of preventing upper extremity symptoms. Two ergonomists independently assessed 17 15-min videos of cash register work on two occasions each, as a basis for examining reliability. Criterion validity was assessed by comparing these assessments with meticulous video-based analyses by researchers. Intra-observer reliability was acceptable (i.e. proportional agreement >0.7 and kappa >0.4) for 10/10 questions. Inter-observer reliability was acceptable for only 3/10 questions. An acceptable inter-observer reliability combined with an acceptable criterion validity was obtained only for one working technique aspect, 'Quality of movements'. Thus, major elements of the cashiers' working technique could not be assessed with an acceptable accuracy from short periods of observations by one observer, such as often desired by practitioners. Practitioner Summary: We examined an observation protocol for assessing working technique in cash register work. It was feasible in use, but inter-observer reliability and criterion validity were generally not acceptable when working technique aspects were assessed from short periods of work. We recommend the protocol to be used for educational purposes only.

  14. Areva - 2013 annual results: breakeven free operating cash flow objective reached despite a difficult environment

    International Nuclear Information System (INIS)

    Duperray, Julien; Grange, Aurelie; Rosso, Jerome; Thebault, Alexandre; Scorbiac, Marie de; Repaire, Philippine du

    2014-01-01

    The Areva group reached a major milestone in 2013 in turning performance around by meeting a key objective of its Action 2016 plan: the return to breakeven of free operating cash flow. For the first time since 2005, cash generated by the Group's operations allowed it to fully fund strategic capital expenditures essential to the group's profitable growth. To achieve this result, Areva built on robust growth in nuclear operations, on contributions from its cost reduction plan and on strict management of capital spending. However, two projects launched in the previous decade (OL3 and a power plant modernization) and the Renewable Energies business impacted negatively the group's 2013 net income. On the Renewable Energies market, in a situation marked by a reduction of capital spending by customers, AREVA anticipated the consolidation required in the sector by implementing industrial partnerships such as the joint venture project with Gamesa, which aims to create a European champion in offshore wind. Similar initiatives were undertaken in solar energy and energy storage. The Group continues to implement the Action 2016 plan to pursue its recovery. While the economic environment remains uncertain and projects launched in the previous decade remain a burden, the Group forecasts further performance improvement and significant growth in cash flow generation by the end of the plan

  15. Cross-Border Mergers and Acquisitions in China: A Test of the Free Cash Flow Hypothesis

    Directory of Open Access Journals (Sweden)

    Yane Chandera

    2014-08-01

    Full Text Available This research investigates whether Chinese cross-border investments have positive impact onshareholders wealth and whether the amount of bidders’ free cash flow influences the shareholderreturns resulted from the acquisitions. The sample is based on 77 top Chinese cross-border investmentsduring the years 2005-2009 with each deal value of minimum US$100 million. The assessmentsof acquisition abnormal returns are based on the event study methodology (Brown & Warner, 1985.Cross-sectional regression analysis is used to determine the bidding firms factors which significantlyaffect the returns. Factors are examined using OLS with White’s heteroscedasticity-corrected standarderrors, since the assumption of homoscedasticity is likely to be violated. The study proves Chinesecross- border acquisitions result in positive abnormal returns which is consistent with synergyhypothesis. The amount of bidders’ free cash flow is also found to be marginally but positively associatedwith shareholders return which is consistent with Myers and Majluf’s pecking order hypothesisbut unsupportive of Jensen’s free cash flow hypothesis.

  16. Social marketing principles enhance enrollment in the cash and counseling demonstration and evaluation.

    Science.gov (United States)

    Simon-Rusinowitz, Lori; Mahoney, Kevin J; Marks, Lori N; Simone, Kristin; Zacharias, B Lee

    2009-01-01

    Using focus group data, this article discusses the use of social marketing principles to enhance enrollment in the Cash and Counseling Demonstration and Evaluation (CCDE). Focus groups were conducted in person and by conference call in two CCDE states, Arkansas and Florida. In Florida, Department of Elder Affairs and Developmental Services Program (DS) staff participated in seven focus groups. In Arkansas, four focus groups were conducted with professionals likely to come into contact with Medicaid consumers who are eligible for Arkansas' cash option program. Focus group transcripts were coded according to the project research questions. Several important lessons emerged including the importance of(a) conducting process evaluation activities, such as the social marketing focus groups, early during program implementation; (b) using multiple approaches and contacts to inform potential consumers and their families about a new, complex program; (c) carefully selecting and training personnel to conduct outreach and enrollment activities; and (d) developing specific messages to include in marketing the cash option. Using social marketing principles to examine CCDE enrollment has provided important information to enhance this program.

  17. Initial cash/asset ratio and asset prices: an experimental study.

    Science.gov (United States)

    Caginalp, G; Porter, D; Smith, V

    1998-01-20

    A series of experiments, in which nine participants trade an asset over 15 periods, test the hypothesis that an initial imbalance of asset/cash will influence the trading price over an extended time. Participants know at the outset that the asset or "stock" pays a single dividend with fixed expectation value at the end of the 15th period. In experiments with a greater total value of cash at the start, the mean prices during the trading periods are higher, compared with those with greater amount of asset, with a high degree of statistical significance. The difference is most significant at the outset and gradually tapers near the end of the experiment. The results are very surprising from a rational expectations and classical game theory perspective, because the possession of a large amount of cash does not lead to a simple motivation for a trader to bid excessively on a financial instrument. The gradual erosion of the difference toward the end of trading, however, suggests that fundamental value is approached belatedly, offering some consolation to the rational expectations theory. It also suggests that there is a time scale on which an evolution toward fundamental value occurs. The experimental results are qualitatively compatible with the price dynamics predicted by a system of differential equations based on asset flow. The results have broad implications for the marketing of securities, particularly initial and secondary public offerings, government bonds, etc., where excess supply has been conjectured to suppress prices.

  18. Preparation of Financial Statements for Sme’s in Romania. Interest for Cash-Flow Statement

    Directory of Open Access Journals (Sweden)

    Nicoleta FARCANE

    2012-05-01

    Full Text Available The purpose of this article is to obtain feedback about the transition to IFRS standards and their implementation in the context of small and medium-sized enterprises in Romania in terms of the cashflow situation. Research methodology is based on a quantitative survey carried out in order to verify the importance and usefulness of perception on the cash-flow statement. The investigation based on testing four hypotheses has been carried out within the framework of small and medium-sized enterprises in Western Romania and the categories of respondents to the study were: upper management and accounting specialists. The results highlight the fact that there are differences between the categories of users of the cash-flow statements, fact highlighted and illustrated by our findings. The article ends with the conclusions of the authors regarding the importance and usefulness of the use and implementation of the cash-flow statement of the small and medium enterprises in Western Romania.

  19. E-precision agriculture for small scale cash crops in Tobasa regency

    Science.gov (United States)

    Putra Simanjuntak, Panca; Tiurniari Napitupulu, Pangeran; Pratama Silalahi, Soni; Kisno; Pasaribu, Norlina; Valešová, Libuše

    2017-09-01

    Cash crop is a promising sector in Tobasa regency; however, the trend showed a negative change of the cash crop production in. This research aims to develop an application which is based on Arduino for watering and fertilizing corn land. The result of using e-precision agriculture based on embedded system is 100% higher than the conventional one and the risk of harvesting failure using the embedded system decreased to 50%. Embedded system in this study acquired critical environment measurements which at last affected the yield raising and risk reduction. As the result, the use of e-precision agriculture provided a framework to be used by different stakeholders to implement e-agriculture platform that supports marketing of agricultural production since the system is proven to save the material and time which finally reduces the risk of harvesting failure and increases the yield. In other words, the system is able to economize the use of water and fertilizer on a small corn land. The system will be developed for more efficiency in material loss and the mobile-based application development to reach sustainable rural development particularly for cash-crop farmers.

  20. The Impact of Conditional Cash Transfer on Toilet Use in eThekwini, South Africa

    Directory of Open Access Journals (Sweden)

    Elizabeth Tilley

    2016-10-01

    Full Text Available In the developing world, having access to a toilet does not necessarily imply use: infrequent or non-use limits the desired health outcomes of improved sanitation. We examine the sanitation situation in a rural part of South Africa where recipients of novel, waterless “urine-diverting dry toilets” are not regularly using them. In order to determine if small, conditional cash transfers (CCT could motivate families to use their toilets more, we paid for urine via different incentive-based interventions: two were based on volumetric pricing and the third was a flat-rate payment (irrespective of volume. A flat-rate payment (approx. €1 resulted in the highest rates of regular (weekly participation at 59%. The low volumetric payment (approx. €0.05/L led to regular participation rates of only 12% and no increase in toilet use. The high volumetric payment (approx. €0.1/L resulted in lower rates of regular participation (35%, but increased the average urine production per household per day by 74%. As a first example of conditional cash transfers being used in the sanitation sector, we show that they are an accepted and effective tool for increasing toilet use, while putting small cash payments in the hands of poor, largely unemployed populations in rural South Africa.