WorldWideScience

Sample records for return on investment

  1. Return on Investment from Biochar Application

    Science.gov (United States)

    Current literature has yet to fully address the cost of biochar application or the return on investment to the grower. The objectives were to identify possible on-farm spreader equipment, spreader capacity, application expenses, and rate of return needed for growers to apply biochar economically. Bi...

  2. 7 CFR 3560.305 - Return on investment.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Return on investment. 3560.305 Section 3560.305... AGRICULTURE DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS Financial Management § 3560.305 Return on investment. (a) Borrower's return on investment. Borrowers may receive a return on their investment (ROI) in...

  3. Energy Return on Investment - Fuel Recycle

    International Nuclear Information System (INIS)

    Halsey, W.; Simon, A.J.; Fratoni, M.; Smith, C.; Schwab, P.; Murray, P.

    2012-01-01

    This report provides a methodology and requisite data to assess the potential Energy Return On Investment (EROI) for nuclear fuel cycle alternatives, and applies that methodology to a limited set of used fuel recycle scenarios. This paper is based on a study by Lawrence Livermore National Laboratory and a parallel evaluation by AREVA Federal Services LLC, both of which were sponsored by the DOE Fuel Cycle Technologies (FCT) Program. The focus of the LLNL effort was to develop a methodology that can be used by the FCT program for such analysis that is consistent with the broader energy modeling community, and the focus of the AREVA effort was to bring industrial experience and operational data into the analysis. This cooperative effort successfully combined expertise from the energy modeling community with expertise from the nuclear industry. Energy Return on Investment is one of many figures of merit on which investment in a new energy facility or process may be judged. EROI is the ratio of the energy delivered by a facility divided by the energy used to construct, operate and decommission that facility. While EROI is not the only criterion used to make an investment decision, it has been shown that, in technologically advanced societies, energy supplies must exceed a minimum EROI. Furthermore, technological history shows a trend towards higher EROI energy supplies. EROI calculations have been performed for many components of energy technology: oil wells, wind turbines, photovoltaic modules, biofuels, and nuclear reactors. This report represents the first standalone EROI analysis of nuclear fuel reprocessing (or recycling) facilities.

  4. Return on investment (ROI) proposal preparation guide

    International Nuclear Information System (INIS)

    BOOM, R.J.

    1999-01-01

    Section I: Background Return on Investment (ROI) Proposal Preparation Guide-- Over $1.9M is available to fund fiscal year (FY) 2000 waste minimization projects on the Hanford Site. This money was allocated by the US. Department of Energy Headquarters (DOE-HQ). The U.S. Department of Energy, Richland Operations (RL) and the U.S. Department of Energy, Office of River Protection (ORP) are currently seeking pollution prevention proposals from across the Hanford Site that provide a high return-on-investment (ROI) by reducing waste and associated management costs. Purpose of ROI Training The ROI Proposal Preparation Guide is a tool to assist Hanford waste generators in preparing ROI proposal forms for submittal to RL for funding. The guide describes the requirements for submitting an ROI proposal and provides examples of completed ROI forms. The intent is to assist waste generators in identifying projects that meet the criteria, provide information necessary to complete the ROI forms, and submit a proposal that is eligible to receive funding. This guide accompanies the one-hour training workshop on how to prepare and submit an ROI proposal

  5. The Returns on Investment Grade Diamonds

    NARCIS (Netherlands)

    Renneboog, L.D.R.

    2013-01-01

    Abstract: This paper examines the risk-return characteristics of investment grade gems (white diamonds, colored diamonds and other types of gems including sapphires, rubies, and emeralds). The transactions are coming from gem auctions and span the period 1999-2012. Over our time frame, the annual

  6. Returns on Investment in California County Departments of Public Health.

    Science.gov (United States)

    Brown, Timothy T

    2016-08-01

    To estimate the average return on investment for the overall activities of county departments of public health in California. I gathered the elements necessary to estimate the average return on investment for county departments of public health in California during the period 2001 to 2008-2009. These came from peer-reviewed journal articles published as part of a larger project to develop a method for determining return on investment for public health by using a health economics framework. I combined these elements by using the standard formula for computing return on investment, and performed a sensitivity analysis. Then I compared the return on investment for county departments of public health with the returns on investment generated for various aspects of medical care. The estimated return on investment from $1 invested in county departments of public health in California ranges from $67.07 to $88.21. The very large estimated return on investment for California county departments of public health relative to the return on investment for selected aspects of medical care suggests that public health is a wise investment.

  7. Returns on Investment in California County Departments of Public Health

    Science.gov (United States)

    2016-01-01

    Objectives. To estimate the average return on investment for the overall activities of county departments of public health in California. Methods. I gathered the elements necessary to estimate the average return on investment for county departments of public health in California during the period 2001 to 2008–2009. These came from peer-reviewed journal articles published as part of a larger project to develop a method for determining return on investment for public health by using a health economics framework. I combined these elements by using the standard formula for computing return on investment, and performed a sensitivity analysis. Then I compared the return on investment for county departments of public health with the returns on investment generated for various aspects of medical care. Results. The estimated return on investment from $1 invested in county departments of public health in California ranges from $67.07 to $88.21. Conclusions. The very large estimated return on investment for California county departments of public health relative to the return on investment for selected aspects of medical care suggests that public health is a wise investment. PMID:27310339

  8. Relating Financial and Energy Return on Investment

    Directory of Open Access Journals (Sweden)

    Carey W. King

    2011-10-01

    Full Text Available For many reasons, including environmental impacts and the peaking and depletion of the highest grades of fossil energy, it is very important to have sound methods for the evaluation of energy technologies and the profitability of the businesses that utilize them. In this paper we derive relations among the biophysical characteristic of an energy resource in relation to the businesses and technologies that exploit them. These relations include the energy return on energy investment (EROI, the price of energy, and the profit of an energy business. Our analyses show that EROI and the price of energy are inherently inversely related such that as EROI decreases for depleting fossil fuel production, the corresponding energy prices increase dramatically. Using energy and financial data for the oil and gas production sector, we demonstrate that the equations sufficiently describe the fundamental trends between profit, price, and EROI. For example, in 2002 an EROI of 11:1 for US oil and gas translates to an oil price of 24 $2005/barrel at a typical profit of 10%. This work sets the stage for proper EROI and price comparisons of individual fossil and renewable energy businesses as well as the electricity sector as a whole. Additionally, it presents a framework for incorporating EROI into larger economic systems models.

  9. Protecting biodiversity when money matters: maximizing return on investment.

    Directory of Open Access Journals (Sweden)

    Emma C Underwood

    Full Text Available BACKGROUND: Conventional wisdom identifies biodiversity hotspots as priorities for conservation investment because they capture dense concentrations of species. However, density of species does not necessarily imply conservation 'efficiency'. Here we explicitly consider conservation efficiency in terms of species protected per dollar invested. METHODOLOGY/PRINCIPAL FINDINGS: We apply a dynamic return on investment approach to a global biome and compare it with three alternate priority setting approaches and a random allocation of funding. After twenty years of acquiring habitat, the return on investment approach protects between 32% and 69% more species compared to the other priority setting approaches. To correct for potential inefficiencies of protecting the same species multiple times we account for the complementarity of species, protecting up to three times more distinct vertebrate species than alternate approaches. CONCLUSIONS/SIGNIFICANCE: Incorporating costs in a return on investment framework expands priorities to include areas not traditionally highlighted as priorities based on conventional irreplaceability and vulnerability approaches.

  10. Investment Strategy Based on Aviation Accidents: Are there abnormal returns?

    Directory of Open Access Journals (Sweden)

    Marcos Rosa Costa

    2013-06-01

    Full Text Available This article investigates whether an investment strategy based on aviation accidents can generate abnormal returns. We performed an event study considering all the aviation accidents with more than 10 fatalities in the period from 1998 to 2009 and the stock market performance of the respective airlines and aircraft manufacturers in the days after the event. The tests performed were based on the model of Campbell, Lo & MacKinlay (1997 for definition of abnormal returns, by means of linear regression between the firms’ stock returns and the return of a market portfolio used as a benchmark. This enabled projecting the expected future returns of the airlines and aircraft makers, for comparison with the observed returns after each event. The result obtained suggests that an investment strategy based on aviation accidents is feasible because abnormal returns can be obtained in the period immediately following an aviation disaster.

  11. Maximizing the return on taxpayers' investments in fundamental biomedical research.

    Science.gov (United States)

    Lorsch, Jon R

    2015-05-01

    The National Institute of General Medical Sciences (NIGMS) at the U.S. National Institutes of Health has an annual budget of more than $2.3 billion. The institute uses these funds to support fundamental biomedical research and training at universities, medical schools, and other institutions across the country. My job as director of NIGMS is to work to maximize the scientific returns on the taxpayers' investments. I describe how we are optimizing our investment strategies and funding mechanisms, and how, in the process, we hope to create a more efficient and sustainable biomedical research enterprise.

  12. Return on research investments: personal good versus public good

    Science.gov (United States)

    Fox, P. A.

    2017-12-01

    For some time the outputs, i.e. what's produced, of publicly and privately funded research while necessary, are far from sufficient, when considering an overall return on (research) investment. At the present time products such as peer-reviewed papers, websites, data, and software are recognized by funders on timescales related to research awards and reporting. However, from a consumer perspective impact and value are determined at the time a product is discovered, accessed, assessed and used. As is often the case, the perspectives of producer and consumer communities can be distinct and not intersect at all. We contrast personal good, i.e. credit, reputation, with that of public good, e.g. interest, leverage, exploitation, and more. This presentation will elaborate on both the metaphorical and idealogical aspects of applying a "return on investment" frame for the topic of assessing "good".

  13. Estimating Return on Investment in Translational Research: Methods and Protocols

    Science.gov (United States)

    Trochim, William; Dilts, David M.; Kirk, Rosalind

    2014-01-01

    Assessing the value of clinical and translational research funding on accelerating the translation of scientific knowledge is a fundamental issue faced by the National Institutes of Health and its Clinical and Translational Awards (CTSA). To address this issue, the authors propose a model for measuring the return on investment (ROI) of one key CTSA program, the clinical research unit (CRU). By estimating the economic and social inputs and outputs of this program, this model produces multiple levels of ROI: investigator, program and institutional estimates. A methodology, or evaluation protocol, is proposed to assess the value of this CTSA function, with specific objectives, methods, descriptions of the data to be collected, and how data are to be filtered, analyzed, and evaluated. This paper provides an approach CTSAs could use to assess the economic and social returns on NIH and institutional investments in these critical activities. PMID:23925706

  14. Estimating return on investment in translational research: methods and protocols.

    Science.gov (United States)

    Grazier, Kyle L; Trochim, William M; Dilts, David M; Kirk, Rosalind

    2013-12-01

    Assessing the value of clinical and translational research funding on accelerating the translation of scientific knowledge is a fundamental issue faced by the National Institutes of Health (NIH) and its Clinical and Translational Awards (CTSAs). To address this issue, the authors propose a model for measuring the return on investment (ROI) of one key CTSA program, the clinical research unit (CRU). By estimating the economic and social inputs and outputs of this program, this model produces multiple levels of ROI: investigator, program, and institutional estimates. A methodology, or evaluation protocol, is proposed to assess the value of this CTSA function, with specific objectives, methods, descriptions of the data to be collected, and how data are to be filtered, analyzed, and evaluated. This article provides an approach CTSAs could use to assess the economic and social returns on NIH and institutional investments in these critical activities.

  15. Calculating the return on investment of mobile healthcare.

    Science.gov (United States)

    Oriol, Nancy E; Cote, Paul J; Vavasis, Anthony P; Bennet, Jennifer; Delorenzo, Darien; Blanc, Philip; Kohane, Isaac

    2009-06-02

    Mobile health clinics provide an alternative portal into the healthcare system for the medically disenfranchised, that is, people who are underinsured, uninsured or who are otherwise outside of mainstream healthcare due to issues of trust, language, immigration status or simply location. Mobile health clinics as providers of last resort are an essential component of the healthcare safety net providing prevention, screening, and appropriate triage into mainstream services. Despite the face value of providing services to underserved populations, a focused analysis of the relative value of the mobile health clinic model has not been elucidated. The question that the return on investment algorithm has been designed to answer is: can the value of the services provided by mobile health programs be quantified in terms of quality adjusted life years saved and estimated emergency department expenditures avoided? Using a sample mobile health clinic and published research that quantifies health outcomes, we developed and tested an algorithm to calculate the return on investment of a typical broad-service mobile health clinic: the relative value of mobile health clinic services = annual projected emergency department costs avoided + value of potential life years saved from the services provided. Return on investment ratio = the relative value of the mobile health clinic services/annual cost to run the mobile health clinic. Based on service data provided by The Family Van for 2008 we calculated the annual cost savings from preventing emergency room visits, $3,125,668 plus the relative value of providing 7 of the top 25 priority prevention services during the same period, US$17,780,000 for a total annual value of $20,339,968. Given that the annual cost to run the program was $567,700, the calculated return on investment of The Family Van was 36:1. By using published data that quantify the value of prevention practices and the value of preventing unnecessary use of emergency

  16. XSEDE Value Added, Cost Avoidance, and Return on Investment

    Energy Technology Data Exchange (ETDEWEB)

    Stewart, Craig A [Indiana University; Roskies, Ralph [Pittsburgh Supercomputing Center; Knepper, Richard [Indiana University; Whitt, Justin L [ORNL; Moore, Richard L [San Diego Supercomputer Center; Cockerill, Timothy [Texas Advanced Computing Center

    2015-01-01

    It is difficult for large research facilities to quantify a return on the investments that fund their operations. This is because there can be a time lag of years or decades between an innovation or discovery and the realization of its value through practical application. This report presents a three-part methodology that attempts to assess the value of federal investment in XSEDE: 1) a qualitative examination of the areas where XSEDE adds value to the activities of the open research community, 2) a thought model examining the cost avoidance realized by the National Science Foundation (NSF) through the centralization and coordination XSEDE provides, and 3) an assessment of the value XSEDE provides to Service Providers in the XD ecosystem. XSEDE adds significantly to the US research community because it functions as a unified interface to the XD ecosystem and because of its scale. A partly quantitative, partly qualitative analysis suggests the Return on Investment of NSF spending on XSEDE is greater than 1.0. indicating that the aggregate value received by the nation from XSEDE is greater than the cost of direct federal investment in XSEDE.

  17. Energy Return on Investment from Recycling Nuclear Fuel

    International Nuclear Information System (INIS)

    2011-01-01

    This report presents an evaluation of the Energy Return on Investment (EROI) from recycling an initial batch of 800 t/y of used nuclear fuel (UNF) through a Recycle Center under a number of different fuel cycle scenarios. The study assumed that apart from the original 800 t of UNF only depleted uranium was available as a feed. Therefore for each subsequent scenario only fuel that was derived from the previous fuel cycle scenario was considered. The scenarios represent a good cross section of the options available and the results contained in this paper and associated appendices will allow for other fuel cycle options to be considered.

  18. Return on investment in disease management: a review.

    Science.gov (United States)

    Goetzel, Ron Z; Ozminkowski, Ronald J; Villagra, Victor G; Duffy, Jennifer

    2005-01-01

    The results of 44 studies investigating financial impact and return on investment (ROI) from disease management (DM) programs for asthma, congestive heart failure (CHF), diabetes, depression, and multiple illnesses were examined. A positive ROI was found for programs directed at CHF and multiple disease conditions. Some evidence suggests that diabetes programs may save more than they cost, but additional studies are needed. Results are mixed for asthma management programs. Depression management programs cost more than they save in medical expenses, but may save money when considering productivity outcomes.

  19. Return on investment in healthcare leadership development programs.

    Science.gov (United States)

    Jeyaraman, Maya M; Qadar, Sheikh Muhammad Zeeshan; Wierzbowski, Aleksandra; Farshidfar, Farnaz; Lys, Justin; Dickson, Graham; Grimes, Kelly; Phillips, Leah A; Mitchell, Jonathan I; Van Aerde, John; Johnson, Dave; Krupka, Frank; Zarychanski, Ryan; Abou-Setta, Ahmed M

    2018-02-05

    Purpose Strong leadership has been shown to foster change, including loyalty, improved performance and decreased error rates, but there is a dearth of evidence on effectiveness of leadership development programs. To ensure a return on the huge investments made, evidence-based approaches are needed to assess the impact of leadership on health-care establishments. As a part of a pan-Canadian initiative to design an effective evaluative instrument, the purpose of this paper was to identify and summarize evidence on health-care outcomes/return on investment (ROI) indicators and metrics associated with leadership quality, leadership development programs and existing evaluative instruments. Design/methodology/approach The authors performed a scoping review using the Arksey and O'Malley framework, searching eight databases from 2006 through June 2016. Findings Of 11,868 citations screened, the authors included 223 studies reporting on health-care outcomes/ROI indicators and metrics associated with leadership quality (73 studies), leadership development programs (138 studies) and existing evaluative instruments (12 studies). The extracted ROI indicators and metrics have been summarized in detail. Originality/value This review provides a snapshot in time of the current evidence on ROI indicators and metrics associated with leadership. Summarized ROI indicators and metrics can be used to design an effective evaluative instrument to assess the impact of leadership on health-care organizations.

  20. Performance Indexing: Assessing the Nonmonetized Returns on Investment in Military Equipment

    Science.gov (United States)

    2016-05-17

    Image designed by Diane Fleischer PERFORMANCE INDEXING: Assessing the NONMONETIZED RETURNS ON INVESTMENT in Military Equipment Ian D...MacLeod and Capt Robert A. Dinwoodie, USMC A prime managerial concern is how to decide which investment alternatives provide the greatest return with...agencies, these methods often fall short because typical governmental investments do not have a monetary return. The processes underpinning governmental

  1. The Library as Strategic Investment: Results of the Illinois Return on Investment Study

    Directory of Open Access Journals (Sweden)

    Paula T. Kaufman

    2008-11-01

    Full Text Available University administrators are asking library directors to demonstrate their library's value to the institution in easily articulated quantitative terms that focus on outputs rather than on traditionally reported input measures. This paper reports on a study undertaken at the University of Illinois at Urbana-Champaign that sought to measure the return on the university's investment in its library. The study sought to develop a quantitative measure that recognizes the library's value in supporting the university's strategic goals, using grant income generated by faculty using library materials. It also sought to confirm the benefits of using electronic resources and the resulting impact on productivity over a 10-year period. The results of this study, which is believed to be the first of its kind, represent only one piece of the answer to the challenge of representing the university's total return from its investment in its library.

  2. The true value and return on investment of business continuity.

    Science.gov (United States)

    Phelps, Regina

    2018-01-01

    The phrase return on investment (ROI) is commonly heard when groups or organisations attempt to demonstrate the value of a particular activity. 'Is it good for us?', 'Is it worth the investment?' and 'Should we continue to fund the endeavour?' are all valid and important questions. The challenge for business continuity professionals is to address the question, 'What is the ROI of business continuity?' in ways that will be meaningful to the person wielding the budget stick. In the 'olden days', colleagues would point to their business impact analysis, with pie charts and bar graphs showing the cost of business downtime if an event occurred. They would sit back and say, 'See? We provide ROI because we addressed The Bad Thing!'. But is that really the best that continuity professionals can do? This paper peels back the question of ROI and addresses the value proposition of business continuity. The goal is to broaden the conversation, by instead of talking about how much money business continuity efforts will save the company, and instead to focus on the value that business continuity provides every day.

  3. Expected Rate of Return on the Personal Investment in Education of No-Fee Preservice Students

    Science.gov (United States)

    Zhang, Xuemin

    2013-01-01

    Return on personal investment is an important factor affecting the decision to invest in education. This article analyzes the personal education costs of no-fee preservice students, estimates and forecasts the return on their personal education investment, and compares the costs and benefits of for-fee preservice students and nonteaching students.…

  4. Return on investment of public health interventions: a systematic review.

    Science.gov (United States)

    Masters, Rebecca; Anwar, Elspeth; Collins, Brendan; Cookson, Richard; Capewell, Simon

    2017-08-01

    Public sector austerity measures in many high-income countries mean that public health budgets are reducing year on year. To help inform the potential impact of these proposed disinvestments in public health, we set out to determine the return on investment (ROI) from a range of existing public health interventions. We conducted systematic searches on all relevant databases (including MEDLINE; EMBASE; CINAHL; AMED; PubMed, Cochrane and Scopus) to identify studies that calculated a ROI or cost-benefit ratio (CBR) for public health interventions in high-income countries. We identified 2957 titles, and included 52 studies. The median ROI for public health interventions was 14.3 to 1, and median CBR was 8.3. The median ROI for all 29 local public health interventions was 4.1 to 1, and median CBR was 10.3. Even larger benefits were reported in 28 studies analysing nationwide public health interventions; the median ROI was 27.2, and median CBR was 17.5. This systematic review suggests that local and national public health interventions are highly cost-saving. Cuts to public health budgets in high income countries therefore represent a false economy, and are likely to generate billions of pounds of additional costs to health services and the wider economy. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/.

  5. Return on Investment for Workplace Training: The Canadian Experience

    Science.gov (United States)

    Percival, Jennifer C.; Cozzarin, Brian P.; Formaneck, Steven D.

    2013-01-01

    One of the central problems in managing technological change and maintaining a competitive advantage in business is improving the skills of the workforce through investment in human capital and a variety of training practices. This paper explores the evidence on the impact of training investment on productivity in 14 Canadian industries from 1999…

  6. Engineered Geothermal Systems Energy Return On Energy Investment

    Energy Technology Data Exchange (ETDEWEB)

    Mansure, A J

    2012-12-10

    Energy Return On Investment (EROI) is an important figure of merit for assessing the viability of energy alternatives. Too often comparisons of energy systems use efficiency when EROI would be more appropriate. For geothermal electric power generation, EROI is determined by the electricity delivered to the consumer compared to the energy consumed to construct, operate, and decommission the facility. Critical factors in determining the EROI of Engineered Geothermal Systems (EGS) are examined in this work. These include the input energy embodied into the system. Embodied energy includes the energy contained in the materials, as well as, that consumed in each stage of manufacturing from mining the raw materials to assembling the finished system. Also critical are the system boundaries and value of the energy heat is not as valuable as electrical energy. The EROI of an EGS depends upon a number of factors that are currently unknown, for example what will be typical EGS well productivity, as well as, reservoir depth, temperature, and temperature decline rate. Thus the approach developed is to consider these factors as parameters determining EROI as a function of number of wells needed. Since the energy needed to construct a geothermal well is a function of depth, results are provided as a function of well depth. Parametric determination of EGS EROI is calculated using existing information on EGS and US Department of Energy (DOE) targets and is compared to the minimum EROI an energy production system should have to be an asset rather than a liability.

  7. Return on Investment in College Education. The Guardians Initiative: Reclaiming the Public Trust

    Science.gov (United States)

    Association of Governing Boards of Universities and Colleges, 2017

    2017-01-01

    "Return on Investment in College Education" is the second publication in a series of informational briefings developed as part of The Guardians Initiative: Reclaiming the Public Trust, an effort to educate and engage trustees as advocates on key issues in higher education. What is the return on investment (ROI) in college education?…

  8. Energy Return on Investment (EROI of Oil Shale

    Directory of Open Access Journals (Sweden)

    Peter A. O’Connor

    2011-11-01

    Full Text Available The two methods of processing synthetic crude from organic marlstone in demonstration or small-scale commercial status in the U.S. are in situ extraction and surface retorting. The considerable uncertainty surrounding the technological characterization, resource characterization, and choice of the system boundary for oil shale operations indicate that oil shale is only a minor net energy producer if one includes internal energy (energy in the shale that is used during the process as an energy cost. The energy return on investment (EROI for either of these methods is roughly 1.5:1 for the final fuel product. The inclusions or omission of internal energy is a critical question. If only external energy (energy diverted from the economy to produce the fuel is considered, EROI appears to be much higher. In comparison, fuels produced from conventional petroleum show overall EROI of approximately 4.5:1. “At the wellhead” EROI is approximately 2:1 for shale oil (again, considering internal energy and 20:1 for petroleum. The low EROI for oil shale leads to a significant release of greenhouse gases. The large quantities of energy needed to process oil shale, combined with the thermochemistry of the retorting process, produce carbon dioxide and other greenhouse gas emissions. Oil shale unambiguously emits more greenhouse gases than conventional liquid fuels from crude oil feedstocks by a factor of 1.2 to 1.75. Much of the discussion regarding the EROI for oil shale should be regarded as preliminary or speculative due to the very small number of operating facilities that can be assessed.

  9. 49 CFR 1152.34 - Return on investment.

    Science.gov (United States)

    2010-10-01

    ... to which the nominal return element shall apply shall be the sum of: (i) The allowable working capital computed at 15 days on-branch cash avoidable costs (on branch avoidable costs less depreciation... liquidation purposes of all assets having a negative salvage value. (1) In calculating the net liquidation...

  10. Return on Knowledge Assets: Rethinking Investments in Educational Technology.

    Science.gov (United States)

    Watkins, Karen E.; Callahan, Mary Wilson

    1998-01-01

    Presents various ways of understanding knowledge and intellectual capital and the assets they produce. Considers implications of assessing the return on educational technologies as organizational knowledge assets. Presents a case study to illustrate how an educational technology application might help capture the benefits of knowledge capital.…

  11. Webinar: Green Cleaning for Improved Health: The Return on Investment of Green Cleaning in Schools

    Science.gov (United States)

    A page to register to view the June 22, 2017, webinar in the IAQ Knowledge-to-Action Professional Training Webinar Series: Green Cleaning for Improved Health: The Return on Investment of Green Cleaning in Schools

  12. An Analysis of Return on Investment Options for the USMC Distance Learning Program

    National Research Council Canada - National Science Library

    Clark, Jamie

    2000-01-01

    A study was conducted to examine various aspects of Distance Learning (DL) applications currently under review by the Marine Corps, and determine whether these programs, if initiated, provide a positive Return on Investment (ROI...

  13. Differences in decision-making criteria towards the return on marketing investment: A project business perspective

    OpenAIRE

    Smyth, H.; Lecoeuvre, L.

    2015-01-01

    Assessing the value of marketing to a business remains a thorny issue in theory and practice. Decision-making at the finance–marketing interface is under-researched, particularly for project businesses. Confronted by demands of accountability concerning the allocation of resources to meet competitive pressures, the paper examines the quality and extent of dialogue in investment decision-making. The return on investment (ROI) and marketing-specific investment (ROMI) are important factors at th...

  14. Return on Investment: Ensuring Special Forces Can Fight Another Day

    Science.gov (United States)

    2011-12-01

    De Oppresso Liber! 1 I. THE IMPORTANCE OF THE GREEN BERET INVESTMENT The cost in time, money and the national treasure of the nation’s young men...that must be conducted by the individual Green Beret: annual suicide training, airborne and special skills sustainment, marksmanship training, medical...instated for a SF Soldier who may find himself delinquent in a standard. This six-month period can and should coincide with a bar from reenlistment as

  15. Return on investment from fuel treatments to reduce severe wildfire and erosion in a watershed investment program in Colorado.

    Science.gov (United States)

    Jones, Kelly W; Cannon, Jeffery B; Saavedra, Freddy A; Kampf, Stephanie K; Addington, Robert N; Cheng, Antony S; MacDonald, Lee H; Wilson, Codie; Wolk, Brett

    2017-08-01

    A small but growing number of watershed investment programs in the western United States focus on wildfire risk reduction to municipal water supplies. This paper used return on investment (ROI) analysis to quantify how the amounts and placement of fuel treatment interventions would reduce sediment loading to the Strontia Springs Reservoir in the Upper South Platte River watershed southwest of Denver, Colorado following an extreme fire event. We simulated various extents of fuel mitigation activities under two placement strategies: (a) a strategic treatment prioritization map and (b) accessibility. Potential fire behavior was modeled under each extent and scenario to determine the impact on fire severity, and this was used to estimate expected change in post-fire erosion due to treatments. We found a positive ROI after large storm events when fire mitigation treatments were placed in priority areas with diminishing marginal returns after treating >50-80% of the forested area. While our ROI results should not be used prescriptively they do show that, conditional on severe fire occurrence and precipitation, investments in the Upper South Platte could feasibly lead to positive financial returns based on the reduced costs of dredging sediment from the reservoir. While our analysis showed positive ROI focusing only on post-fire erosion mitigation, it is important to consider multiple benefits in future ROI calculations and increase monitoring and evaluation of these benefits of wildfire fuel reduction investments for different site conditions and climates. Copyright © 2017 Elsevier Ltd. All rights reserved.

  16. INFLUENCE OF THE INVESTMENT DECISIONS ON THE RETURN OF THE COMPANY

    Directory of Open Access Journals (Sweden)

    Pop Mugurel Gabriel Sorin

    2012-12-01

    Full Text Available We propose in this study, to make an analysis of the influence of the investment decision on the return of the company. The goal of our research is the quantification of the influence of investment activity on profitability. Fulfilling such a goal has forced us to research the existing literature in this field, both in our country and abroad, ascertaining the existence of a unitary meaning of the criteria for investment projects’ evaluation. Of course, the realization of such research was possible only after close consideration of the opinions expressed in the relevant literature on this area. Our research aims to be a theoretical-applied one. It is based on comparisons we make between the two criteria for assessing investment projects namely: that of net present value (VAN and internal rate of return (RIR. By creating a suite of phase calculations, based on information from economic and financial documentation of corporate investments, we separated the influence of the policy investment decisions on profitability. We are convinced that the most accurate determination of the influence of policy investment decisions on profitability helps the financial management, facilitating the process of adopting the most appropriate policy decisions that ultimately leads to the objectives formulated by the financial policy. The result of our research is the quantification of the influence of investment policy decisions of the firm on profitability.

  17. Introduction to Special Issue on New Studies in EROI (Energy Return on Investment

    Directory of Open Access Journals (Sweden)

    Charles A.S. Hall

    2011-10-01

    Full Text Available Energy Return on Investment (EROI refers to how much energy is returned from one unit of energy invested in an energy-producing activity. It is a critical parameter for understanding and ranking different fuels. There were a number of studies on EROI three decades ago but relatively little work since. Now there is a whole new interest in EROI as fuels get increasingly expensive and as we attempt to weigh alternative energies against traditional ones. This special volume brings together a whole series of high quality new studies on EROI, as well as many papers that struggle with the meaning of changing EROI and its impact on our economy. One overall conclusion is that the quality of fuels is at least as important in our assessment as is the quantity. I argue that many of the contemporary changes in our economy are related directly to changing EROI as our premium fuels are increasingly depleted.

  18. Return on Investment: A Placebo for the Chief Financial Officer... and Other Paradoxes

    Science.gov (United States)

    Andru, Peter; Botchkarev, Alexei

    2011-01-01

    Background: Return on investment (ROI) is one of the most popular evaluation metrics. ROI analysis (when applied correctly) is a powerful tool of evaluating existing information systems and making informed decisions on the acquisitions. However, practical use of the ROI is complicated by a number of uncertainties and controversies. The article…

  19. Commercial viability of medical devices using Headroom and return on investment calculation

    NARCIS (Netherlands)

    Markiewicz, Katarzyna; van Til, Janine Astrid; Steuten, Lotte Maria Gertruda; IJzerman, Maarten Joost

    2016-01-01

    The market success of a medical product depends on its commercial viability, yet this may be hard to predict during the development process of medical devices. This paper aims to determine if applying the Headroom method combined with return on investment (ROI) analysis allows for estimation of the

  20. School Leadership Preparation and Development in Kenya: Evaluating Performance Impact and Return on Leadership Development Investment

    Science.gov (United States)

    Asuga, Gladys; Eacott, Scott; Scevak, Jill

    2015-01-01

    Purpose: The purpose of this paper is to evaluate the quality of the current provision for school leadership in Kenya, the extent to which they have an impact on student outcomes and the return on school leadership preparation and development investment. Design/Methodology/Approach: The paper draws from educational leadership, management and…

  1. Return on Investment Analysis for the Almond Board of California

    National Research Council Canada - National Science Library

    Vassileios, Drakopoulos

    2004-01-01

    .... It aims to provide the scientific methodology for assessing the effect promotional expenditures have on influencing consumer attitudes as well as relating that to the final impact on the demand for almonds...

  2. Implementing a Process to Measure Return on Investment for Nursing Professional Development.

    Science.gov (United States)

    Garrison, Elisabeth; Beverage, Jodie

    Return on investment (ROI) is one way to quantify the value that nursing professional development brings to the organization. This article describes a process to begin tracking ROI for nursing professional development. Implementing a process of tracking nursing professional development practitioners' ROI increased awareness of the financial impact and effectiveness of the department.

  3. Providing Demonstrable Return-on-Investment for Organisational Learning and Training

    Science.gov (United States)

    Elliott, Michael; Dawson, Ray; Edwards, Janet

    2009-01-01

    Purpose: The aim of this paper is to present a holistic approach to training, that clearly demonstrates cost savings with improved effectiveness and efficiencies that are aligned to business objectives. Design/methodology/approach: Extending Kirkpatrick's evaluation framework with Phillips's return-on-investment (ROI) concepts, the paper conveys a…

  4. Return on investment: an essential economics measure in higher education.

    Science.gov (United States)

    Pressler, Jana L; Kenner, Carole A

    2014-01-01

    Many new nursing leaders assuming deanships, assistant deanships, or interim deanships have limited education, experience, or background to prepare them for the job. To assist new deans and those aspiring to be deans, the authors of this department offer survival tips based on their personal experiences and insights. They address common issues, challenges, and opportunities that face academic executive teams, such as negotiating an executive contract, obtaining faculty lines, building effective work teams, managing difficult employees, and creating nimble organizational structure to respond to changing consumer, healthcare delivery, and community needs. The authors welcome counterpoint discussions with readers.

  5. Variables Influencing the Return on Investment in Management Training Programs: A Utility Analysis of 10 Swiss Cases

    Science.gov (United States)

    Chochard, Yves; Davoine, Eric

    2011-01-01

    In this article, we present the utility analysis approach as an alternative and promising approach to measure the return on investment in managerial training programs. This approach, linking economic value with competencies developed by trainees, enables researchers and decision-makers to compare the return on investment from different programs in…

  6. Impact Of Retirement Benefit Act (RBA) On Investment Returns To Pension Funds In Kenya

    OpenAIRE

    Lucy Jepchoge Rono; Julius Kibet Bitok; Gordon N Asamoah

    2010-01-01

    This study focused on the analysis of the impact of RBA guidelines on the return on investments of both pension funds under management and those for pension schemes. A random sample of 175 fund trustees and a census of 13 fund managers from registered fund management companies participated in the survey. The questionnaire was administered through the drop-and-pick method. Data were analyzed using SPSS (Statistical Package for Social Sciences) and summarized in descriptive statistics, such as ...

  7. [A return on investment tool in tobacco control: what do stakeholders think?].

    Science.gov (United States)

    Muñoz, Celia; Trapero-Bertran, Marta; Cheung, Kei Long; Evers, Silvia; Hiligsmann, Mickaël; de Vries, Hein; López-Nicolás, Ángel

    2016-01-01

    The European EQUIPT study will co-create a return on investment tool in several countries, aiming to provide decision makers with information and justification on the returns that can be generated by investing in tobacco control. This study aimed to identify the needs of potential users in Spain in order to provide information on the transferability of the tool. Telephone interviews with stakeholders were conducted including questions about the implementation of the tool, intended use and tobacco control interventions. Implementing the tool could provide added value to the information used in decision-making to advocate for cost-effective policies. The main drawback would be the training and time needed to learn how the tool works and for internal calculations. Knowledge and ideas from potential users collected in this study could inform the EQUIPT Tool adaptation. Thus, stakeholders could have an instrument that assists them on making healthcare decisions. Copyright © 2015 SESPAS. Published by Elsevier Espana. All rights reserved.

  8. Social Return on Investment: A New Approach to Understanding and Advocating for Value in Healthcare.

    Science.gov (United States)

    Laing, Catherine M; Moules, Nancy J

    2017-12-01

    To determine whether the methodology of social return on investment (SROI) could be a way in which the value of a healthcare-related program (children's cancer camp) could be captured, evaluated, and communicated. The value of healthcare goes beyond what can be captured in financial terms; however, this is the most common type of value that is measured. The SROI methodology accounts for a broader concept of value by measuring social, environmental, and economic outcomes and uses monetary values to represent them. The steps/stages of an SROI analysis were applied to the context of a children's camp for this article. Applying the SROI methodology to this healthcare-related program was feasible and provided insight and understanding related to the impacts of this program. Because of SROI's flexibility, it is a tool that has great potential in a healthcare environment and for leaders to evaluate programmatic return on investment.

  9. Economics of United States tuberculosis airline contact investigation policies: a return on investment analysis.

    Science.gov (United States)

    Coleman, Margaret S; Marienau, Karen J; Marano, Nina; Marks, Suzanne M; Cetron, Martin S

    2014-01-01

    In 2011, the Centers for Disease Control and Prevention modified its 2008 protocol for flight-related tuberculosis contact investigation initiation. The 2011 Modified protocol was implemented and replaced the 2008 CDC protocol based on comparative epidemiologic and economic analyses; this publication reports the economic analysis results. A return on investment model compared relative changes in tuberculosis disease treatment costs resulting from expenditures on tuberculosis contact investigations and latent tuberculosis infection treatment for the 2008 CDC and Modified protocols. At moderate/high rates of latent tuberculosis infection and tuberculosis disease, positive returns on investment indicated each $1.00 spent on tuberculosis contact investigations and latent tuberculosis treatment resulted in more than $1.00 of savings from reduced tuberculosis disease treatment costs. Low rates of latent tuberculosis infection and tuberculosis disease resulted in negative returns on investment, indicating economic losses from tuberculosis disease treatment costs. There were smaller economic losses at low latent tuberculosis infection and tuberculosis disease rates with the Modified protocol in comparison to the 2008 CDC protocol, while both identified comparable numbers of persons at risk for tuberculosis. The Modified protocol for conducting flight-related tuberculosis contact investigations represents a better use of resources and protects public health. Published by Elsevier Ltd.

  10. Returns on investment in wild dog management-beef production in the South Australian Arid Lands

    OpenAIRE

    Wicks, Santhi; Allen, Benjamin

    2012-01-01

    Beef cattle producers in Australia have reported an increase in calf losses as a result of wild dog attacks in recent years. However, while control measures may reduce calf losses from wild dog attacks, they may also reduce attacks on kangaroos. Thus, wild dog control measures may inadvertently increase kangaroo competition with cattle for grazing vegetation, which is potentially costly for graziers. In this study the net returns to beef production from investments in wild dog controls in a c...

  11. Assessment of energy return on energy investment (EROEI) of oil bearing crops for renewable fuel production

    OpenAIRE

    A. Restuccia; S. Failla; D. Longo; L. Caruso; I. Mallia; G. Schillaci

    2013-01-01

    As reported in literature the production of biodiesel should lead to a lower energy consumption than those obtainable with its use. So, to justify its consumption, a sustainable and “low input” production should be carried out. In order to assess the sustainability of Linum usitatissimum, Camelina sativa and Brassica carinata cultivation for biodiesel production in terms of energy used compared to that obtained, the index EROEI (Energy Return On Energy Invested) has been used. At this aim, an...

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

    Directory of Open Access Journals (Sweden)

    Matthew Moerschbaecher

    2011-10-01

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

  13. Synthesis to Special Issue on New Studies in EROI (Energy Return on Investment

    Directory of Open Access Journals (Sweden)

    Charles A.S. Hall

    2011-12-01

    Full Text Available This paper is a synthesis of a series of twenty papers on the topic of EROI, or energy return on investment. EROI is simply the energy gained from an energy-obtaining effort divided by the energy used to get that energy. For example, one barrel of oil invested into getting oil out of the ground might return fifty, thirty, ten or one barrel, depending when and where the process is taking place. It is meant to be read in conjunction with the first paper in this special issue and also a number of the papers themselves. As such I try to summarize what general trends we might conclude from these varied and often highly technical papers. About half of the papers are reports on empirical analyses of various energy sources such as Norwegian or Gulf of Mexico oil, Pennsylvania gas and so on. About a quarter of the papers are methodological: how do we go about undertaking these analyses, what problems are there, what are the proper boundaries and so on. The final quarter are in a sense philosophical: since it appears that we will be living indefinitely in a world of decreasing EROIs, what are the economic, social and psychological implications? The rest of this paper summarizes the results of these studies.

  14. Lifetime return on investment increases with leaf lifespan among 10 Australian woodland species.

    Science.gov (United States)

    Falster, Daniel S; Reich, Peter B; Ellsworth, David S; Wright, Ian J; Westoby, Mark; Oleksyn, Jacek; Lee, Tali D

    2012-01-01

    • Co-occurring species often differ in their leaf lifespan (LL) and it remains unclear how such variation is maintained in a competitive context. Here we test the hypothesis that leaves of long-LL species yield a greater return in carbon (C) fixed per unit C or nutrient invested by the plant than those of short-LL species. • For 10 sympatric woodland species, we assessed three-dimensional shoot architecture, canopy openness, leaf photosynthetic light response, leaf dark respiration and leaf construction costs across leaf age sequences. We then used the YPLANT model to estimate light interception and C revenue along the measured leaf age sequences. This was done under a series of simulations that incorporated the potential covariates of LL in an additive fashion. • Lifetime return in C fixed per unit C, N or P invested increased with LL in all simulations. • In contrast to other recent studies, our results show that extended LL confers a fundamental economic advantage by increasing a plant's return on investment in leaves. This suggests that time-discounting effects, that is, the compounding of income that arises from quick reinvestment of C revenue, are key in allowing short-LL species to succeed in the face of this economic handicap. © 2011 The Authors. New Phytologist © 2011 New Phytologist Trust.

  15. Scaling-up treatment of depression and anxiety: a global return on investment analysis.

    Science.gov (United States)

    Chisholm, Dan; Sweeny, Kim; Sheehan, Peter; Rasmussen, Bruce; Smit, Filip; Cuijpers, Pim; Saxena, Shekhar

    2016-05-01

    Depression and anxiety disorders are highly prevalent and disabling disorders, which result not only in an enormous amount of human misery and lost health, but also lost economic output. Here we propose a global investment case for a scaled-up response to the public health and economic burden of depression and anxiety disorders. In this global return on investment analysis, we used the mental health module of the OneHealth tool to calculate treatment costs and health outcomes in 36 countries between 2016 and 2030. We assumed a linear increase in treatment coverage. We factored in a modest improvement of 5% in both the ability to work and productivity at work as a result of treatment, subsequently mapped to the prevailing rates of labour participation and gross domestic product (GDP) per worker in each country. The net present value of investment needed over the period 2016-30 to substantially scale up effective treatment coverage for depression and anxiety disorders is estimated to be US$147 billion. The expected returns to this investment are also substantial. In terms of health impact, scaled-up treatment leads to 43 million extra years of healthy life over the scale-up period. Placing an economic value on these healthy life-years produces a net present value of $310 billion. As well as these intrinsic benefits associated with improved health, scaled-up treatment of common mental disorders also leads to large economic productivity gains (a net present value of $230 billion for scaled-up depression treatment and $169 billion for anxiety disorders). Across country income groups, resulting benefit to cost ratios amount to 2·3-3·0 to 1 when economic benefits only are considered, and 3·3-5·7 to 1 when the value of health returns is also included. Return on investment analysis of the kind reported here can contribute strongly to a balanced investment case for enhanced action to address the large and growing burden of common mental disorders worldwide. Grand

  16. Comparison of two Medication Therapy Management Practice Models on Return on Investment.

    Science.gov (United States)

    Gazda, Nicholas P; Berenbrok, Lucas A; Ferreri, Stefanie P

    2017-06-01

    To compare the return on investment (ROI) of an integrated practice model versus a "hub and spoke" practice model of pharmacist provided medication therapy management (MTM). A cohort retrospective analysis of MTM claims billed in 76 pharmacies in North Carolina in the 2010 hub and spoke practice model and the 2012 "integrated" practice model were analyzed to calculate the ROI. In 2010, 4089 patients received an MTM resulting in 8757 claims in the hub and spoke model. In 2012, 4896 patients received an MTM resulting in 13 730 claims in the integrated model. In 2010, US$165 897.26 was invested in pharmacist salary and $173 498.00 was received in reimbursement, resulting in an ROI of +US$7600.74 (+4.6%). In 2012, US$280 890.09 was invested in pharmacist salary and US$302 963 was received in reimbursement, resulting in an ROI of +US$22 072.91 or (+7.9%). The integrated model of MTM showed an increase in number of claims submitted and in number of patients receiving MTM services, ultimately resulting in a higher ROI. While a higher ROI was evident in the integrated model, both models resulted in positive ROI (1:12-1:21), highlighting that MTM programs can be cost effective with different strategies of execution.

  17. Social Media Return on Investment: How Much is it Worth to My Practice?

    Science.gov (United States)

    Gould, Daniel J; Nazarian, Sheila

    2018-04-06

    Plastic surgeons are rapidly integrating social media into their practices and recent articles on the subject have exploded in the literature. Although social media is being evaluated as a tool, few have actually been able to quantify the impact of social media on a practice. To quantify the return on investment for social media in a plastic surgery practice. The ideal method for this type of study is a new practice, without preexisting clients and with a broad approach to marketing to examine the effects of multiple marketing tools. In this study, we profile a start-up plastic surgery practice in Beverly Hills, Los Angeles. In this study, we report practice demographics as well as one year of income, broken down by the referral source for each patient. The dollar amount returned was reported for several social media resources and other internet-based marketing tools. Social media has a relatively high return on investment, and to date this is the first study to transparently quantify the value of social media in plastic surgery.

  18. Considering Students' Cost of a Dental Education: Return on Investment and Debt to Income Ratio.

    Science.gov (United States)

    Formicola, Allan J

    2017-08-01

    The cost for students of a dental education has become an issue of concern. This article explores the return on investment and the debt to income ratio of studying dentistry. These two measures are monitored to gain perspective on whether the cost of education pays off in earnings. The factors underlying these measures and a discussion of them are included. The purpose of this article is to focus attention on one of the current issues facing dental schools in the United States. This article was written as part of the project "Advancing Dental Education in the 21 st Century."

  19. Fundamental aspects affecting the return on investment from solar power plants

    International Nuclear Information System (INIS)

    Cintula, B.; Viglas, D.

    2012-01-01

    The article deals with fundamental parameters of solar cells-conversion efficiency of solar radiation into electricity and price of solar cells. These two aspects affect each other, so it is important to deal with both at once. In introduction are described the theoretical solutions about efficiency analysis. Furthermore the article is focused on a description of materials used in the photovoltaic cells. In addition, the article shows the price trend of photovoltaic cells for the last year. Finally, these two aspects are evaluated for return on investment in photovoltaic power plants. (Authors)

  20. Historical return on investment and improved quality resulting from development and mining of a hospital laboratory relational database.

    Science.gov (United States)

    Brimhall, Bradley B; Hall, Timothy E; Walczak, Steven

    2006-01-01

    A hospital laboratory relational database, developed over eight years, has demonstrated significant cost savings and a substantial financial return on investment (ROI). In addition, the database has been used to measurably improve laboratory operations and the quality of patient care.

  1. Measuring Return on Investment for Professional Development Activities: Implications for Practice.

    Science.gov (United States)

    Opperman, Cathleen; Liebig, Debra; Bowling, Judith; Johnson, Carol Susan; Harper, Mary

    2016-01-01

    What is the return on investment (ROI) for the time and resources spent for professional development activities? This is Part 2 of a two-part series to report findings and demonstrate how financial analysis of educational activities can drive decision-making. The resources consumed for professional development activities need to be identified and quantified to be able to determine the worth of such activities. This article defines terms and formulas for financial analysis for nursing professional development practitioners to use in analysis of their own programs. Three fictitious examples of common nursing professional development learning activities are provided with financial analysis. This article presents the "how to" for the busy practitioner.

  2. The effects of return on investment, sales growth rate, volatility of investment, cash flow and structure of institutional shareholders on the ratio of debt to equities

    Directory of Open Access Journals (Sweden)

    Jalal Golmohammadi

    2015-12-01

    Full Text Available This paper presents a study to measure the effects of return on investment, sales growth rate, volatility investment, cash flow and structure of institutional shareholders on the ratio of debt to equities. The study selects 102 firms listed on Tehran Stock Exchange and, using regression technique with Panel data, examines five different hypotheses over the period 2008-2012. The results indicate that there was a negative and meaningful relationship between return of investment and the ratio of debt to equities and a positive and meaningful relationship between sales growth and the ratio of debt to equities. Moreover, there were positive and meaningful relationships between volatility of investment as well as cash flow and the ratio of debt to equities. Finally, the survey has indicated that there was a negative and meaningful relationship between the structure of institutional shareholders and the ratio of debt to equities.

  3. Impact of speculator's expectations of returns and time scales of investment on crude oil price behaviors

    International Nuclear Information System (INIS)

    He, Ling-Yun; Fan, Ying; Wei, Yi-Ming

    2009-01-01

    Based on time series of crude oil prices (daily spot), this paper analyses price fluctuation with two significant parameters τ (speculators' time scales of investment) and ε (speculators' expectations of return) by using Zipf analysis technique, specifically, by mapping τ-returns of prices into 3-alphabeted sequences (absolute frequencies) and 2-alphabeted sequences (relative frequencies), containing the fundamental information of price fluctuations. This paper empirically explores parameters and identifies various types of speculators' cognition patterns of price behavior. In order to quantify the degree of distortion, a feasible reference is proposed: an ideal speculator. Finally, this paper discusses the similarities and differences between those cognition patterns of speculators' and those of an ideal speculator. The resultant analyses identify the possible distortion of price behaviors by their patterns. (author)

  4. Return on the Federal Investment in Student Financial Aid: An Assessment for the High School Class of 1972.

    Science.gov (United States)

    St. John, Edward P.; Masten, Charles L.

    1990-01-01

    It is argued that public investment in student financial aid should be evaluated based on tax revenue returns resulting from the expenditure. A model for estimating tax revenue returns from gains in educational attainment attributable to student aid is developed, and impact of aid on access and persistence is examined. (Author/MSE)

  5. Communicating Value in Simulation: Cost-Benefit Analysis and Return on Investment.

    Science.gov (United States)

    Asche, Carl V; Kim, Minchul; Brown, Alisha; Golden, Antoinette; Laack, Torrey A; Rosario, Javier; Strother, Christopher; Totten, Vicken Y; Okuda, Yasuharu

    2018-02-01

    Value-based health care requires a balancing of medical outcomes with economic value. Administrators need to understand both the clinical and the economic effects of potentially expensive simulation programs to rationalize the costs. Given the often-disparate priorities of clinical educators relative to health care administrators, justifying the value of simulation requires the use of economic analyses few physicians have been trained to conduct. Clinical educators need to be able to present thorough economic analyses demonstrating returns on investment and cost-effectiveness to effectively communicate with administrators. At the 2017 Academic Emergency Medicine Consensus Conference "Catalyzing System Change through Health Care Simulation: Systems, Competency, and Outcomes," our breakout session critically evaluated the cost-benefit and return on investment of simulation. In this paper we provide an overview of some of the economic tools that a clinician may use to present the value of simulation training to financial officers and other administrators in the economic terms they understand. We also define three themes as a call to action for research related to cost-benefit analysis in simulation as well as four specific research questions that will help guide educators and hospital leadership to make decisions on the value of simulation for their system or program. © 2017 by the Society for Academic Emergency Medicine.

  6. Communicating Value in Simulation: Cost Benefit Analysis and Return on Investment.

    Science.gov (United States)

    Asche, Carl V; Kim, Minchul; Brown, Alisha; Golden, Antoinette; Laack, Torrey A; Rosario, Javier; Strother, Christopher; Totten, Vicken Y; Okuda, Yasuharu

    2017-10-26

    Value-based health care requires a balancing of medical outcomes with economic value. Administrators need to understand both the clinical and economic effects of potentially expensive simulation programs to rationalize the costs. Given the often-disparate priorities of clinical educators relative to health care administrators, justifying the value of simulation requires the use of economic analyses few physicians have been trained to conduct. Clinical educators need to be able to present thorough economic analyses demonstrating returns on investment and cost effectiveness to effectively communicate with administrators. At the 2017 Academic Emergency Medicine Consensus Conference "Catalyzing System Change through Health Care Simulation: Systems, Competency, and Outcomes", our breakout session critically evaluated the cost benefit and return on investment of simulation. In this paper we provide an overview of some of the economic tools that a clinician may use to present the value of simulation training to financial officers and other administrators in the economic terms they understand. We also define three themes as a call to action for research related to cost benefit analysis in simulation as well as four specific research questions that will help guide educators and hospital leadership to make decisions on the value of simulation for their system or program. This article is protected by copyright. All rights reserved. This article is protected by copyright. All rights reserved.

  7. Tank Riser Pit Decontamination System (Pit Viper) Return on Investment and Break-Even Analysis

    International Nuclear Information System (INIS)

    Young, Joan K.; Weimar, Mark R.; Balducci, Patrick J.; Fassbender, Linda L.; Hernandez, Melissa

    2003-01-01

    This study assessed the cost benefit of Pit Viper deployment for 80 tank farm pits between October 1, 2003 and September 30, 2012 under the technical baseline for applicable double-shell tank (DST) and single-shell tank (SST) projects. After this assessment had been completed, the U.S. Department of Energy (DOE) Richland Operations Office (RL) and Office of River Protection (ORP) published the Hanford Performance Management Plan (August 2003), which accelerated the schedule for SST retrieval. Then, DOE/CH2M HILL contract modification M064 (October 2002) and The Integrated Mission Acceleration Plan (March 2003) further accelerated SST retrieval and closure schedules. Twenty-six to 40 tanks must be retrieved by 2006. Thus the schedule for SST pit entries is accelerated and the number of SST pit entries is increased. This study estimates the return on investment (ROI) and the number of pits where Pit Viper deployment would break even or save money over current manual practices. The results of the analysis indicate a positive return on the federal investment for deployment of the Pit Viper provided it is used on a sufficient number of pits

  8. Investing in non-communicable diseases: an estimation of the return on investment for prevention and treatment services.

    Science.gov (United States)

    Bertram, Melanie Y; Sweeny, Kim; Lauer, Jeremy A; Chisholm, Daniel; Sheehan, Peter; Rasmussen, Bruce; Upreti, Senendra Raj; Dixit, Lonim Prasai; George, Kenneth; Deane, Samuel

    2018-04-05

    The global burden of non-communicable diseases (NCDs) is growing, and there is an urgent need to estimate the costs and benefits of an investment strategy to prevent and control NCDs. Results from an investment-case analysis can provide important new evidence to inform decision making by governments and donors. We propose a methodology for calculating the economic benefits of investing in NCDs during the Sustainable Development Goals (SDGs) era, and we applied this methodology to cardiovascular disease prevention in 20 countries with the highest NCD burden. For a limited set of prevention interventions, we estimated that US$120 billion must be invested in these countries between 2015 and 2030. This investment represents an additional $1·50 per capita per year and would avert 15 million deaths, 8 million incidents of ischaemic heart disease, and 13 million incidents of stroke in the 20 countries. Benefit-cost ratios varied between interventions and country-income levels, with an average ratio of 5·6 for economic returns but a ratio of 10·9 if social returns are included. Investing in cardiovascular disease prevention is integral to achieving SDG target 3.4 (reducing premature mortality from NCDs by a third) and to progress towards SDG target 3.8 (the realisation of universal health coverage). Many countries have implemented cost-effective interventions at low levels, so the potential to achieve these targets and strengthen national income by scaling up these interventions is enormous. Copyright © 2018 World Health Organization. Published by Elsevier Ltd/Inc/BV. All rights reserved. Published by Elsevier Ltd.. All rights reserved.

  9. The relationship between return on investment and quality of study methodology in workplace health promotion programs.

    Science.gov (United States)

    Baxter, Siyan; Sanderson, Kristy; Venn, Alison J; Blizzard, C Leigh; Palmer, Andrew J

    2014-01-01

    To determine the relationship between return on investment (ROI) and quality of study methodology in workplace health promotion programs. Data were obtained through a systematic literature search of National Health Service Economic Evaluation Database (NHS EED), Database of Abstracts of Reviews of Effects (DARE), Health Technology Database (HTA), Cost Effectiveness Analysis (CEA) Registry, EconLit, PubMed, Embase, Wiley, and Scopus. Included were articles written in English or German reporting cost(s) and benefit(s) and single or multicomponent health promotion programs on working adults. Return-to-work and workplace injury prevention studies were excluded. Methodological quality was graded using British Medical Journal Economic Evaluation Working Party checklist. Economic outcomes were presented as ROI. ROI was calculated as ROI = (benefits - costs of program)/costs of program. Results were weighted by study size and combined using meta-analysis techniques. Sensitivity analysis was performed using two additional methodological quality checklists. The influences of quality score and important study characteristics on ROI were explored. Fifty-one studies (61 intervention arms) published between 1984 and 2012 included 261,901 participants and 122,242 controls from nine industry types across 12 countries. Methodological quality scores were highly correlated between checklists (r = .84-.93). Methodological quality improved over time. Overall weighted ROI [mean ± standard deviation (confidence interval)] was 1.38 ± 1.97 (1.38-1.39), which indicated a 138% return on investment. When accounting for methodological quality, an inverse relationship to ROI was found. High-quality studies (n = 18) had a smaller mean ROI, 0.26 ± 1.74 (.23-.30), compared to moderate (n = 16) 0.90 ± 1.25 (.90-.91) and low-quality (n = 27) 2.32 ± 2.14 (2.30-2.33) studies. Randomized control trials (RCTs) (n = 12) exhibited negative ROI, -0.22 ± 2.41(-.27 to -.16). Financial returns become

  10. Stock returns and foreign investment in Brazil

    OpenAIRE

    Reis, Luciana; Meurer, Roberto; Da Silva, Sergio

    2008-01-01

    We examine the relationship between stock returns and foreign investment in Brazil, and find that the inflows of foreign investment boosted the returns from 1995 to 2005. There was a strong contemporaneous correlation, although not Granger-causality. Foreign investment along with the exchange rate, the influence of the world stock markets, and country risk can explain 73 percent of the changes that occurred in the stock returns over the period. We also find that positive feedback trading play...

  11. The Impact of Foreign Investment Restrictions on the Stock Returns of Oil Sands Companies

    Directory of Open Access Journals (Sweden)

    Eugene Beaulieu

    2014-06-01

    Full Text Available In December 2012, prompted by the proposed purchase of Nexen by the Chinese SOE CNOOC, the federal government announced revised guidelines for investments by state-owned enterprises (SOEs in the oil sands. Declaring the sale marked “the end of a trend and not the beginning of a trend,” Prime Minister Stephen Harper explained how the government would approach such decisions in the future, including placing the onus on foreign investors to demonstrate how deals would be of net benefit to Canada, as well as granting the industry minister the discretion to accept or deny proposed deals. Accounting for five per cent of Canadian GDP, $28 billion in government revenue and three per cent of all jobs nationwide, the oil sands are an integral component of Canada’s economy. The sector has long relied on foreign capital to finance projects, meaning that any move to deter outside investment could have profound consequences for the development of this critical economic asset. In this paper, the authors examine the impact of this policy change by measuring the stock returns of firms operating in the oil sands. Employing an event study analysis, they find empirical evidence that the government’s policy change has resulted in the material destruction of shareholder wealth, particularly in the case of the smaller oil companies. What is more, given the composition of the global oil industry has changed to one where SOEs dominate both reserves and production, is this a policy Canada can afford in the long term? “When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments.” - Prime Minister Stephen Harper, December 7, 2012 “…going forward, the [industry] minister will find the acquisition of control of a Canadian oil-sands business by a state-owned enterprise to be of net benefit, only in an exceptional circumstance.” - Prime Minister Stephen Harper, December 7, 2012 “A year after the new Investment

  12. Recent experience in health promotion at Johnson & Johnson: lower health spending, strong return on investment.

    Science.gov (United States)

    Henke, Rachel M; Goetzel, Ron Z; McHugh, Janice; Isaac, Fik

    2011-03-01

    Johnson & Johnson Family of Companies introduced its worksite health promotion program in 1979. The program evolved and is still in place after more than thirty years. We evaluated the program's effect on employees' health risks and health care costs for the period 2002-08. Measured against similar large companies, Johnson & Johnson experienced average annual growth in total medical spending that was 3.7 percentage points lower. Company employees benefited from meaningful reductions in rates of obesity, high blood pressure, high cholesterol, tobacco use, physical inactivity, and poor nutrition. Average annual per employee savings were $565 in 2009 dollars, producing a return on investment equal to a range of $1.88-$3.92 saved for every dollar spent on the program. Because the vast majority of US adults participate in the workforce, positive effects from similar programs could lead to better health and to savings for the nation as a whole.

  13. Societal and environmental impact of high energy return on investment (EROI) energy access

    DEFF Research Database (Denmark)

    Atlason, Reynir Smari; Unnthorsson, Runar

    2018-01-01

    The Icelandic society is conveniently located where the Eurasian and North-American tectonic plates meet. This allows for relatively easy and cheap access to geothermal energy. Icelanders have benefited from this since settlement, first through direct use of the warm water but later on by co......-producing electricity. The nation also benefits from large glacial rivers, offering potential for energy harvesting. This chapter demonstrates the environmental benefits from utilising renewable energy, using Iceland as a case study. This is demonstrated by exploring the energy return on investment (EROI......) for the Nesjavellir geothermal and Fljotsdalsstod hydro power plant and the CO2 mitigation provided by the resources as the Icelandic society no longer needs to rely on fossil fuels for electricity and heating. This chapter demonstrates systematically how societies may benefit ecologically but also energetically from...

  14. Fundamental Cardiovascular Research: Returns on Societal Investment: A Scientific Statement From the American Heart Association.

    Science.gov (United States)

    Hill, Joseph A; Ardehali, Reza; Clarke, Kimberli Taylor; Del Zoppo, Gregory J; Eckhardt, Lee L; Griendling, Kathy K; Libby, Peter; Roden, Dan M; Sadek, Hesham A; Seidman, Christine E; Vaughan, Douglas E

    2017-07-21

    Recent decades have witnessed robust successes in conquering the acutely lethal manifestations of heart and vascular diseases. Many patients who previously would have died now survive. Lifesaving successes like these provide a tremendous and easily recognized benefit to individuals and society. Although cardiovascular mortality has declined, the devastating impact of chronic heart disease and comorbidities on quality of life and healthcare resources continues unabated. Future strides, extending those made in recent decades, will require continued research into mechanisms underlying disease prevention, pathogenesis, progression, and therapeutic intervention. However, severe financial constraints currently jeopardize these efforts. To chart a path for the future, this report analyzes the challenges and opportunities we face in continuing the battle against cardiovascular disease and highlights the return on societal investment afforded by fundamental cardiovascular research. © 2017 American Heart Association, Inc.

  15. Implementasi CMMI dalam Sebuah Organisasi Pengembang Software untuk Mencapai Return on Investment (ROI yang Diinginkan

    Directory of Open Access Journals (Sweden)

    Ikrar Adinata Arin

    2012-06-01

    Full Text Available The main mechanism to achieve a level of maturity in the organization of software developers is always focused, structured and consistent in carrying out work procedures of a quality standard applied. This article offers readers an approach and discourse of using CMMI (Capability Maturity Model Integrated concept thatgives a positive impact on development of organizational business in a software developer. The goals of CMMI are getting the best product quality, increasing productivity, reducing operational costs as well as software development period and increasing customer’s satisfaction. Nevertheless, a leader of the organization shouldalso be able to take important decisions to be consistent with the estimated time of desired return on investment (ROI.

  16. The 3-year disease management effect: understanding the positive return on investment.

    Science.gov (United States)

    Nyman, John A; Jeffery, Molly Moore; Abraham, Jean M; Jutkowitz, Eric; Dowd, Bryan E

    2013-11-01

    Conventional wisdom suggests that health promotion programs yield a positive return on investment (ROI) in year 3. In the case of the University of Minnesota's program, a positive ROI was achieved in the third year, but it was due entirely to the effectiveness of the disease management (DM) program. The objective of this study is to investigate why. Differences-in-differences regression equations were estimated to determine the effect of DM participation on spending (overall and service specific), hospitalizations, and avoidable hospitalizations. Disease management participation reduced expenditures overall, and especially in the third year for employees, and reduced hospitalizations and avoidable hospitalizations. The positive ROI at Minnesota was due to increased effectiveness of DM in the third year (mostly due to fewer hospitalizations) but also to the simple durability of the average DM effect.

  17. A General Mathematical Framework for Calculating Systems-Scale Efficiency of Energy Extraction and Conversion: Energy Return on Investment (EROI) and Other Energy Return Ratios

    OpenAIRE

    Adam R. Brandt; Michael Dale

    2011-01-01

    The efficiencies of energy extraction and conversion systems are typically expressed using energy return ratios (ERRs) such as the net energy ratio (NER) or energy return on investment (EROI). A lack of a general mathematical framework prevents inter-comparison of NER/EROI estimates between authors: methods used are not standardized, nor is there a framework for succinctly reporting results in a consistent fashion. In this paper we derive normalized mathematical forms of four ERRs for energy ...

  18. Energy Returned On Investment of Engineered Geothermal Systems Annual Report FY2011

    Energy Technology Data Exchange (ETDEWEB)

    Mansure, A.J.

    2011-12-31

    Energy Return On Investment (EROI) is an important figure of merit for assessing the viability of energy alternatives. For geothermal electric power generation, EROI is determined by the electricity delivered to the consumer compared to the energy consumed to construct, operate, and decommission the facility. Critical factors in determining the EROI of Engineered Geothermal Systems (EGS) are examined in this work. These include the input energy embodied into the system. The embodied energy includes the energy contained in the materials, as well as, that consumed in each stage of manufacturing from mining the raw materials to assembling the finished plant. Also critical are the system boundaries and value of the energy - heat is not as valuable as electrical energy.

  19. Intangible Benefits Quantified: Insights from Micro-level Return on Investment Case Studies

    Science.gov (United States)

    Stewart, M. A.

    2013-12-01

    This presentation addresses the question: must socio-economic benefits of geospatial projects be considered intangible and thus unquantifiable? The question will be answered from the perspective of an engineer and geospatial practitioner, with examples provided from case studies using micro level financial analysis. Topics will include: 1. Quantification as a tool for setting and achieving goals, illustrated with individual and societal uses of measurement. 2. Geospatial data as a driver for economic and social development. 3. Building use cases from documented work processes, demographic information and external research results. 4. Moving beyond GDP to quantify the well being of individuals and society. 5. Extrapolation of case study results to quantify a technology's current and potential return on investment to society. 6. Is it realistic for society to work toward commonly held measurements of well being? Or should individual cases maintain uniquely developed measurements to more accurately characterize their results?

  20. Analysis of Return on Investment in Different Types of Agile Software Development Project Teams

    Directory of Open Access Journals (Sweden)

    Goran MILANOV

    2012-01-01

    Full Text Available This exploratory study of IT project teams in Serbia investigates how the choice of agile methods in different development project teams affects the return-on-investment (ROI. In this paper different types of software project teams are analyzed in order to examine and identify the business-value of using agile methods. In various software development project teams, the ROI of agile methods is yet to be fully explored, while the ROI of traditional methods is well-understood. Since ROI is important indicator of the projects success, in this paper we examine the factors that influence the ROI both from software solution customer point of view, and different agile project teams.

  1. Assessment of energy return on energy investment (EROEI of oil bearing crops for renewable fuel production

    Directory of Open Access Journals (Sweden)

    A. Restuccia

    2013-09-01

    Full Text Available As reported in literature the production of biodiesel should lead to a lower energy consumption than those obtainable with its use. So, to justify its consumption, a sustainable and “low input” production should be carried out. In order to assess the sustainability of Linum usitatissimum, Camelina sativa and Brassica carinata cultivation for biodiesel production in terms of energy used compared to that obtained, the index EROEI (Energy Return On Energy Invested has been used. At this aim, an experimental field was realised in the south-eastern Sicilian land. During the autumn-winter crop cycle, no irrigation was carried out and some suitable agricultural practices have been carried out taking into account the peculiarity of each type of used seeds. The total energy consumed for the cultivation of oil bearing crops from sowing to the production of biodiesel represents the Input of the process. In particular, this concerned the energy embodied in machinery and tools utilized, in seed, chemical fertilizer and herbicide but also the energy embodied in diesel fuels and lubricant oils. In addition, the energy consumption relating to machines and reagents required for the processes of extraction and transesterification of the vegetable oil into biodiesel have been calculated for each crops. The energy obtainable from biodiesel production, taking into account the energy used for seed pressing and for vegetable oil transesterification into biodiesel, represents the Output of the process. The ratio Output/Input gets the EROEI index which in the case of Camelina sativa and Linum usatissimum is greater than one. These results show that the cultivation of these crops for biofuels production is convenient in terms of energy return on energy investment. The EROEI index for Brassica carinata is lower than one. This could means that some factors, concerning mechanisation and climatic

  2. Estimating the Accuracy of the Return on Investment (ROI Performance Evaluations

    Directory of Open Access Journals (Sweden)

    Alexei Botchkarev

    2015-12-01

    Full Text Available Return on Investment (ROI is one of the most popular performance measurement and evaluation metrics. ROI analysis (when applied correctly is a powerful tool in comparing solutions and making informed decisions on the acquisitions of information systems. The purpose of this study is to provide a systematic research of the accuracy of the ROI evaluations in the context of information systems implementations. Measurements theory and error analysis, specifically propagation of uncertainties methods, were used to derive analytical expressions for ROI errors. Monte Carlo simulation methodology was used to design and deliver a quantitative experiment to model costs and returns estimating errors and calculate ROI accuracies. Spreadsheet simulation (Microsoft Excel spreadsheets enhanced with Visual Basic for Applications was used to implement Monte Carlo simulations. The main contribution of the study is that this is the first systematic effort to evaluate ROI accuracy. Analytical expressions have been derived for estimating errors of the ROI evaluations. Results of the Monte Carlo simulation will help practitioners in making informed decisions based on explicitly stated factors influencing the ROI uncertainties.

  3. The roles of the trading time risks on stock investment return and risks in stock price crashes

    Science.gov (United States)

    Li, Jiang-Cheng; Dong, Zhi-Wei; Yang, Guo-Hui; Long, Chao

    2017-03-01

    The roles of the trading time risks (TTRs) on stock investment return and risks are investigated in the condition of stock price crashes with Hushen300 data (CSI300) and Dow Jones Industrial Average (ˆDJI), respectively. In order to describe the TTR, we employ the escape time that the stock price drops from the maximum to minimum value in a data window length (DWL). After theoretical and empirical research on probability density function of return, the results in both ˆDJI and CSI300 indicate that: (i) As increasing DWL, the expectation of returns and its stability are weakened. (ii) An optimal TTR is related to a maximum return and minimum risk of stock investment in stock price crashes.

  4. A Simple Method for Causal Analysis of Return on IT Investment

    Science.gov (United States)

    Alemi, Farrokh; Zargoush, Manaf; Oakes, James L.; Edrees, Hanan

    2011-01-01

    This paper proposes a method for examining the causal relationship among investment in information technology (IT) and the organization's productivity. In this method, first a strong relationship among (1) investment in IT, (2) use of IT and (3) organization's productivity is verified using correlations. Second, the assumption that IT investment preceded improved productivity is tested using partial correlation. Finally, the assumption of what may have happened in the absence of IT investment, the so called counterfactual, is tested through forecasting productivity at different levels of investment. The paper applies the proposed method to investment in the Veterans Health Information Systems and Technology Architecture (VISTA) system. Result show that the causal analysis can be done, even with limited data. Furthermore, because the procedure relies on overall organization's productivity, it might be more objective than when the analyst picks and chooses which costs and benefits should be included in the analysis. PMID:23019515

  5. A Simple Method for Causal Analysis of Return on IT Investment

    Directory of Open Access Journals (Sweden)

    Farrokh Alemi

    2011-01-01

    Full Text Available This paper proposes a method for examining the causal relationship among investment in information technology (IT and the organization's productivity. In this method, first a strong relationship among (1 investment in IT, (2 use of IT and (3 organization's productivity is verified using correlations. Second, the assumption that IT investment preceded improved productivity is tested using partial correlation. Finally, the assumption of what may have happened in the absence of IT investment, the so called counterfactual, is tested through forecasting productivity at different levels of investment. The paper applies the proposed method to investment in the Veterans Health Information Systems and Technology Architecture (VISTA system. Result show that the causal analysis can be done, even with limited data. Furthermore, because the procedure relies on overall organization's productivity, it might be more objective than when the analyst picks and chooses which costs and benefits should be included in the analysis.

  6. Assessment of Cost Savings of DOE's Return-on-Investment Program

    International Nuclear Information System (INIS)

    Yuracko, K.L.

    2000-01-01

    The US Department of Energy (DOE) Office of Pollution Prevention (EM-77) created a successful internally competed program to fund innovative projects based on projected returns. This is called the Return-on-Investment (ROI) program. EM-77 conducted a successful ROI pilot, developed and implemented sound management practices, and successfully transferred the program to several Operations Offices. Over the past 4 years sites have completed 262 ROI projects (costing $18.8 million) with claimed first-year savings of $88 million and claimed life cycle savings exceeding $300 million. EM-77 requested that Oak Ridge National Laboratory perform an independent evaluation of the site-led, DOE-HQ-funded pollution prevention (P2) ROI program to assist the Department in determining whether claimed savings are real. The approach for conducting this evaluation was to analyze a sample of P2 projects to identify actual project cost savings and other actual benefits--e.g., amount of waste avoided. To determine the projects for review, EM-77 provided a list of EM-funded projects at two Operations Offices: Oak Ridge and Richland. Sixteen projects (eight from each Operations Office) were selected at random from this list for review. Project documentation was requested from the sites, and this was followed by face-to-face interviews with project personnel. of the 16 projects selected at random, two are still awaiting implementation, and no project interview was conducted for one project. Because the purpose of this study was to review projects after they have been implemented, the two uncompleted projects were eliminated from further consideration. The remainder of this report addresses the 13 completed projects for which we received documentation and performed interviews with project personnel. Both Oak Ridge and Richland staff pointed out that because of the selection approach used, this study did not review the most successful projects at their sites

  7. Integrated Marketing Communications (IMC) Variables That Influence Perceived Return on Investment (ROI) in Higher Education: Chief Marketing Officers' Perceptions

    Science.gov (United States)

    King, Adrienne L.

    2013-01-01

    This study examines the relationship of the level of Integrated Marketing Communications (IMC) implementation, level of open systems and change in state appropriations on perceived return on investment (ROI) in U.S. public higher education institutions (HEIs). Designed to provide HEI leaders with data to more accurately determine the best IMC…

  8. Return Predictability, Model Uncertainty, and Robust Investment

    DEFF Research Database (Denmark)

    Lukas, Manuel

    Stock return predictability is subject to great uncertainty. In this paper we use the model confidence set approach to quantify uncertainty about expected utility from investment, accounting for potential return predictability. For monthly US data and six representative return prediction models, we...... find that confidence sets are very wide, change significantly with the predictor variables, and frequently include expected utilities for which the investor prefers not to invest. The latter motivates a robust investment strategy maximizing the minimal element of the confidence set. The robust investor...... allocates a much lower share of wealth to stocks compared to a standard investor....

  9. Energy intensities, EROIs (energy returned on invested), and energy payback times of electricity generating power plants

    International Nuclear Information System (INIS)

    Weißbach, D.; Ruprecht, G.; Huke, A.; Czerski, K.; Gottlieb, S.; Hussein, A.

    2013-01-01

    The energy returned on invested, EROI, has been evaluated for typical power plants representing wind energy, photovoltaics, solar thermal, hydro, natural gas, biogas, coal and nuclear power. The strict exergy concept with no “primary energy weighting”, updated material databases, and updated technical procedures make it possible to directly compare the overall efficiency of those power plants on a uniform mathematical and physical basis. Pump storage systems, needed for solar and wind energy, have been included in the EROI so that the efficiency can be compared with an “unbuffered” scenario. The results show that nuclear, hydro, coal, and natural gas power systems (in this order) are one order of magnitude more effective than photovoltaics and wind power. - Highlights: ► Nuclear, “renewable” and fossil energy are comparable on a uniform physical basis. ► Energy storage is considered for the calculation, reducing the ERoEI remarkably. ► All power systems generate more energy than they consume. ► Photovoltaics, biomass and wind (buffered) are below the economical threshold

  10. More caution is needed when using life cycle assessment to determine energy return on investment (EROI)

    International Nuclear Information System (INIS)

    Arvesen, Anders; Hertwich, Edgar G.

    2015-01-01

    Cumulative energy demand (CED) estimates from life cycle assessments (LCAs) are increasingly used to determine energy return on investment (EROI), but the difference in indicators can lead to a misclassification of energy flows in the assessment. The core idea of EROI is to measure the relation of energy diverted from society to make energy available to society. CED, on the other hand, includes forms of energy that are not appropriated by society, such as fugitive methane emissions from oil wells as well as losses of heating value of coal during transport and storage. Such energy forms should be excluded from EROI; failure to do so leads to results that are inconsistent with the intention of EROI and potentially misleading. We demonstrate how this problem is at least partially rectifiable by adopting consistent energy accounting, but also note that among the energy flows not appropriated by society occurring in CED, not all flows can easily be removed. Further, we point to inconsistencies in heating value assumptions in a widely used database that have misled analysts. Finally, we argue that the differential weighting of primary energy forms in published CED-based EROI work is unsubstantiated and should be reconsidered. - Highlights: • LCA can be used to determine EROI, but misclassification of energy flows can occur. • Supply chain losses included in LCA need to be adjusted for when determining EROI. • Inconsistencies in heating value assumptions in LCA databases have misled analysts. • Differential weighting of primary energy forms in LCA-EROI should be reconsidered

  11. Energy Return on Investment for Norwegian Oil and Gas from 1991 to 2008

    Directory of Open Access Journals (Sweden)

    Mikael Höök

    2011-10-01

    Full Text Available Norwegian oil and gas fields are relatively new and of high quality, which has led, during recent decades, to very high profitability both financially and in terms of energy production. One useful measure for profitability is Energy Return on Investment, EROI. Our analysis shows that EROI for Norwegian petroleum production ranged from 44:1 in the early 1990s to a maximum of 59:1 in 1996, to about 40:1 in the latter half of the last decade. To compare globally, only very few, if any, resources show such favorable EROI values as those found in the Norwegian oil and gas sector. However, the declining trend in recent years is most likely due to ageing of the fields whereas varying drilling intensity might have a smaller impact on the net energy gain of the fields. We expect the EROI of Norwegian oil and gas production to deteriorate further as the fields become older. More energy-intensive production techniques will gain in importance.

  12. The Cost-Effectiveness and Return-On-Investment of a Combined Social and Physical Environmental Intervention in Office Employees

    Science.gov (United States)

    van Dongen, J. M.; Coffeng, J. K.; van Wier, M. F.; Boot, C. R. L.; Hendriksen, I. J. M.; van Mechelen, W.; Bongers, P. M.; van der Beek, A. J.; Bosmans, J. E.; van Tulder, M. W.

    2017-01-01

    This study explored the cost-effectiveness and return-on-investment of a combined social and physical environmental worksite health promotion program compared with usual practice, and of both intervention conditions separately. Participants were randomized to the combined intervention (n = 92), social environmental intervention (n = 118), physical…

  13. Long-Term Cost-Effectiveness and Return-on-Investment of a Mindfulness-Based Worksite Intervention

    NARCIS (Netherlands)

    Dongen, J.M. van; Berkel, J. van; Boot, C.R.L.; Bosmans, J.E.; Proper, K.I.; Bongers, P.M.; Beek, A.J. van der; Tulder, M.W. van; Wier, M.F. van

    2016-01-01

    Objectives: The aim of this study was to conduct a cost-effectiveness and return-on-investment analysis comparing a mindfulness-based worksite intervention to usual practice. Methods: Two hundred fifty-seven governmental research institute employees were randomized to the intervention or control

  14. The cost-effectiveness and return-on-investment of a combined social and physical environmental intervention in office employees

    NARCIS (Netherlands)

    van Dongen, J M; Coffeng, J K; van Wier, M F; Boot, Cecile R. L.; Hendriksen, I.J.M.; van Mechelen, W.; Bongers, Paulien M.; Van Der Beek, Allard J.; Bosmans, J E; van Tulder, M W

    2017-01-01

    This study explored the cost-effectiveness and return-on-investment of a combined social and physical environmental worksite health promotion program compared with usual practice, and of both intervention conditions separately. Participants were randomized to the combined intervention (n = 92),

  15. Developing and Implementing a Social Media Program While Optimizing Return on Investment--An MBA Program Case Study

    Science.gov (United States)

    Gilfoil, David M.; Aukers, Steven M.; Jobs, Charles G.

    2015-01-01

    Over the past decade, Web 2.0 has brought a wealth of opportunities for improving marketing effectiveness; social media platforms, in particular, have proven to be exceptional tools for realizing growth potential. The big question for businesses used to be how to measure and report financial return on investment (ROI) for social media ad spend to…

  16. Lib-Value: Values, Outcomes, and Return on Investment of Academic Libraries, Phase III: ROI of the Syracuse University Library

    Science.gov (United States)

    Kingma, Bruce; McClure, Kathleen

    2015-01-01

    This study measures the return on investment (ROI) of the Syracuse University library. Faculty and students at Syracuse University were surveyed using contingent valuation methodology to measure their willingness to pay in time and money for the services of the academic library. Their travel time and use of the online library was measured to…

  17. Financial return-on-investment of ophthalmic interventions: a new paradigm.

    Science.gov (United States)

    Brown, Melissa M; Brown, Gary C; Lieske, Heidi B; Lieske, P Alexander

    2014-05-01

    Although the patient value gain (improvement in quality-of-life and/or length-of-life) has been highlighted in Value-based Medicine cost-utility analyses, the financial value gain associated with healthcare interventions has received less emphasis. It is important for professional healthcare providers to realize their interventions often confer a large financial return-on-investment (ROI) to society. The societal costs associated with vitreoretinal and other ophthalmic interventions include: direct ophthalmic medical costs expended (hospital, physician, drug, diagnostic testing and so forth), direct medical costs saved (decreased costs for depression, injury, skilled nursing facility, nursing home and others), direct nonmedical costs saved (decreased costs for caregivers, transportation, residence costs, moving costs, and others), and indirect medical costs saved (improving employment incidence and wages). The financial ROI for direct ophthalmic medical costs expended for ranibizumab therapy for neovascular age-related macular degeneration is 450%, whereas that for cataract surgery is 4500% and for medical open-angle glaucoma therapy is 4000%. Many costs gained add to the Gross Domestic Product and increase the wealth of the nation. Many vitreoretinal and other ophthalmologic interventions confer considerable patient value, but also result in a large financial ROI to society. This financial ROI increases the wealth of the nation.

  18. Antiherding in Financial Decision Increases Valuation of Return on Investment: An Event-Related Potential Study

    Directory of Open Access Journals (Sweden)

    Cuicui Wang

    2017-01-01

    Full Text Available Using event-related potentials, this study investigated how financial herding or antiherding affected the valuation of subsequent outcomes. For each trial, subjects decided whether to buy the stock according to its net money flow information which could be used to reflect the strength of buying power or selling power of the stock. The return on investment (ROI as feedback included the increase or decrease percentage after subjects’ responses. Results showed that, compared with herding, antiherding induced larger discrepancies of FRN and P300 amplitude between positive ROI and negative ROI, indicating that individuals under antiherding condition had stronger motivation and paid more attention in the evaluation process of ROI. Moreover, only for positive ROI, the amplitudes of FRN and P300 were modulated by two kinds of behaviors. We suggested that individuals making antiherd decisions were more confident with their own ability and choices, which reduced the positive outcome prediction error and gave more mental resources to evaluate positive outcome. However, negative outcomes evoked no different motivational meaning and negative emotion for individuals between herding and antiherding. The study may provide new insights into neurocognitive processes of herding and antiherding in financial market.

  19. Antiherding in Financial Decision Increases Valuation of Return on Investment: An Event-Related Potential Study.

    Science.gov (United States)

    Wang, Cuicui; Jin, Jia; Vieito, João Paulo; Ma, Qingguo

    2017-01-01

    Using event-related potentials, this study investigated how financial herding or antiherding affected the valuation of subsequent outcomes. For each trial, subjects decided whether to buy the stock according to its net money flow information which could be used to reflect the strength of buying power or selling power of the stock. The return on investment (ROI) as feedback included the increase or decrease percentage after subjects' responses. Results showed that, compared with herding, antiherding induced larger discrepancies of FRN and P300 amplitude between positive ROI and negative ROI, indicating that individuals under antiherding condition had stronger motivation and paid more attention in the evaluation process of ROI. Moreover, only for positive ROI, the amplitudes of FRN and P300 were modulated by two kinds of behaviors. We suggested that individuals making antiherd decisions were more confident with their own ability and choices, which reduced the positive outcome prediction error and gave more mental resources to evaluate positive outcome. However, negative outcomes evoked no different motivational meaning and negative emotion for individuals between herding and antiherding. The study may provide new insights into neurocognitive processes of herding and antiherding in financial market.

  20. Simulation of investment returns of toll projects.

    Science.gov (United States)

    2013-08-01

    This research develops a methodological framework to illustrate key stages in applying the simulation of investment returns of toll projects, acting as an example process of helping agencies conduct numerical risk analysis by taking certain uncertain...

  1. Active Redesign of a Medicaid Care Management Strategy for Greater Return on Investment: Predicting Impactability.

    Science.gov (United States)

    DuBard, C Annette; Jackson, Carlos T

    2018-04-01

    Care management of high-cost/high-needs patients is an increasingly common strategy to reduce health care costs. A variety of targeting methodologies have emerged to identify patients with high historical or predicted health care utilization, but the more pertinent question for program planners is how to identify those who are most likely to benefit from care management intervention. This paper describes the evolution of complex care management targeting strategies in Community Care of North Carolina's (CCNC) work with the statewide non-dual Medicaid population, culminating in the development of an "Impactability Score" that uses administrative data to predict achievable savings. It describes CCNC's pragmatic approach for estimating intervention effects in a historical cohort of 23,455 individuals, using a control population of 14,839 to determine expected spending at an individual level, against which actual spending could be compared. The actual-to-expected spending difference was then used as the dependent variable in a multivariate model to determine the predictive contribution of a multitude of demographic, clinical, and utilization characteristics. The coefficients from this model yielded the information required to build predictive models for prospective use. Model variables related to medication adherence and historical utilization unexplained by disease burden proved to be more important predictors of impactability than any given diagnosis or event, disease profile, or overall costs of care. Comparison of this approach to alternative targeting strategies (emergency department super-utilizers, inpatient super-utilizers, or patients with highest Hierarchical Condition Category risk scores) suggests a 2- to 3-fold higher return on investment using impactability-based targeting.

  2. Integrating asthma education and smoking cessation for parents: financial return on investment.

    Science.gov (United States)

    McQuaid, Elizabeth L; Garro, Aris; Seifer, Ronald; Hammond, S Katharine; Borrelli, Belinda

    2012-10-01

    Caregivers who smoke and have children with asthma are an important group for intervention. Home-based interventions successfully reduce asthma morbidity, yet are costly. This study evaluated the financial return on investment (ROI) of the Parents of Asthmatics Quit Smoking (PAQS) program, a combined asthma education and smoking cessation intervention. Participants included caregivers (n = 224) that smoked, had a child with asthma, and were enrolled in a Medicaid managed care plan. Participants received nurse-delivered asthma education and smoking counseling in three home visits. Program implementation costs were estimated, and healthcare expenses were obtained from insurance claims data 12 months pre- and 12 months post intervention. ROI was calculated for all participants, children <6 years, children 6-18 years, and children with moderate/severe persistent asthma. Total program implementation cost was $34,481. After intervention, there was increased mean annual refills of beta-agonist (0.51 pre, 1.64 post; P < 0.001), and controller medications (0.65 pre, 2.44 post; P < 0.001). Reductions were found in mean annual emergency department visits (0.33 pre, 0.14 post; P < 0.001), hospitalizations (0.23 pre, 0.08 post; P < 0.001), and outpatient visits (2.33 pre, 1.45 post, P < 0.001). The program had negative ROI (-21.8%) for the entire sample. The ROI was positive (+106.9) for children <6 years, negative (-150.3) for children 6-18, and negligible for moderate/severe persistent asthma (+6.9%). PAQS was associated with increased medication use and decreased healthcare utilization. While the overall ROI for PAQS was negative, PAQS had a positive ROI for caregivers of young children with asthma. Copyright © 2012 Wiley Periodicals, Inc.

  3. High Return on Investments in Scientist-Educator Partnerships: Broader Impact Strategies That Endure and Propagate

    Science.gov (United States)

    Peach, C. L.; Franks, S. E.

    2004-12-01

    -mail and personal inquiry we actively recruit PIs who are contemplating or preparing proposals. We rapidly review the research proposed, assess the PIs' goals and preferences with respect to broader impact, and present them with a small number of well fitting options. PIs then indicate their preferences, and we make the necessary connections with individuals and organizations, write/edit the relevant proposal text, budgets, justifications, work plans, support letters, coordinate with the responsible business offices, and make sure that both the PIs and the education partners are happy with the final plan. Business is flourishing as are the scientist-educator partnerships catalyzed through COSEE. As the COSEE network matures, these catalytic activities are rapidly becoming a national network effort. An unanticipated outcome of our work is that our initial "brokering" sometimes ignites scientist-educator interactions that expand and propagate without additional effort on our part and in some cases even without our knowledge. So, while catalyzing long-lived partnerships has always been our goal, we are excited and motivated by this phenomenon that we hope will one day be a hallmark of a transformed academic culture in which scientists' investments in educational outreach have ever higher returns.

  4. Return on investment of advanced practice medical degrees: NPs vs. PAs.

    Science.gov (United States)

    Craig, Christopher K; Holmes, James H; Carter, Jeffery E

    2017-06-01

    As the United States faces a predicted physician shortage over the next 2 decades, physician assistants (PAs) and NPs are expected to fill the void. At the same time, because education is expensive, student loan and tuition increases have many potential applicants assessing differences in reimbursement and wondering about their return on investment (ROI). An analysis compared PA and NP salaries by incorporating national salary data, federal income tax, and student loans for a comparative analysis of each career pathway. Salaries were abstracted from the 2012 Bureau of Labor Statistics database. The net present value (NPV) of PA and NP salaries was calculated with a 5% discount rate. Principal and interest for student loans was calculated at a 6% interest fixed-rate loan over 30 years. NPVs were then compared with projected ROI at retirement age. Relative career values were also given to each career choice, based on a retirement age of 65 years, which translates to about 41 years of employment for both PAs and NPs. PAs' and NPs' educational loans both equalled $129,484 on total repayment. The median annual salary of a PA was $90,930 and $89,960 for an NP. PA data yielded a 5% NPV of $781,323 compared with $764,348 for NPs. Of note, the 5% NPV of a 4-year nursing degree is $728,436. PAs have a slightly higher ROI compared with NPs. These findings may change due to adjustments in nursing training models. Many PA programs allow matriculation immediately after obtaining a bachelor's degree. NP schools often require nursing experience before entering their program. Some schools are considering an accelerated NP program, allowing immediate matriculation after obtaining a bachelor's degree. Because many NP programs have become doctoral degrees, the increased duration of training, higher tuition, and fewer years worked before retirement lower the overall NP ROI. A similar reduction in ROI was considered marginal in PAs who attend residency programs-though these programs are

  5. Identifying the Return on Investment for Army Migration to a Modular Open Systems Approach for Future and Legacy Systems

    Science.gov (United States)

    2017-04-05

    Identifying the Return on Investment for Army Migration to a Modular Open Systems Approach for Future and Legacy Systems Phillip Minor...Authorization Act (NDAA) of 2015, cites the modular open systems approach (MOSA) as both a business and technical strategy to reduce the cost of system ...access the service over the network. Combine the advances cited above with the emergence of systems developed using the modular open systems approach

  6. What will it take for disease management to demonstrate a return on investment? New perspectives on an old theme.

    Science.gov (United States)

    Linden, Ariel Linden

    2006-04-01

    Disease management programs are expected (and usually contractually required) to reduce total costs in the diseases they manage. To discuss the appropriateness of using utilization indexes in lieu of cost and the importance of reviewing utilization trends to determine whether sufficient opportunity exists for a program to be financially effective; and to conduct an analysis to determine the number of admissions that must be reduced for a program to achieve various levels of return on investment. Descriptive. Historical inpatient cost trends, discharges per 10,000 population, the mean length of stay, and emergency department visits per 10,000 population for acute myocardial infarction, congestive heart failure, asthma, and diabetes mellitus are presented. A "number-needed-to-decrease" analysis is performed to determine the number of admissions or emergency department visits that must be reduced to meet varying levels of return on investment. (1) Hospital days per 10,000 population for these conditions trended downward, while costs during the same period escalated. (2) Discharge and emergency department visit rates per 10,000 population were flat and low during the observation period, while the mean length of stay declined. Results of the number-needed-to-decrease analysis suggest that disease management programs will have to decrease admissions 10% to 30% to cover program fees alone. A review of historical utilization trends and a number-needed-to-decrease analysis should be conducted before disease management program implementation to determine whether sufficient opportunity exists to reduce utilization to levels that will ensure a positive return on investment.

  7. Energy Return on Investment (EROI) for Forty Global Oilfields Using a Detailed Engineering-Based Model of Oil Production

    Science.gov (United States)

    Brandt, Adam R.; Sun, Yuchi; Bharadwaj, Sharad; Livingston, David; Tan, Eugene; Gordon, Deborah

    2015-01-01

    Studies of the energy return on investment (EROI) for oil production generally rely on aggregated statistics for large regions or countries. In order to better understand the drivers of the energy productivity of oil production, we use a novel approach that applies a detailed field-level engineering model of oil and gas production to estimate energy requirements of drilling, producing, processing, and transporting crude oil. We examine 40 global oilfields, utilizing detailed data for each field from hundreds of technical and scientific data sources. Resulting net energy return (NER) ratios for studied oil fields range from ≈2 to ≈100 MJ crude oil produced per MJ of total fuels consumed. External energy return (EER) ratios, which compare energy produced to energy consumed from external sources, exceed 1000:1 for fields that are largely self-sufficient. The lowest energy returns are found to come from thermally-enhanced oil recovery technologies. Results are generally insensitive to reasonable ranges of assumptions explored in sensitivity analysis. Fields with very large associated gas production are sensitive to assumptions about surface fluids processing due to the shifts in energy consumed under different gas treatment configurations. This model does not currently include energy invested in building oilfield capital equipment (e.g., drilling rigs), nor does it include other indirect energy uses such as labor or services. PMID:26695068

  8. Energy Return on Investment (EROI for Forty Global Oilfields Using a Detailed Engineering-Based Model of Oil Production.

    Directory of Open Access Journals (Sweden)

    Adam R Brandt

    Full Text Available Studies of the energy return on investment (EROI for oil production generally rely on aggregated statistics for large regions or countries. In order to better understand the drivers of the energy productivity of oil production, we use a novel approach that applies a detailed field-level engineering model of oil and gas production to estimate energy requirements of drilling, producing, processing, and transporting crude oil. We examine 40 global oilfields, utilizing detailed data for each field from hundreds of technical and scientific data sources. Resulting net energy return (NER ratios for studied oil fields range from ≈2 to ≈100 MJ crude oil produced per MJ of total fuels consumed. External energy return (EER ratios, which compare energy produced to energy consumed from external sources, exceed 1000:1 for fields that are largely self-sufficient. The lowest energy returns are found to come from thermally-enhanced oil recovery technologies. Results are generally insensitive to reasonable ranges of assumptions explored in sensitivity analysis. Fields with very large associated gas production are sensitive to assumptions about surface fluids processing due to the shifts in energy consumed under different gas treatment configurations. This model does not currently include energy invested in building oilfield capital equipment (e.g., drilling rigs, nor does it include other indirect energy uses such as labor or services.

  9. Evaluating return on investment in a school based health promotion and prevention program: the investment multiplier for the Stephanie Alexander Kitchen Garden National Program.

    Science.gov (United States)

    Eckermann, Simon; Dawber, James; Yeatman, Heather; Quinsey, Karen; Morris, Darcy

    2014-08-01

    Successful health promotion and disease prevention strategies in complex community settings such as primary schools rely on acceptance and ownership across community networks. Assessing multiplier impacts from investment on related community activity over time are suggested as key alongside evidence of program health effects on targeted groups of individuals in gauging community network engagement and ownership, dynamic impacts, and program long term success and return on investment. An Australian primary school based health promotion and prevention strategy, the Stephanie Alexander Kitchen Garden National Program (SAKGNP), which has been providing garden and kitchen classes for year 3-6 students since 2008, was evaluated between 2011 and 2012. Returns on Australian Federal Government investment for school infrastructure grants up to $60,000 are assessed up to and beyond a two year mutual obligation period with: (i) Impacts on student lifestyle behaviours, food choices and eating habits surveyed across students (n = 491 versus 260) and parents (n = 300 versus 234) in 28 SAKGNP and 14 matched schools, controlling for school and parent level confounders and triangulated with SAKGNP pre-post analysis; (ii) Multiplier impacts of investment on related school and wider community activity up to two years; and (iii) Evidence of continuation and program evolution in schools observed beyond two years. SAKGNP schools showed improved student food choices (p = 0.024) and kitchen lifestyle behaviour (p = 0.019) domains compared to controls and in pre-post analysis where 20.0% (58/290) reported eating fruit and vegetables more often and 18.6% (54/290) preparing food at home more often. No significant differences were found in case control analysis for eating habits or garden lifestyle behaviour domains, although 32.3% of children helped more in the garden (91/278) and 15.6% (45/289) ate meals together more often in pre-post analysis. The multiplier impact on total

  10. Return on Investment (ROI) for Education Philanthropy: Focus on the Bottom Line. Research into Practice

    Science.gov (United States)

    Johnston, J. Howard

    2011-01-01

    Education is a top-priority funding area for corporate philanthropy, mostly because corporate leaders recognize that strategic investments in education can have long-term pay off for their companies as well as for students and schools. It is also one of the most visible and effective means for demonstrating a company's commitment to corporate…

  11. Risk-return Performance of Residential Property Investment in Abuja ...

    African Journals Online (AJOL)

    Sultan

    2017-06-20

    Jun 20, 2017 ... Keywords: property investment performance, risk-return analysis, ANO VA and HSD-tukey test. ATBU Journal of Environmental Technology 10, 1, June 2017. 95 ... minimizing the effect of risk, therefore return .... listed companies and UACN within a given .... information on rent and sales between 2001 and.

  12. Implications of net energy-return-on-investment for a low-carbon energy transition

    Science.gov (United States)

    King, Lewis C.; van den Bergh, Jeroen C. J. M.

    2018-04-01

    Low-carbon energy transitions aim to stay within a carbon budget that limits potential climate change to 2 °C—or well below—through a substantial growth in renewable energy sources alongside improved energy efficiency and carbon capture and storage. Current scenarios tend to overlook their low net energy returns compared to the existing fossil fuel infrastructure. Correcting from gross to net energy, we show that a low-carbon transition would probably lead to a 24-31% decline in net energy per capita by 2050, which implies a strong reversal of the recent rising trends of 0.5% per annum. Unless vast end-use efficiency savings can be achieved in the coming decades, current lifestyles might be impaired. To maintain the present net energy returns, solar and wind renewable power sources should grow two to three times faster than in other proposals. We suggest a new indicator, `energy return on carbon', to assist in maximizing the net energy from the remaining carbon budget.

  13. Return on Investment of a Work-Family Intervention: Evidence From the Work, Family, and Health Network.

    Science.gov (United States)

    Barbosa, Carolina; Bray, Jeremy W; Dowd, William N; Mills, Michael J; Moen, Phyllis; Wipfli, Brad; Olson, Ryan; Kelly, Erin L

    2015-09-01

    To estimate the return on investment (ROI) of a workplace initiative to reduce work-family conflict in a group-randomized 18-month field experiment in an information technology firm in the United States. Intervention resources were micro-costed; benefits included medical costs, productivity (presenteeism), and turnover. Regression models were used to estimate the ROI, and cluster-robust bootstrap was used to calculate its confidence interval. For each participant, model-adjusted costs of the intervention were $690 and company savings were $1850 (2011 prices). The ROI was 1.68 (95% confidence interval, -8.85 to 9.47) and was robust in sensitivity analyses. The positive ROI indicates that employers' investment in an intervention to reduce work-family conflict can enhance their business. Although this was the first study to present a confidence interval for the ROI, results are comparable with the literature.

  14. An evaluation of the Well at Dell health management program: health risk change and financial return on investment.

    Science.gov (United States)

    Musich, Shirley; McCalister, Tre'; Wang, Sara; Hawkins, Kevin

    2015-01-01

    To investigate the effectiveness of the Well at Dell comprehensive health management program in delivering health care and productivity cost savings relative to program investment (i.e., return on investment). A quasi-experimental design was used to quantify the financial impact of the program and nonexperimental pre-post design to evaluate change in health risks. Ongoing worksite health management program implemented across multiple U.S. locations. Subjects were 24,651 employees with continuous medical enrollment in 2010-2011 who were eligible for 2011 health management programming. Incentive-driven, outcomes-based multicomponent corporate health management program including health risk appraisal (HRA)/wellness, lifestyle management, and disease management coaching programs. Medical, pharmacy, and short-term disability pre/post expenditure trends adjusted for demographics, health status, and baseline costs. Self-reported health risks from repeat HRA completers. Analysis: Propensity score-weighted and multivariate regression-adjusted comparison of baseline to post trends in health care expenditures and productivity costs for program participants and nonparticipants (i.e., difference in difference) relative to programmatic investment. The Well at Dell program achieved an overall return on investment of 2.48 in 2011. Most of the savings were realized from the HRA/wellness component of the program. Cost savings were supported with high participation and significant health risk improvement. An incentive-driven, well-managed comprehensive corporate health management program can continue to achieve significant health improvement while promoting health care and productivity cost savings in an employee population.

  15. Use of expenditure analysis to enhance returns on investments in HIV services.

    Science.gov (United States)

    Honermann, Brian; O'Hagan, Richael

    2017-09-01

    Globally, the response to the HIV epidemic is at a crisis point. International investments in the HIV response have been essentially flat for 8 years and domestic budgets in low and middle-income countries - still recovering from the global recession - have not been able to fill the resource gap to drive a full-fledged HIV response. Still, efficiencies and prioritization of evidence-based interventions enable a significant scale-up of treatment, but millions more people remain without treatment. This review looks at recent data and research to evaluate interventions that may help close gaps in service provision that undermine testing and treatment programs. The President's Emergency Plan for AIDS Relief recently began publicly releasing vast programmatic and expenditure data. These data reveal potential efficiency gaps in testing and treatment programs, particularly in the area of linkage and retention. Interventions such as HIV self-testing have been proposed to help, but whether they can deliver better results remains unclear. Same-day initiation on treatment improves initiation, retention, and viral suppression rates. Near real-time analysis of data and active response is critical in improving efficiencies in programs. More investment in implementation research is necessary to improve linkage to care and treatment to reach 90-90-90 goals.

  16. Integrated Portfolio Analysis: Return on Investment and Real Options Analysis of Intelligence Information Systems (Cryptologic Carry On Program)

    National Research Council Canada - National Science Library

    Rios, Jr., Cesar G; Housel, Thomas; Mun, Johnathan

    2006-01-01

    ...) on individual projects, programs, and processes within a portfolio of IT investments. Using KVA historical data as a platform, the authors evaluate potential strategic investments with real options analysis...

  17. Measuring the Return on Investment of Nuclear Security Training: The Case of the WINS Academy Professional Society

    International Nuclear Information System (INIS)

    Battistella, B.; Howsley, R.; Johnson, D.

    2015-01-01

    The challenges inherent in managing nuclear and radiological materials are complex and growing; ensuring that such materials remain secure requires competent management supported by ongoing training. The nuclear industry is increasingly becoming aware of the need for nuclear security: numerous dedicated training centres have been established worldwide and the IAEA holds approximately 60 international nuclear security training events annually. International training programmes have been conducted in various fields over decades but assessing their value and having the assurance that these training have had a sustainable impact remain difficult. In the field of nuclear security training, no assessment is being made of the degree to which the investment made is making a difference in building sustainable capacity and capability. This paper aims to discuss a methodology to assess the return on investment of nuclear security training. WINS has established a new professional society called the WINS Academy Alumni, for those individuals who have achieved certification through the WINS Academy. This platform proposes a structure, based on established competency frameworks, through which to measure the return on investment and performance improvement of nuclear security training. The objectives of the WINS Academy society are to stay engaged with certified Alumni, track their continued professional development progress, provide them with additional opportunities, and encourage their continued security competence through recertification. We envision that these certified practitioners will in turn promote certification and continual professional development among their peers to help build a network of security-trained professionals that will lead to meaningful and sustainable changes to security culture worldwide. In the long run (5–10 years), we envision that this group will be at the forefront of new professional requirements for nuclear security competence, with

  18. Return on Scientific Investment - RoSI: a PMO dynamical index proposal for scientific projects performance evaluation and management.

    Science.gov (United States)

    Caous, Cristofer André; Machado, Birajara; Hors, Cora; Zeh, Andrea Kaufmann; Dias, Cleber Gustavo; Amaro Junior, Edson

    2012-01-01

    To propose a measure (index) of expected risks to evaluate and follow up the performance analysis of research projects involving financial and adequate structure parameters for its development. A ranking of acceptable results regarding research projects with complex variables was used as an index to gauge a project performance. In order to implement this method the ulcer index as the basic model to accommodate the following variables was applied: costs, high impact publication, fund raising, and patent registry. The proposed structured analysis, named here as RoSI (Return on Scientific Investment) comprises a pipeline of analysis to characterize the risk based on a modeling tool that comprises multiple variables interacting in semi-quantitatively environments. This method was tested with data from three different projects in our Institution (projects A, B and C). Different curves reflected the ulcer indexes identifying the project that may have a minor risk (project C) related to development and expected results according to initial or full investment. The results showed that this model contributes significantly to the analysis of risk and planning as well as to the definition of necessary investments that consider contingency actions with benefits to the different stakeholders: the investor or donor, the project manager and the researchers.

  19. Return on Scientific Investment – RoSI: a PMO dynamical index proposal for scientific projects performance evaluation and management

    Directory of Open Access Journals (Sweden)

    Cristofer André Caous

    2012-06-01

    Full Text Available Objective: To propose a measure (index of expected risks to evaluateand follow up the performance analysis of research projects involvingfinancial and adequate structure parameters for its development.Methods: A ranking of acceptable results regarding researchprojects with complex variables was used as an index to gauge aproject performance. In order to implement this method the ulcerindex as the basic model to accommodate the following variableswas applied: costs, high impact publication, fund raising, and patentregistry. The proposed structured analysis, named here as RoSI(Return on Scientific Investment comprises a pipeline of analysis tocharacterize the risk based on a modeling tool that comprises multiplevariables interacting in semi-quantitatively environments. Results:This method was tested with data from three different projects in ourInstitution (projects A, B and C. Different curves reflected the ulcer indexes identifying the project that may have a minor risk (project C related to development and expected results according to initial or full investment. Conclusion: The results showed that this model contributes significantly to the analysis of risk and planning as well as to the definition of necessary investments that consider contingency actions with benefits to the different stakeholders: the investor or donor, the project manager and the researchers.

  20. Return on investment for vendor computerized physician order entry in four community hospitals: the importance of decision support.

    Science.gov (United States)

    Zimlichman, Eyal; Keohane, Carol; Franz, Calvin; Everett, Wendy L; Seger, Diane L; Yoon, Catherine; Leung, Alexander A; Cadet, Bismarck; Coffey, Michael; Kaufman, Nathan E; Bates, David W

    2013-07-01

    In-hospital adverse events are a major cause of morbidity and mortality and represent a major cost burden to health care systems. A study was conducted to evaluate the return on investment (ROI) for the adoption of vendor-developed computerized physician oder entry (CPOE) systems in four community hospitals in Massachusetts. Of the four hospitals, two were under one management structure and implemented the same vendor-developed CPOE system (Hospital Group A), while the other two were under a second management structure and implemented another vendor-developed CPOE system (Hospital Group B). Cost savings were calculated on the basis of reduction in preventable adverse drug event (ADE) rates as measured previously. ROI, net cash flow, and the breakeven point during a 10-year cost-and-benefit model were calculated. At the time of the study, none of the participating hospitals had implemented more than a rudimentary decision support system together with CPOE. Implementation costs were lower for Hospital Group A than B ($7,130,894 total or $83/admission versus $19,293,379 total or $113/admission, respectively), as were preventable ADE-related avoided costs ($7,937,651 and $16,557,056, respectively). A cost-benefit analysis demonstrated that Hospital Group A had an ROI of 11.3%, breaking even on the investment eight years following implementation. Hospital Group B showed a negative return, with an ROI of -3.1%. Adoption of vendor CPOE systems in community hospitals was associated with a modest ROI at best when applying cost savings attributable to prevention of ADEs only. The modest financial returns can beattributed to the lack of clinical decision support tools.

  1. Bedside ROP screening and telemedicine interpretation integrated to a neonatal transport system: Economic aspects and return on investment analysis.

    Science.gov (United States)

    Kovács, Gábor; Somogyvári, Zsolt; Maka, Erika; Nagyjánosi, László

    Peter Cerny Ambulance Service - Premature Eye Rescue Program (PCA-PERP) uses digital retinal imaging (DRI) with remote interpretation in bedside ROP screening, which has advantages over binocular indirect ophthalmoscopy (BIO) in screening of premature newborns. We aimed to demonstrate that PCA-PERP provides good value for the money and to model the cost ramifications of a similar newly launched system. As DRI was demonstrated to have high diagnostic performance, only the costs of bedside DRI-based screening were compared to those of traditional transport and BIO-based screening (cost-minimization analysis). The total costs of investment and maintenance were analyzed with micro-costing method. A ten-year analysis time-horizon and service provider's perspective were applied. From the launch of PCA-PERP up to the end of 2014, 3722 bedside examinations were performed in the PCA covered central region of Hungary. From 2009 to 2014, PCA-PERP saved 92,248km and 3633 staff working hours, with an annual nominal cost-savings ranging from 17,435 to 35,140 Euro. The net present value was 127,847 Euro at the end of 2014, with a payback period of 4.1years and an internal rate of return of 20.8%. Our model presented the NPVs of different scenarios with different initial investments, annual number of transports and average transport distances. PCA-PERP as bedside screening with remote interpretation, when compared to a transport-based screening with BIO, produced better cost-savings from the perspective of the service provider and provided a return on initial investment within five years after the project initiation. Copyright © 2017 Elsevier B.V. All rights reserved.

  2. The social return on investment in the energy efficiency of buildings in Germany

    International Nuclear Information System (INIS)

    Kuckshinrichs, Wilhelm; Kronenberg, Tobias; Hansen, Patrick

    2010-01-01

    The German government has developed a variety of policy instruments intended to reduce national CO 2 emissions. These instruments include a programme administered by KfW bank, which aims at improving the energy efficiency of buildings. It provides attractive credit conditions or subsidies to finance refurbishment measures which improve the energy efficiency of buildings significantly. The refurbishment programme leads to a reduction in energy use, which benefits private investors by reducing their energy bills. In order to estimate whether the programme benefits society as a whole, additional effects must be taken into account, such as the amount of employment generated and the impact on the public budget. The aim of this paper is to evaluate the social benefits of the German CO 2 refurbishment programme for the years 2005-2007. An extended input-output model is used to estimate the effect of the refurbishment works on public revenue via taxes and social security contributions. The value of avoided CO 2 emissions is approximated using a range of marginal damage estimates from the literature. From these social benefits, the programme cost is deducted. The net social benefit thus computed turns out to be positive. This finding suggests that the refurbishment programme is a reasonable investment of public funds.

  3. A General Mathematical Framework for Calculating Systems-Scale Efficiency of Energy Extraction and Conversion: Energy Return on Investment (EROI and Other Energy Return Ratios

    Directory of Open Access Journals (Sweden)

    Adam R. Brandt

    2011-08-01

    Full Text Available The efficiencies of energy extraction and conversion systems are typically expressed using energy return ratios (ERRs such as the net energy ratio (NER or energy return on investment (EROI. A lack of a general mathematical framework prevents inter-comparison of NER/EROI estimates between authors: methods used are not standardized, nor is there a framework for succinctly reporting results in a consistent fashion. In this paper we derive normalized mathematical forms of four ERRs for energy extraction and conversion pathways. A bottom-up (process model formulation is developed for an n-stage energy harvesting and conversion pathway with various system boundaries. Formations with the broadest system boundaries use insights from life cycle analysis to suggest a hybrid process model/economic input output based framework. These models include indirect energy consumption due to external energy inputs and embodied energy in materials. Illustrative example results are given for simple energy extraction and conversion pathways. Lastly, we discuss the limitations of this approach and the intersection of this methodology with “top-down” economic approaches.

  4. Solar PV leasing in Singapore: enhancing return on investments with options

    Science.gov (United States)

    Song, Shuang; Poh, K. L.

    2017-05-01

    Renewable energy is getting more important nowadays as an alternative to traditional energies. Solar energy, according to Energy Market Authority, is the most viable in the context of Singapore compared to other renewable energy sources due to land constraints. In light of the increasing adoption of solar power in Singapore, this paper focuses on solar PV leasing using a case study. This paper assesses the prospect for solar PV leasing companies in Singapore through the lens of embedded real options. The recent news that solar power is becoming the cheapest form of new electricity presents the leasing company an option to expand the scale of solar PV system. Taking into account this option, the Net Present Value (NPV) of the investment increased significantly compared to the case without real options. Technological developments result in a continuously changing environment with uncertainties. Thus, decision makers need to be aware of the inherent risk associated and identify options to maximize NPV. This upside potential is realized by exercising the managerial flexibility and exploiting the uncertainty. The paper enables solar energy planners to consider possible managerial flexibilities under uncertainties, showing how option thinking can be incorporated in the valuation of solar energy.

  5. The impact of exchange rate EUR/USD on the rate of return of bond investments denominated in US dollar from the point of view of euro investor

    Directory of Open Access Journals (Sweden)

    Oldřich Šoba

    2009-01-01

    Full Text Available Investment opportunities into foreign curruncies financial assets are rising because of financial markets globalization, financial markets integration and evolution of modern information technologies. The currency risk relates to these cases when investor converts cash from and into domestic currency. The currency risk is determined by unexcepeted change of exchange rate (currency of financial asset denomination / investor’s domestic currency during duration of the investment.Objective of the paper is quantification and analysis of exchange rate EUR/USD impact on the rate of return of bond investments denominated in US dollar from the point of view of a euro investor for investment horizons of different length.The analysis is realized for following investment horizons: 1 year, 2 years, 3 years, 5 years, 7 years, 10 year and 12 year. Complementary investment horizons are: month and 15 year. Bond investments denominated just US dollar are represented by investments into ING bond unit trust in period December 1989–December 2007. The unit trust invests into bonds with high rating (for example governmants bonds etc.. These bonds are denominated in USD only. Methodology of the analysis is based on quantification of proportion of exchange rate EUR/USD impact on the rate of return of bond investment denominated in USD. The share is based on basic piece of knowledge of the uncovered interest rate parity.

  6. Returns on investments in energy-saving technologies under energy price uncertainty in Dutch greenhouse horticulture

    NARCIS (Netherlands)

    Diederen, P.J.M.; Tongeren, van F.W.; Veen, van der H.B.

    2003-01-01

    Conventional net present value calculations evaluating the profitability of investments in energy-saving technologies in Dutch horticultural outlays predict a much higher rate of adoption of these technologies than is actually observed. This paper tries to explain this gap by applying a real options

  7. The estimation of the return on firms' investments – as to ISO 9001

    African Journals Online (AJOL)

    user

    3Faculty of Business and Economic Science, University of Seville, SPAIN ... companies said they had not yet recovered the initial investment made. ..... applied themselves more particularly in the production of tangible products produced in serie (Peyrat, .... greater than the costs of obtaining it, we using contingency tables.

  8. What Is the Return on Investment for Implementation of a Crew Resource Management Program at an Academic Medical Center?

    Science.gov (United States)

    Moffatt-Bruce, Susan D; Hefner, Jennifer L; Mekhjian, Hagop; McAlearney, John S; Latimer, Tina; Ellison, Chris; McAlearney, Ann Scheck

    Crew Resource Management (CRM) training has been used successfully within hospital units to improve quality and safety. This article presents a description of a health system-wide implementation of CRM focusing on the return on investment (ROI). The costs included training, programmatic fixed costs, time away from work, and leadership time. Cost savings were calculated based on the reduction in avoidable adverse events and cost estimates from the literature. Between July 2010 and July 2013, roughly 3000 health system employees across 12 areas were trained, costing $3.6 million. The total number of adverse events avoided was 735-a 25.7% reduction in observed relative to expected events. Savings ranged from a conservative estimate of $12.6 million to as much as $28.0 million. Therefore, the overall ROI for CRM training was in the range of $9.1 to $24.4 million. CRM presents a financially viable way to systematically organize for quality improvement.

  9. The energy return on energy investment (EROI) of photovoltaics: Methodology and comparisons with fossil fuel life cycles

    International Nuclear Information System (INIS)

    Raugei, Marco; Fullana-i-Palmer, Pere; Fthenakis, Vasilis

    2012-01-01

    A high energy return on energy investment (EROI) of an energy production process is crucial to its long-term viability. The EROI of conventional thermal electricity from fossil fuels has been viewed as being much higher than those of renewable energy life-cycles, and specifically of photovoltaics (PVs). We show that this is largely a misconception fostered by the use of outdated data and, often, a lack of consistency among calculation methods. We hereby present a thorough review of the methodology, discuss methodological variations and present updated EROI values for a range of modern PV systems, in comparison to conventional fossil-fuel based electricity life-cycles. - Highlights: ► We perform a review of the EROI methodology. ► We provide new calculations for PV compared to oil- and coal-based energy systems. ► If compared consistently, PV sits squarely in the same range of EROI as conventional fossil fuel life cycles.

  10. Returns on investment in electricity producing photovoltaic systems under de-escalating feed-in tariffs. The case of Greece

    International Nuclear Information System (INIS)

    Danchev, Svetoslav; Maniatis, George; Tsakanikas, Aggelos

    2010-01-01

    Under the threat of ballooning energy bills, the Greek legal framework supporting the electricity producing photovoltaic systems (PVS) changed in January 2009 from a fixed to a de-escalating feed-in tariff schedule. In this paper we investigate the internal rate of return (IRR) on investing in PVS under the new regulatory environment. We find that the new scheme favours strongly the early entry in the market. Unless there is a significant decrease in the equipment cost over the next decade, entering the market from 2015 onwards will be prohibitive. The bias of the current policy design towards early entry in a rapidly developing set of technologies entails the risk of a lock-up with sub-optimal technological option. This outlines the importance for policy design of linking the rate of feed-in-tariff de-escalation to more realistic expectations regarding the technology learning curve. (author)

  11. Investment Returns and Economic Fundamentals in International Art Markets

    OpenAIRE

    Renneboog, L.D.R.; Spaenjers, C.

    2014-01-01

    Abstract: Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. We examine geographical segmentation and its effects on price formation and returns in the international art auction market. We find (i) a close connection between the country of sale and the type (e.g., nationality) of artworks sold; (ii) substantial international variation in average returns to art investments over the period 1971-2007; (iii) an impact of both global a...

  12. Social rate of return to R&D on various energy technologies: Where should we invest more? A study of G7 countries

    International Nuclear Information System (INIS)

    Inglesi-Lotz, Roula

    2017-01-01

    The importance of investment in Research and Development (R&D) in the energy sector is indisputable especially considering the benefits of new technologies to sustainability, security and environmental protection. However, the nature and potential of various energy technologies that are capable of improving the energy and environmental conditions globally is a challenging task for governments and policy makers that have to make decisions on the allocation of funds in R&D. To do so, the optimal resource allocation to R&D should be determined by estimating the social rate of return for R&D investments. This paper aims to estimate the social rate of return of R&D on various energy applications and technologies such as energy efficiency, fossil fuels, renewable energy sources, and nuclear for the G7 countries. The results show that primarily R&D investment on Energy Efficiency technologies and Nuclear are the ones that yield high social benefits for all G7 countries while exactly the opposite holds for Fossil fuels. - Highlights: • Allocation of R&D funding in various energy technologies is a challenging task. • This can be done by estimating the social rate of return for R&D investments • We investigate various technologies’ social rate of return for the G7 countries. • R&D funding yields social benefits from energy efficiency and nuclear technologies. • R&D investment on fossil fuels has negative social rate of return.

  13. Interactive Whiteboard Technologies in High School: A Comparison of Their Impact on the Levels of Measure That Determine a Return on Investment

    Science.gov (United States)

    Schipper, Joseph M.; Yocum, Russell G.

    2016-01-01

    This quantitative, quasi-experimental, nonequivalent group study examined the impact on levels of measure that determine a return on investment of differing forms of interactive whiteboard (IWB) technology used at a high school in a suburban school district in southeastern Virginia. Three forms of IWB were compared: a full-screen IWB, a mobile…

  14. Program, policy, and price interventions for tobacco control: quantifying the return on investment of a state tobacco control program.

    Science.gov (United States)

    Dilley, Julia A; Harris, Jeffrey R; Boysun, Michael J; Reid, Terry R

    2012-02-01

    We examined health effects associated with 3 tobacco control interventions in Washington State: a comprehensive state program, a state policy banning smoking in public places, and price increases. We used linear regression models to predict changes in smoking prevalence and specific tobacco-related health conditions associated with the interventions. We estimated dollars saved over 10 years (2000-2009) by the value of hospitalizations prevented, discounting for national trends. Smoking declines in the state exceeded declines in the nation. Of the interventions, the state program had the most consistent and largest effect on trends for heart disease, cerebrovascular disease, respiratory disease, and cancer. Over 10 years, implementation of the program was associated with prevention of nearly 36,000 hospitalizations, at a value of about $1.5 billion. The return on investment for the state program was more than $5 to $1. The combined program, policy, and price interventions resulted in reductions in smoking and related health effects, while saving money. Public health and other leaders should continue to invest in tobacco control, including comprehensive programs.

  15. Case Study for the Return on Investment of Internet of Things Using Agent-Based Modelling and Data Science

    Directory of Open Access Journals (Sweden)

    Charles Houston

    2017-01-01

    Full Text Available As technology advances towards new paradigms such as the Internet of Things, there is a desire among business leaders for a reliable method to determine the value of supporting these ventures. Traditional simulation and analysis techniques cannot model the complex systems inherent in fields such as infrastructure asset management, or suffer from a lack of data on which to build a prediction. Agent-based modelling, through an integration with data science, presents an attractive simulation method to capture these underlying complexities and provide a solution. The aim of this work is to investigate this integration as a refined process for answering practical business questions. A specific case study is addressed to assess the return on investment of installing condition monitoring sensors on lift assets in a London Underground station. An agent-based model is developed for this purpose, supported by analysis from historical data. The simulation results demonstrate how returns can be achieved and highlight features induced as a result of stochasticity in the model. Suggestions of future research paths are additionally outlined.

  16. The Potential Return on Public Investment in Detecting Adverse Drug Effects.

    Science.gov (United States)

    Huybrechts, Krista F; Desai, Rishi J; Park, Moa; Gagne, Joshua J; Najafzadeh, Mehdi; Avorn, Jerry

    2017-06-01

    Many countries lack fully functional pharmacovigilance programs, and public budgets allocated to pharmacovigilance in industrialized countries remain low due to resource constraints and competing priorities. Using 3 case examples, we sought to estimate the public health and economic benefits resulting from public investment in active pharmacovigilance programs to detect adverse drug effects. We assessed 3 examples in which early signals of safety hazards were not adequately recognized, resulting in continued exposure of a large number of patients to these drugs when safer and effective alternative treatments were available. The drug examples studied were rofecoxib, cerivastatin, and troglitazone. Using an individual patient simulation model and the health care system perspective, we estimated the potential costs that could have been averted by early systematic detection of safety hazards through the implementation of active surveillance programs. We found that earlier drug withdrawal made possible by active safety surveillance would most likely have resulted in savings in direct medical costs of $773-$884 million for rofecoxib, $3-$10 million for cerivastatin, and $38-$63 million for troglitazone in the United States through the prevention of adverse events. By contrast, the yearly public investment in Food and Drug Administration initiated population-based pharmacovigilance activities in the United States is about $42.5 million at present. These examples illustrate a critical and economically justifiable role for active adverse effect surveillance in protecting the health of the public.

  17. Return on investment. What is ROI and how to use it.

    Science.gov (United States)

    Cotter, Steve

    2014-08-01

    Formulated and interpreted correctly, ROI tools and techniques can be very useful for EMS managers when evaluating various competing projects and initiatives within the organization. More so, decision makers and elected bodies responsible for approving the financial support of these initiatives are demanding that they be presented with a more complete picture of the return for any dollars allocated under ever-tightening financial considerations that all organizations face today. ROI can be a powerful tool in supporting your organization when competing for limited dollars.

  18. Investing: reducing risks to enhance returns.

    Science.gov (United States)

    West, J; Glickman, S; Seidner, A G

    1996-09-01

    The financial assets of a healthcare organization can present many opportunities for investment. In order to develop a profitable investment program that avoids risky speculation, however, healthcare financial managers must fully understand the nature and risks of their organizations' investments. They must define and monitor their investment objectives, limitations, levels of acceptable risk and policies and conditions through a statement of investment policy and comprehensive investment guidelines.

  19. Estimating decades-long trends in petroleum field energy return on investment (EROI) with an engineering-based model

    Science.gov (United States)

    Tripathi, Vinay S.

    2017-01-01

    This paper estimates changes in the energy return on investment (EROI) for five large petroleum fields over time using the Oil Production Greenhouse Gas Emissions Estimator (OPGEE). The modeled fields include Cantarell (Mexico), Forties (U.K.), Midway-Sunset (U.S.), Prudhoe Bay (U.S.), and Wilmington (U.S.). Data on field properties and production/processing parameters were obtained from a combination of government and technical literature sources. Key areas of uncertainty include details of the oil and gas surface processing schemes. We aim to explore how long-term trends in depletion at major petroleum fields change the effective energetic productivity of petroleum extraction. Four EROI ratios are estimated for each field as follows: The net energy ratio (NER) and external energy ratio (EER) are calculated, each using two measures of energy outputs, (1) oil-only and (2) all energy outputs. In all cases, engineering estimates of inputs are used rather than expenditure-based estimates (including off-site indirect energy use and embodied energy). All fields display significant declines in NER over the modeling period driven by a combination of (1) reduced petroleum production and (2) increased energy expenditures on recovery methods such as the injection of water, steam, or gas. The fields studied had NER reductions ranging from 46% to 88% over the modeling periods (accounting for all energy outputs). The reasons for declines in EROI differ by field. Midway-Sunset experienced a 5-fold increase in steam injected per barrel of oil produced. In contrast, Prudhoe Bay has experienced nearly a 30-fold increase in amount of gas processed and reinjected per unit of oil produced. In contrast, EER estimates are subject to greater variability and uncertainty due to the relatively small magnitude of external energy investments in most cases. PMID:28178318

  20. Estimating decades-long trends in petroleum field energy return on investment (EROI) with an engineering-based model.

    Science.gov (United States)

    Tripathi, Vinay S; Brandt, Adam R

    2017-01-01

    This paper estimates changes in the energy return on investment (EROI) for five large petroleum fields over time using the Oil Production Greenhouse Gas Emissions Estimator (OPGEE). The modeled fields include Cantarell (Mexico), Forties (U.K.), Midway-Sunset (U.S.), Prudhoe Bay (U.S.), and Wilmington (U.S.). Data on field properties and production/processing parameters were obtained from a combination of government and technical literature sources. Key areas of uncertainty include details of the oil and gas surface processing schemes. We aim to explore how long-term trends in depletion at major petroleum fields change the effective energetic productivity of petroleum extraction. Four EROI ratios are estimated for each field as follows: The net energy ratio (NER) and external energy ratio (EER) are calculated, each using two measures of energy outputs, (1) oil-only and (2) all energy outputs. In all cases, engineering estimates of inputs are used rather than expenditure-based estimates (including off-site indirect energy use and embodied energy). All fields display significant declines in NER over the modeling period driven by a combination of (1) reduced petroleum production and (2) increased energy expenditures on recovery methods such as the injection of water, steam, or gas. The fields studied had NER reductions ranging from 46% to 88% over the modeling periods (accounting for all energy outputs). The reasons for declines in EROI differ by field. Midway-Sunset experienced a 5-fold increase in steam injected per barrel of oil produced. In contrast, Prudhoe Bay has experienced nearly a 30-fold increase in amount of gas processed and reinjected per unit of oil produced. In contrast, EER estimates are subject to greater variability and uncertainty due to the relatively small magnitude of external energy investments in most cases.

  1. Estimating decades-long trends in petroleum field energy return on investment (EROI with an engineering-based model.

    Directory of Open Access Journals (Sweden)

    Vinay S Tripathi

    Full Text Available This paper estimates changes in the energy return on investment (EROI for five large petroleum fields over time using the Oil Production Greenhouse Gas Emissions Estimator (OPGEE. The modeled fields include Cantarell (Mexico, Forties (U.K., Midway-Sunset (U.S., Prudhoe Bay (U.S., and Wilmington (U.S.. Data on field properties and production/processing parameters were obtained from a combination of government and technical literature sources. Key areas of uncertainty include details of the oil and gas surface processing schemes. We aim to explore how long-term trends in depletion at major petroleum fields change the effective energetic productivity of petroleum extraction. Four EROI ratios are estimated for each field as follows: The net energy ratio (NER and external energy ratio (EER are calculated, each using two measures of energy outputs, (1 oil-only and (2 all energy outputs. In all cases, engineering estimates of inputs are used rather than expenditure-based estimates (including off-site indirect energy use and embodied energy. All fields display significant declines in NER over the modeling period driven by a combination of (1 reduced petroleum production and (2 increased energy expenditures on recovery methods such as the injection of water, steam, or gas. The fields studied had NER reductions ranging from 46% to 88% over the modeling periods (accounting for all energy outputs. The reasons for declines in EROI differ by field. Midway-Sunset experienced a 5-fold increase in steam injected per barrel of oil produced. In contrast, Prudhoe Bay has experienced nearly a 30-fold increase in amount of gas processed and reinjected per unit of oil produced. In contrast, EER estimates are subject to greater variability and uncertainty due to the relatively small magnitude of external energy investments in most cases.

  2. Energy Return on Energy Invested (ERoEI) for photovoltaic solar systems in regions of moderate insolation

    International Nuclear Information System (INIS)

    Ferroni, Ferruccio; Hopkirk, Robert J.

    2016-01-01

    Many people believe renewable energy sources to be capable of substituting fossil or nuclear energy. However there exist very few scientifically sound studies, which apply due diligence to substantiating this impression. In the present paper, the case of photovoltaic power sources in regions of moderate insolation is analysed critically by using the concept of Energy Return on Energy Invested (ERoEI, also called EROI). But the methodology for calculating the ERoEI differs greatly from author-to-author. The main differences between solar PV Systems are between the current ERoEI and what is called the extended ERoEI (ERoEI EXT ). The current methodology recommended by the International Energy Agency is not strictly applicable for comparing photovoltaic (PV) power generation with other systems. The main reasons are due to the fact that on one hand, solar electricity is very material-intensive, labour-intensive and capital-intensive and on the other hand the solar radiation exhibits a rather low power density. - Highlights: •Data are available from several years of photovoltaic energy experience in northern Europe. •These are used to show the way to calculate a full, extended ERoEI. •The viability and sustainability in these latitudes of photovoltaic energy is questioned. •Use of photovoltaic technology is shown to result in creation of an energy sink.

  3. Assessing the Value of Housing Schemes through Sustainable Return on Investment: A Path towards Sustainability-Led Evaluations?

    Directory of Open Access Journals (Sweden)

    Kevin Dean

    2017-12-01

    Full Text Available The 2016 United Nations (UN New Urban Agenda clearly reaffirms the concept that sustainable cities require intertwined environmental and social sustainability. The United Nations Sustainable Development Goal (SDG 11—“Make cities inclusive, safe, resilient, and sustainable”—sets (as a primary target the provision of sufficient affordable housing. Despite the central role that housing plays in ensuring sustainability and the importance of both environmental and social pillars in ensuring sustainable development, current evaluative methods that support decision making on social housing interventions fail to capture all of the socio-environmental value contained in the UN SDG 11. This paper addresses the issue by demonstrating how Sustainable Return on Investment can successfully describe and analyse a range of externalities related to the sustainable value generated by social housing regeneration schemes. To achieve this goal, a single case study strategy has been chosen. Two extant projects—a high-rise housing scheme and an environmental-led program developed by City West Housing Trust (a nonprofit housing association based in the Manchester area—have been assessed in order to monetise their social and environmental value through different methods. The findings show that, historically, the environmental and social value of regeneration schemes have been largely disregarded because of a gap in the evaluation methods, and that there is room for significant improvement for future evaluation exercises.

  4. Return on Investment: Strategies for Improving Remedial Education. Complete to Compete Briefing Paper

    Science.gov (United States)

    Vandal, Bruce

    2011-01-01

    Every year millions of students enroll in colleges with the goal of completing a college degree or certificate so they can find a well-paying job. Unfortunately, many arrive on college campuses, take a college placement exam and discover they will need to complete remedial education courses in math, reading, or writing that won't count toward a…

  5. Rates of Return on Open-End Debt Investment Funds and Bank Deposits in Poland in the Years 1995–2015 – A Comparative Analysis

    Directory of Open Access Journals (Sweden)

    Dittmann Iwona

    2016-12-01

    Full Text Available This paper presents the results of a comparison of the rates of return on specific open-end debt investment funds in Poland with the rates of return on bank deposits, in light of different time horizons. A comparative analysis was conducted based on the quartiles of the empirical distributions of the rates of return on selected funds and bank deposits. The empirical distributions were obtained using a moving window of observation. The results were largely influenced by very high interest rates on bank deposits in Poland in the years 1995–2001 (in the case of the oldest funds, and by the boom in the bond market in the years 2011–2012 (for the youngest funds. The investment horizon turned out to be significant. The best and worst funds were identified.

  6. Health economics of insomnia treatments: The return on investment for a good night's sleep.

    Science.gov (United States)

    Wickwire, Emerson M; Shaya, Fadia T; Scharf, Steven M

    2016-12-01

    Chronic insomnia is the most common sleep disorder among adults and is associated with a wide range of negative outcomes. This article reviews the economic consequences of the disorder and the cost effectiveness of insomnia treatments. First, the total costs of insomnia are reviewed; in aggregate these costs exceed $100 billion USD per year, with the majority being spent on indirect costs such as poorer workplace performance, increased health care utilization, and increased accident risk. Next, the deleterious impact of insomnia on quality of life and the impact of treatment on quality of life are briefly considered. Finally, ten published studies evaluating the cost effectiveness of both pharmacological and behavioral treatments for insomnia are reviewed in detail. A significant majority of studies reviewed found that the cost of treating primary and comorbid insomnia is less than the cost of not treating it. Treatments were generally found to be cost-effective using commonly employed standards, with treatment costs being recouped within 6-12 mo. Copyright © 2015 Elsevier Ltd. All rights reserved.

  7. Estimating the return on investment in disease management programs using a pre-post analysis.

    Science.gov (United States)

    Fetterolf, Donald; Wennberg, David; Devries, Andrea

    2004-01-01

    Disease management programs have become increasingly popular over the past 5-10 years. Recent increases in overall medical costs have precipitated new concerns about the cost-effectiveness of medical management programs that have extended to the program directors for these programs. Initial success of the disease management movement is being challenged on the grounds that reported results have been the result of the application of faulty, if intuitive, methodologies. This paper discusses the use of "pre-post" methodology approaches in the analysis of disease management programs, and areas where application of this approach can result in spurious results and incorrect financial outcome assessments. The paper includes a checklist of these items for use by operational staff working with the programs, and a comprehensive bibliography that addresses many of the issues discussed.

  8. Energy return on (energy) invested (EROI), oil prices, and energy transitions

    International Nuclear Information System (INIS)

    Heun, Matthew Kuperus; de Wit, Martin

    2012-01-01

    Very little work has been done so far to model, test, and understand the relationship between oil prices and EROI over time. This paper investigates whether a declining EROI is associated with an increasing oil price and speculates on the implications of these results on oil policy. A model of the relationship between EROI and oil market prices was developed using basic economic and physical assumptions and non-linear least-squares regression models to correlate oil production price with EROI using available data from 1954–1996. The model accurately reflects historical oil prices (1954–1996), and it correlates well with historical oil prices (1997–2010) if a linear extrapolation of EROI decline is assumed. As EROI declines below 10, highly non-linear oil price movements are observed. Increasing physical oil scarcity is already providing market signals that would stimulate a transition away from oil toward alternative energy sources. But, price signals of physical oil scarcity are not sufficient to guarantee smooth transitions to alternative fuel sources, especially when there is insufficient oil extraction technology development, a declining mark-up ratio, a non-linear EROI–cost of production relationship, and a non-linear EROI–price relationship. - Highlights: ► A model of the relationship between EROI and oil prices has been developed. ► As EROI declines below 10, highly non-linear oil price movements are expected. ► Physical oil scarcity provides market signals for a transition to alternatives. ► Scarcity price signals are insufficient for smooth transitions to alternatives.

  9. Is There a Return on a Children's Hospital's Investment in a Pediatric Residency's Community Health Track? A Cost Analysis.

    Science.gov (United States)

    Lichtenstein, Cara; Cora-Bramble, Denice; Ottolini, Mary; Agrawal, Dewesh

    2018-04-01

    Academic Medical Centers incur significant expenses associated with training residents and caring for underserved populations. No previous studies have analyzed hospital-level graduate medical education economics for pediatric residency training. Using data from the 2010-2011 academic year, we quantified total direct costs per year for training 12 community health track (CHT) residents. Utilizing sensitivity analyses, we estimated revenues generated by residents in inpatient and outpatient settings. The total yearly direct cost of training 12 CHT residents was $922,640 including salaries, benefits, and administrative costs. The estimated additional yearly inpatient net revenue from attending-resident clinical teams compared to attendingonly service was $109,452. For primary care clinics, the estimated yearly revenue differential of resident-preceptor teams was $455,940, compared to attending-only clinics. The replacement cost of 12 CHT residents with advanced practitioners was $457,596 per year.This study suggests there is positive return on a children's hospital's investment in a CHT.

  10. Evaluation of different estimating techniques to generate best possible total return on investing on individual stocks on Oslo Stock Exchange

    OpenAIRE

    Larikka, Jyri Egil

    2010-01-01

    Master's thesis in Finance My intension with this thesis is to present three different kinds of models to analyze stock market and to find good buy candidates. They use different methodology as the first is using pair-trading, the second is using technical analysis and the third is using regression analysis. The first model uses momentum strategy and adaptive market hypothesis in a pair trading context to dynamically generate good pairs of stocks based on their log return and correlatio...

  11. The risks and returns of stock investment in a financial market

    Science.gov (United States)

    Li, Jiang-Cheng; Mei, Dong-Cheng

    2013-03-01

    The risks and returns of stock investment are discussed via numerically simulating the mean escape time and the probability density function of stock price returns in the modified Heston model with time delay. Through analyzing the effects of delay time and initial position on the risks and returns of stock investment, the results indicate that: (i) There is an optimal delay time matching minimal risks of stock investment, maximal average stock price returns and strongest stability of stock price returns for strong elasticity of demand of stocks (EDS), but the opposite results for weak EDS; (ii) The increment of initial position recedes the risks of stock investment, strengthens the average stock price returns and enhances stability of stock price returns. Finally, the probability density function of stock price returns and the probability density function of volatility and the correlation function of stock price returns are compared with other literatures. In addition, good agreements are found between them.

  12. Cost Efficiency and Returns to Scope in Italian Investment Firms

    OpenAIRE

    Marcello Basili; Fulvio Fontini

    2005-01-01

    This paper estimates cost efficiency and returns to scope of Italian investment firms during the period 1998-2002, following the stochastic frontier function approach. Results indicate a large inefficiency for Italian investment firms (with a high standard deviation across sample) and the absence of significant returns to scope

  13. Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s

    Directory of Open Access Journals (Sweden)

    Dirk Kiesewetter

    2009-05-01

    Full Text Available We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1 the after-tax return an investor might have expected at the beginning of the 1990s, and (2 the after-tax return that has been realized ten years after. We compare a set of statistical data for investments in fifty major cities by using complete financial budgeting. The results show that tax subsidies could not always protect investors from losing money, but they have boosted realized returns after tax considerably. Therefore, it was indeed the taxpayers, not the investors, who have borne the cost of reconstructing East Germany.

  14. Retrospective return on investment analysis of an electronic treatment adherence device piloted in the Northern Cape Province.

    Science.gov (United States)

    Broomhead, Sean; Mars, Maurice

    2012-01-01

    The return on investment (ROI) for utilizing the SIMpill electronic treatment adherence solution as an adjunct to directly observed treatment short-course (DOTS) is assessed using data from a 2005 pilot of the SIMpill solution among new smear-positive tuberculosis (TB) patients in the Northern Cape Province. The value of this cost minimization analysis (CMA), for use by public health planners in low-resource settings as a precursor to more rigorous assessment, is discussed. The retrospective analysis compares the costs and health outcomes of the DOTS-SIMpill cohort with DOTS-only controls. Hypothetical 5-year cash flows are generated and discounted to estimate net present values (NPVs). Comparison between the DOTS-SIMpill pilot cohort and DOTS-only supported controls, for a hypothetical implementation of 1,000 devices, over 5 years, demonstrates positive ROI for the DOTS-SIMpill cohort based on improved health outcomes and reduced average cost per patient. The net stream is shown to be positive from the first year. Discounted NPV is ZAR 3,255,256 (US$ 493,221) for a cohort that would have started mid 2005 and ZAR 3,747,636 (US$ 487,339) starting mid 2010. This is an ROI of 23% over the 5-year period. The addition of electronic treatment adherence support technology can help to improve TB outcomes and lower average cost per patient by reducing treatment failure and the associated higher cost and burden on limited resources. CMA is an appropriate initial analysis for health planners to highlight options that may justify more sophisticated methods such as cost effectiveness analysis or full cost benefit analysis where a preferred option is immediately revealed. CMA is proposed as a tool for use by public health planners in low-resource settings to evaluate the ROI of treatment adherence technology postpilot and prior to implementation.

  15. A positive return on investment: research funding by the Thoracic Surgery Foundation for Research and Education (TSFRE).

    Science.gov (United States)

    Jones, David R; Mack, Michael J; Patterson, G Alexander; Cohn, Lawrence H

    2011-05-01

    The Thoracic Surgery Foundation for Research and Education (TSFRE) was formed in 1991 with the primary goals of generating new knowledge and nurturing the development of surgeon-scientists. The purpose of this article is to determine how effective the TSFRE has been in achieving these goals. A survey instrument was sent electronically to all former and current TSFRE research award recipients. Major themes included the benefits on TSFRE award recipients with respect to career choices of thoracic surgery, progress toward research independence, and the ability to leverage TSFRE funds to more substantive National Institutes of Health (NIH) awards. Success rates for NIH funding were confirmed using NIH Research Portfolio Online Reporting Tools. The total completed survey response rate was 70% (75/107). The response rates for each group were as follows: resident 74% (28/38), faculty 85% (29/34), Braunwald 50% (9/18), and TSFRE/NIH K-award 65% (11/17). The funding rate for all grants was 14% (90/619). For resident research awardees, 81% (34/42) are cardiothoracic surgeons or are thoracic surgery residents. The conversion rate for existing TSFRE/NIH co-sponsored K-awards to R01 grants is 40% at 5 years compared with a 20% K to R conversion rate for all NIH K-award recipients. K to R conversion rates for junior faculty grant awardees without a prior K-award is 44%, which is much higher than NIH rates for all new investigator R01 awards. The return on investment for TSFRE funding for surgeon-scientists is resoundingly positive with respect to promoting careers in cardiothoracic surgery and to obtaining subsequent NIH funding for thoracic surgeon investigators. Copyright © 2011 The American Association for Thoracic Surgery. Published by Mosby, Inc. All rights reserved.

  16. The potential of domestic production and imports of oil and gas in China: an energy return on investment perspective

    Directory of Open Access Journals (Sweden)

    Zhao-Yang Kong

    2016-10-01

    Full Text Available Abstract Concerns about China’s energy security have escalated because of the country’s high dependency on oil and gas imports, so it is necessary to calculate the availability of domestic oil and gas resources and China’s ability to obtain foreign energy through trade. In this work, the calculation was done by using the energy return on investment (EROI method. The results showed that the EROIstnd (i.e., standard EROI of China’s oil and gas extraction decreased from approximately 17.3:1 in 1986 to 8.4:1 in 2003, but it increased to 12.2:1 in 2013. From a company-level perspective, the EROIstnd differed for different companies and was in the range of (8–12:1. The EROI2,d (EROI considering energy outputs after processed and direct energy inputs for different companies was in the range of (3–7:1. The EROI of imported oil (EROIIO declined from 14.8:1 in 1998 to approximately 4.8:1 in 2014, and the EROI of imported natural gas (EROIING declined from 16.7:1 in 2009 to 8.6:1 in 2014. In 2015, the EROIIO and EROIING showed a slight increase due to decreasing import prices. In general, this paper suggests that from a net energy perspective, it has become more difficult for China to obtain oil and gas from both domestic production and imports. China is experiencing an EROI decline, which demonstrates the risk in the use of unsustainable fossil resources.

  17. Economic Model For a Return on Investment Analysis of United States Government High Performance Computing (HPC) Research and Development (R & D) Investment

    Energy Technology Data Exchange (ETDEWEB)

    Joseph, Earl C. [IDC Research Inc., Framingham, MA (United States); Conway, Steve [IDC Research Inc., Framingham, MA (United States); Dekate, Chirag [IDC Research Inc., Framingham, MA (United States)

    2013-09-30

    This study investigated how high-performance computing (HPC) investments can improve economic success and increase scientific innovation. This research focused on the common good and provided uses for DOE, other government agencies, industry, and academia. The study created two unique economic models and an innovation index: 1 A macroeconomic model that depicts the way HPC investments result in economic advancements in the form of ROI in revenue (GDP), profits (and cost savings), and jobs. 2 A macroeconomic model that depicts the way HPC investments result in basic and applied innovations, looking at variations by sector, industry, country, and organization size. A new innovation index that provides a means of measuring and comparing innovation levels. Key findings of the pilot study include: IDC collected the required data across a broad set of organizations, with enough detail to create these models and the innovation index. The research also developed an expansive list of HPC success stories.

  18. RETURN ON INVESTMENT OF PUBLIC SPENDING IN TOURISM POLICY AND INTERNATIONAL TOURISM GROWTH: A COMPARATIVE ANALYSIS BETWEEN COUNTRIES.

    OpenAIRE

    Karen Gardenia Ramos Higuera.

    2017-01-01

    The purpose of this study is to examine the relationship between the international tourism growth and public funding invested in the tourism policy by United States, Australia and Mexico. The research method is quantitative, based on country level data; an econometric statistical analysis was carried out, using simple linear regressions. This study found that the public investment in the tourism policy is strongly statistically related to (1) international tourist expenditure generated and (2...

  19. Analysis of Social Return on Investment in two systems of support for people with severe disabilities: personal assistance and residential service. A case study

    Directory of Open Access Journals (Sweden)

    Agustín Huete García

    2014-06-01

    Full Text Available At present, there are several alternatives to support daily life of people with disabilities, which require different resources: human, institutional, technical, material, financial, etc. In addition, these alternatives involve different impacts on both the life of people with disabilites and their immediate environment. This paper presents a case study that compares an user of personal assistance services of the Program for Independent Living (PAVI with an user of a residential service. The study method used is based on the approach of Social Return on Investment (SROI. It also specifies the selection of cases, the partners consulted to gather concepts and values, data collection, variables and formulas for calculating and monetization. Despite its limited scope, it is possible to draw conclusions about the social return on investment in a “standard profile” receiving personal assistance services compared with a “standard profile” in a residential service.

  20. Using cost-benefit analysis and social return on investment to evaluate the impact of social enterprise: Promises, implementation, and limitations.

    Science.gov (United States)

    Cordes, Joseph J

    2017-10-01

    Since the early 2000's there has been growing interest in using the Social Return on Investment (SROI) as a measure for assessing the performance of social enterprises. By analogy with its business counterpart, the Return on Investment (ROI), the SROI is a metric that compares the monetized social costs of a program with the monetized social benefits of achieving an outcome (or set of outcomes). For example, calculating the SROI of a nonprofit half-way house for drug addicts might involve estimating the reduced social costs attributable to successful rehabilitation of addicts, and comparing this to the social costs of operating the half-way house. Alternatively, the total return of a for-profit social enterprise providing affordable housing might consist both of the traditional private return on investment along with the economic value of meeting the housing needs of lower income households. Early descriptions of the methodology for calculating the SROI suggest that the approach initially evolved from standard methodologies found in the business finance literature for evaluating investments, with the important twist that nonprofit sector returns/payoffs are defined in broader social terms (Thornley, Anderson, & Dixon, 2016). Yet, someone who is familiar with the economic literature on cost benefit analysis (CBA) as it is applied to the evaluation of public programs cannot help but be struck by the similarity between the outcomes that CBA is intended to measure, and those that are the object of efforts to calculate the SROI. One implication is that the literature on the theory and practice of cost benefit analysis offers useful lessons about how to measure the social return on investment, as well as about potential caveats and limitations that need to be confronted when attempting to undertake an analysis of the SROI. The paper discusses the potential uses and limitations of CBA and SROI as tools that governments, private donor/investors, and foundations can use to

  1. What can a pilot congestive heart failure disease management program tell us about likely return on investment?: A case study from a program offered to federal employees.

    Science.gov (United States)

    vanVonno, Catherine J; Ozminkowski, Ronald J; Smith, Mark W; Thomas, Eileen G; Kelley, Doniece; Goetzel, Ron; Berg, Gregory D; Jain, Susheel K; Walker, David R

    2005-12-01

    In 1999, the Blue Cross and Blue Shield Federal Employee Program (FEP) implemented a pilot disease management program to manage congestive heart failure (CHF) among members. The purpose of this project was to estimate the financial return on investment in the pilot CHF program, prior to a full program rollout. A cohort of 457 participants from the state of Maryland was matched to a cohort of 803 nonparticipants from a neighboring state where the CHF program was not offered. Each cohort was followed for 12 months before the program began and 12 months afterward. The outcome measures of primary interest were the differences over time in medical care expenditures paid by FEP and by all payers. Independent variables included indicators of program participation, type of heart disease, comorbidity measures, and demographics. From the perspective of the funding organization (FEP), the estimated return on investment for the pilot CHF disease management program was a savings of $1.08 in medical expenditure for every dollar spent on the program. Adding savings to other payers as well, the return on investment was a savings of $1.15 in medical expenditures per dollar spent on the program. The amount of savings depended upon CHF risk levels. The value of a pilot initiative and evaluation is that lessons for larger-scale efforts can be learned prior to full-scale rollout.

  2. Return on Investment in Public Relations: A critique of concepts used by practitioners from the perspectives of communication and management sciences

    OpenAIRE

    Watson, Tom; Zerfass, Ansgar

    2011-01-01

    Return on Investment (ROI) is a term commonly and non-specifically used by public relations practitioners when discussing the value to be created from communication activities. It mimics business language, particularly from business administration and financial management, but does not figure widely in academic discourse (Watson, 2005). \\ud The Institute for Public Relations [now CIPR] undertook a review of ROI practice in the United Kingdom (IPR/CDF 2004) and Likely, Rockland and Weiner (200...

  3. Social Return on Investment (SROI) methodology to account for value for money of public health interventions: a systematic review.

    Science.gov (United States)

    Banke-Thomas, Aduragbemi Oluwabusayo; Madaj, Barbara; Charles, Ameh; van den Broek, Nynke

    2015-06-24

    Increased scarcity of public resources has led to a concomitant drive to account for value-for-money of interventions. Traditionally, cost-effectiveness, cost-utility and cost-benefit analyses have been used to assess value-for-money of public health interventions. The social return on investment (SROI) methodology has capacity to measure broader socio-economic outcomes, analysing and computing views of multiple stakeholders in a singular monetary ratio. This review provides an overview of SROI application in public health, explores lessons learnt from previous studies and makes recommendations for future SROI application in public health. A systematic review of peer-reviewed and grey literature to identify SROI studies published between January 1996 and December 2014 was conducted. All articles describing conduct of public health SROI studies and which reported a SROI ratio were included. An existing 12-point framework was used to assess study quality. Data were extracted using pre-developed codes: SROI type, type of commissioning organisation, study country, public health area in which SROI was conducted, stakeholders included in study, discount rate used, SROI ratio obtained, time horizon of analysis and reported lessons learnt. 40 SROI studies, of varying quality, including 33 from high-income countries and 7 from low middle-income countries, met the inclusion criteria. SROI application increased since its first use in 2005 until 2011, declining afterwards. SROI has been applied across different public health areas including health promotion (12 studies), mental health (11), sexual and reproductive health (6), child health (4), nutrition (3), healthcare management (2), health education and environmental health (1 each). Qualitative and quantitative methods have been used to gather information for public health SROI studies. However, there remains a lack of consensus on who to include as beneficiaries, how to account for counterfactual and appropriate study

  4. Upper Bounds for Ruin Probability with Stochastic Investment Return

    Institute of Scientific and Technical Information of China (English)

    ZHANG Lihong

    2005-01-01

    Risk models with stochastic investment return are widely held in practice, as well as in more challenging research fields. Risk theory is mainly concerned with ruin probability, and a tight bound for ruin probability is the best for practical use. This paper presents a discrete time risk model with stochastic investment return. Conditional expectation properties and martingale inequalities are used to obtain both exponential and non-exponential upper bounds for the ruin probability.

  5. Unemployment, Investment and Global Expected Returns: A Panel FAVAR Approach

    OpenAIRE

    Ron Smith; Gylfi Zoega

    2005-01-01

    We consider the hypothesis that a common factor, global expected returns, drives unemployment and investment in 21 OECD countries over the period 1960-2002. We investigate this hypothesis using a panel-factor augmented-vector autoregression (FAVAR). We first estimate the common factors of unemployment and investment by principal components and show that the first principal component of unemployment is almost identical to that of investment and that they both show the pattern one would expect ...

  6. Estimating investor preferences towards portfolio return distribution in investment funds

    Directory of Open Access Journals (Sweden)

    Margareta Gardijan

    2015-03-01

    Full Text Available Recent research in the field of investor preference has emphasised the need to go beyond just simply analyzing the first two moments of a portfolio return distribution used in a MV (mean-variance paradigm. The suggestion is to observe an investor's utility function as an nth order Taylor approximation. In such terms, the assumption is that investors prefer greater values of odd and smaller values of even moments. In order to investigate the preferences of Croatian investment funds, an analysis of the moments of their return distribution is conducted. The sample contains data on monthly returns of 30 investment funds in Croatia for the period from January 1999 to May 2014. Using the theoretical utility functions (DARA, CARA, CRRA, we compare changes in their preferences when higher moments are included. Moreover, we investigate an extension of the CAPM model in order to find out whether including higher moments can explain better the relationship between the awards and risk premium, and whether we can apply these findings to estimate preferences of Croatian institutional investors. The results indicate that Croatian institutional investors do not seek compensation for bearing greater market risk.

  7. The returns and risks of investment portfolio in a financial market

    Science.gov (United States)

    Li, Jiang-Cheng; Mei, Dong-Cheng

    2014-07-01

    The returns and risks of investment portfolio in a financial system was investigated by constructing a theoretical model based on the Heston model. After the theoretical model and analysis of portfolio were calculated and analyzed, we find the following: (i) The statistical properties (i.e., the probability distribution, the variance and loss rate of equity portfolio return) between simulation results of the theoretical model and the real financial data obtained from Dow Jones Industrial Average are in good agreement; (ii) The maximum dispersion of the investment portfolio is associated with the maximum stability of the equity portfolio return and minimal investment risks; (iii) An increase of the investment period and a worst investment period are associated with a decrease of stability of the equity portfolio return and a maximum investment risk, respectively.

  8. A New Long Term Assessment of Energy Return on Investment (EROI) for U.S. Oil and Gas Discovery and Production

    OpenAIRE

    Guilford, Megan C.; Hall, Charles A.S.; O’Connor, Peter; Cleveland, Cutler J.

    2011-01-01

    Oil and gas are the main sources of energy in the United States. Part of their appeal is the high Energy Return on Energy Investment (EROI) when procuring them. We assessed data from the United States Bureau of the Census of Mineral Industries, the Energy Information Administration (EIA), the Oil and Gas Journal for the years 1919–2007 and from oil analyst Jean Laherrere to derive EROI for both finding and producing oil and gas. We found two general patterns in the relation of energy gains co...

  9. SHORT COMMUNICATION: Lost investment returns from the ...

    African Journals Online (AJOL)

    Migration of medical doctors from African countries to developed nations compromises the delivery of health care on the continent. The full cost of producing a medical doctor was estimated in Malawi by adding the costs of education from primary school through undergraduate medical education. The cost in fees for one ...

  10. Return on investment: a fuller assessment of the benefits and cost savings of the US publicly funded family planning program.

    Science.gov (United States)

    Frost, Jennifer J; Sonfield, Adam; Zolna, Mia R; Finer, Lawrence B

    2014-12-01

    Policy Points: The US publicly supported family planning effort serves millions of women and men each year, and this analysis provides new estimates of its positive impact on a wide range of health outcomes and its net savings to the government. The public investment in family planning programs and providers not only helps women and couples avoid unintended pregnancy and abortion, but also helps many thousands avoid cervical cancer, HIV and other sexually transmitted infections, infertility, and preterm and low birth weight births. This investment resulted in net government savings of $13.6 billion in 2010, or $7.09 for every public dollar spent. Each year the United States' publicly supported family planning program serves millions of low-income women. Although the health impact and public-sector savings associated with this program's services extend well beyond preventing unintended pregnancy, they never have been fully quantified. Drawing on an array of survey data and published parameters, we estimated the direct national-level and state-level health benefits that accrued from providing contraceptives, tests for the human immunodeficiency virus (HIV) and other sexually transmitted infections (STIs), Pap tests and tests for human papillomavirus (HPV), and HPV vaccinations at publicly supported family planning settings in 2010. We estimated the public cost savings attributable to these services and compared those with the cost of publicly funded family planning services in 2010 to find the net public-sector savings. We adjusted our estimates of the cost savings for unplanned births to exclude some mistimed births that would remain publicly funded if they had occurred later and to include the medical costs for births through age 5 of the child. In 2010, care provided during publicly supported family planning visits averted an estimated 2.2 million unintended pregnancies, including 287,500 closely spaced and 164,190 preterm or low birth weight (LBW) births, 99

  11. The extension of the Zeebrugge methane terminal. When regulation goes hand in hand with acceptable pricing and a guaranteed return on investment

    International Nuclear Information System (INIS)

    Possemiers, F.; Jacquet, L.

    2004-01-01

    The article examines the pricing system which makes it possible for Fluxys LNG to carry out the extension of the Zeebrugge methane terminal, increasing its re-gasification capacity from 4.5 to 9 billion cubic meters of natural gas per year. Over the long term, it makes it possible to reconcile what at first glance may seem to be two conflicting interests: providing a guaranteed minimum return for investors while at the same time offering optimal prices for users, all to be achieved subject to the ongoing transparency required by the opening of the gas market to competition. Under this pricing system, a company wishing to carry out a gas investment which is of national or European interest needs to submit a budget and a pricing proposal to the regulator. If these are approved, a 'ceiling' price is set for the use of the investment over the operating period. Before the investment is commissioned, (and subsequently every four years), the prices may be adapted he to take account of variation between the budget on which they have been based and the true costs and income generated. Apart from the fact that this pricing system offers a model framework for all gas projects of national or European interest which will be undertaken in the future in Belgium, it should also form the basis for the expected changes in legislation with regard to prices for the use of transport and distribution networks, both for gas and electricity. (authors)

  12. The Rate of Return to Educational Investment in China: A Comparative Commentary

    Science.gov (United States)

    Li, Fengliang; Zhao, Yandong; Morgan, W. John

    2011-01-01

    This article comments on several features of the rate of return (ROR) to educational investment in China: first, the ROR to educational investment has increased with the expansion of educational provision since the 1980s. Second, the greater the educational provision, the greater the ROR. Third, the ROR in urban areas is more than that in rural…

  13. Energy Return on Energy Invested (ERoEI) for photovoltaic solar systems in regions of moderate insolation: A comprehensive response

    International Nuclear Information System (INIS)

    Raugei, Marco; Sgouridis, Sgouris; Murphy, David; Fthenakis, Vasilis; Frischknecht, Rolf; Breyer, Christian; Bardi, Ugo; Barnhart, Charles; Buckley, Alastair; Carbajales-Dale, Michael; Csala, Denes; Wild-Scholten, Mariska de; Heath, Garvin; Jæger-Waldau, Arnulf; Jones, Christopher; Keller, Arthur; Leccisi, Enrica; Mancarella, Pierluigi

    2017-01-01

    A recent paper by asserts that the ERoEI (also referred to as EROI) of photovoltaic (PV) systems is so low that they actually act as net energy sinks, rather than delivering energy to society. Such claim, if accurate, would call into question many energy investment decisions. In the same paper, a comparison is also drawn between PV and nuclear electricity. We have carefully analysed this paper, and found methodological inconsistencies and calculation errors that, in combination, render its conclusions not scientifically sound. Ferroni and Hopkirk adopt ‘extended’ boundaries for their analysis of PV without acknowledging that such choice of boundaries makes their results incompatible with those for all other technologies that have been analysed using more conventional boundaries, including nuclear energy with which the authors engage in multiple inconsistent comparisons. In addition, they use out-dated information, make invalid assumptions on PV specifications and other key parameters, and conduct calculation errors, including double counting. We herein provide revised EROI calculations for PV electricity in Switzerland, adopting both conventional and ‘extended’ system boundaries, to contrast with their results, which points to an order-of-magnitude underestimate of the EROI of PV in Switzerland by Ferroni and Hopkirk. - Highlights: • A recent paper by Ferroni and Hopkirk estimated an EROI=0.8 for PV in Switzerland. • We identify several critical methodological and calculation flaws in that paper. • We discuss such flaws in detail and rebut Ferroni and Hopkirk's conclusions. • We provide revised EROI calculations with both conventional and extended boundaries.

  14. Social Return on Investment (SROI): An Innovative Approach to Sustainable Development Goals for Sexual and Reproductive Health Programming in sub-Saharan Africa.

    Science.gov (United States)

    Kumar, Shubha R; Banke-Thomas, Aduragbemi

    2016-09-01

    Despite efforts, sub-Saharan Africa did not achieve many key Sexual and Reproductive Health (SRH) targets under the Millennium Development Goals. In the post 2015 era, the Sustainable Development Goals (SDGs) will frame decisions on donor priorities and resource allocations. Successfully addressing SRH challenges in sub-Saharan Africa have been blunted due to fragmentation of SRH interventions in planning and implementation, lack of coherence between policies and program implementation, resulting in poor program performance and lack of accountability. We suggest the Social Return on Investment (SROI) framework offers a strategic approach for sub-Saharan Africa in support of the implementation, monitoring and evaluation of SRH programs given its capacity to capture social and economic impacts, stakeholder participation, and sensitivity towards key human rights concerns relevant to SRH. SROI disrupts a -business as usual‖ approach for one that is systematic, participatory, and supportive of economic and human rights needs for success in the SDG era.

  15. The returns and risks of investment portfolio in stock market crashes

    Science.gov (United States)

    Li, Jiang-Cheng; Long, Chao; Chen, Xiao-Dan

    2015-06-01

    The returns and risks of investment portfolio in stock market crashes are investigated by considering a theoretical model, based on a modified Heston model with a cubic nonlinearity, proposed by Spagnolo and Valenti. Through numerically simulating probability density function of returns and the mean escape time of the model, the results indicate that: (i) the maximum stability of returns is associated with the maximum dispersion of investment portfolio and an optimal stop-loss position; (ii) the maximum risks are related with a worst dispersion of investment portfolio and the risks of investment portfolio are enhanced by increasing stop-loss position. In addition, the good agreements between the theoretical result and real market data are found in the behaviors of the probability density function and the mean escape time.

  16. Returns to Investment in Ontario University Education, 1960-1990, and Implications for Tuition Fee Policy. Discussion Series, Issue 5.

    Science.gov (United States)

    Stager, David A. A.

    This analysis of Ontario's returns to investment and implications for tuition fee policy updates a 1989 publication titled "Focus on Fees." The paper examines: data on public and private return on investment (ROI) from university education, pattern of ROI rates over time, and impact of tuition fee levels on estimated ROI for various…

  17. How Are Property Investment Returns Determined? : Estimating the Micro-Structure of Asset Prices, Property Income, and Discount Rates

    OpenAIRE

    Shimizu, Chihiro

    2014-01-01

    How exactly should one estimate property investment returns? Investors in property aim to maximize capital gains from price increases and income generated by the property. How are the returns on investment in property determined based on its characteristics, and what kind of market characteristics does it have? Focusing on the Tokyo commercial property market and residential property market, the purpose of this paper was to break down and measure the micro-structure of property investment ret...

  18. Return-on-Investment (ROI) Analyses of an Inpatient Lay Health Worker Model on 30-Day Readmission Rates in a Rural Community Hospital.

    Science.gov (United States)

    Cardarelli, Roberto; Bausch, Gregory; Murdock, Joan; Chyatte, Michelle Renee

    2017-07-07

    The purpose of the study was to assess the return-on-investment (ROI) of an inpatient lay health worker (LHW) model in a rural Appalachian community hospital impacting 30-day readmission rates. The Bridges to Home (BTH) study completed an evaluation in 2015 of an inpatient LHW model in a rural Kentucky hospital that demonstrated a reduction in 30-day readmission rates by 47.7% compared to a baseline period. Using the hospital's utilization and financial data, a validated ROI calculator specific to care transition programs was used to assess the ROI of the BTH model comparing 3 types of payment models including Diagnosis Related Group (DRG)-only payments, pay-for-performance (P4P) contracts, and accountable care organizations (ACOs). The BTH program had a -$0.67 ROI if the hospital had only a DRG-based payment model. If the hospital had P4P contracts with payers and 0.1% of its annual operating revenue was at risk, the ROI increased to $7.03 for every $1 spent on the BTH program. However, if the hospital was an ACO as was the case for this study's community hospital, the ROI significantly increased to $38.48 for every $1 spent on the BTH program. The BTH model showed a viable ROI to be considered by community hospitals that are part of an ACO or P4P program. A LHW care transition model may be a cost-effective alternative for impacting excess 30-day readmissions and avoiding associated penalties for hospital systems with a value-based payment model. © 2017 National Rural Health Association.

  19. Intersystem return on investment in public mental health: Positive externality of public mental health expenditure for the jail system in the U.S.

    Science.gov (United States)

    Yoon, Jangho; Luck, Jeff

    2016-12-01

    This study examines the extent to which increased public mental health expenditures lead to a reduction in jail populations and computes the associated intersystem return on investment (ROI). We analyze unique panel data on 44 U.S. states and D.C. for years 2001-2009. To isolate the intersystem spillover effect, we exploit variations across states and over time within states in per capita public mental health expenditures and average daily jail inmates. Regression models control for a comprehensive set of determinants of jail incarcerations as well as unobserved determinants specific to state and year. Findings show a positive spillover benefit of increased public mental health spending on the jail system: a 10% increase in per capita public inpatient mental health expenditure on average leads to a 1.5% reduction in jail inmates. We also find that the positive intersystem externality of increased public inpatient mental health expenditure is greater when the level of community mental health spending is lower. Similarly, the intersystem spillover effect of community mental health expenditure is larger when inpatient mental health spending is lower. We compute that overall an extra dollar in public inpatient mental health expenditure by a state would yield an intersystem ROI of a quarter dollar for the jail system. There is significant cross-state variation in the intersystem ROI in both public inpatient and community mental health expenditures, and the ROI overall is greater for inpatient mental health spending than for community mental health spending. Copyright © 2016. Published by Elsevier Ltd.

  20. Potential return on investment of a family-centered early childhood intervention: a cost-effectiveness analysis

    Directory of Open Access Journals (Sweden)

    Negin Hajizadeh

    2017-10-01

    Full Text Available Abstract Background ParentCorps is a family-centered enhancement to pre-kindergarten programming in elementary schools and early education centers. When implemented in high-poverty, urban elementary schools serving primarily Black and Latino children, it has been found to yield benefits in childhood across domains of academic achievement, behavior problems, and obesity. However, its long-term cost-effectiveness is unknown. Methods We determined the cost-effectiveness of ParentCorps in high-poverty, urban schools using a Markov Model projecting the long-term impact of ParentCorps compared to standard pre-kindergarten programming. We measured costs and quality adjusted life years (QALYs resulting from the development of three disease states (i.e., drug abuse, obesity, and diabetes; from the health sequelae of these disease states; from graduation from high school; from interaction with the judiciary system; and opportunity costs of unemployment with a lifetime time horizon. The model was built, and analyses were performed in 2015–2016. Results ParentCorps was estimated to save $4387 per individual and increase each individual’s quality adjusted life expectancy by 0.27 QALYs. These benefits were primarily due to the impact of ParentCorps on childhood obesity and the subsequent predicted prevention of diabetes, and ParentCorps’ impact on childhood behavior problems and the subsequent predicted prevention of interaction with the judiciary system and unemployment. Results were robust on sensitivity analyses, with ParentCorps remaining cost saving and health generating under nearly all assumptions, except when schools had very small pre-kindergarten programs. Conclusions Effective family-centered interventions early in life such as ParentCorps that impact academic, behavioral and health outcomes among children attending high-poverty, urban schools have the potential to result in longer-term health benefits and substantial cost savings.

  1. Repurposing traditional instructor-led lectures for continuing education: rewarding instructors as authors and maximizing return on investment.

    Science.gov (United States)

    Rushinek, Avi; Rushinek, Sara; Lippincott, Christine; Ambrosia, Todd

    2014-04-01

    The aim of this article is to describe the repurposing of classroom video surveillance and on-screen archives (RCVSOSA) model, which is an innovative, technology-enabled approach to continuing education in nursing. The RCVSOSA model leverages network Internet-protocol, high-definition surveillance cameras to record videos of classroom lectures that can be automatically uploaded to the Internet or converted to DVD, either in their entirety or as content-specific modules, with the production work embedded in the technology. The proposed model supports health care continuing education through the use of online assessments for focused education modules, access to archived online recordings and DVD training courses, voice-to-text transcripts, and possibly continuing education modules that may be translated into multiple languages. Potential benefits of this model include increased access to educational modules for students, instant authorship, and financial compensation for instructors and their respective organizations.

  2. A New Long Term Assessment of Energy Return on Investment (EROI for U.S. Oil and Gas Discovery and Production

    Directory of Open Access Journals (Sweden)

    Cutler J. Cleveland

    2011-10-01

    Full Text Available Oil and gas are the main sources of energy in the United States. Part of their appeal is the high Energy Return on Energy Investment (EROI when procuring them. We assessed data from the United States Bureau of the Census of Mineral Industries, the Energy Information Administration (EIA, the Oil and Gas Journal for the years 1919–2007 and from oil analyst Jean Laherrere to derive EROI for both finding and producing oil and gas. We found two general patterns in the relation of energy gains compared to energy costs: a gradual secular decrease in EROI and an inverse relation to drilling effort. EROI for finding oil and gas decreased exponentially from 1200:1 in 1919 to 5:1 in 2007. The EROI for production of the oil and gas industry was about 20:1 from 1919 to 1972, declined to about 8:1 in 1982 when peak drilling occurred, recovered to about 17:1 from 1986–2002 and declined sharply to about 11:1 in the mid to late 2000s. The slowly declining secular trend has been partly masked by changing effort: the lower the intensity of drilling, the higher the EROI compared to the secular trend. Fuel consumption within the oil and gas industry grew continuously from 1919 through the early 1980s, declined in the mid-1990s, and has increased recently, not surprisingly linked to the increased cost of finding and extracting oil.

  3. Understanding the stakeholders' intention to use economic decision-support tools: A cross-sectional study with the tobacco return on investment tool.

    Science.gov (United States)

    Cheung, Kei Long; Evers, Silvia M A A; Hiligsmann, Mickaël; Vokó, Zoltán; Pokhrel, Subhash; Jones, Teresa; Muñoz, Celia; Wolfenstetter, Silke B; Józwiak-Hagymásy, Judit; de Vries, Hein

    2016-01-01

    Despite an increased number of economic evaluations of tobacco control interventions, the uptake by stakeholders continues to be limited. Understanding the underlying mechanism in adopting such economic decision-support tools by stakeholders is therefore important. By applying the I-Change Model, this study aims to identify which factors determine potential uptake of an economic decision-support tool, i.e., the Return on Investment tool. Stakeholders (decision-makers, purchasers of services/pharma products, professionals/service providers, evidence generators and advocates of health promotion) were interviewed in five countries, using an I-Change based questionnaire. MANOVA's were conducted to assess differences between intenders and non-intenders regarding beliefs. A multiple regression analysis was conducted to identify the main explanatory variables of intention to use an economic decision-support tool. Ninety-three stakeholders participated. Significant differences in beliefs were found between non-intenders and intenders: risk perception, attitude, social support, and self-efficacy towards using the tool. Regression showed that demographics, pre-motivational, and motivational factors explained 69% of the variation in intention. This study is the first to provide a theoretical framework to understand differences in beliefs between stakeholders who do or do not intend to use economic decision-support tools, and empirically corroborating the framework. This contributes to our understanding of the facilitators and barriers to the uptake of these studies. Copyright © 2015 The Authors. Published by Elsevier Ireland Ltd.. All rights reserved.

  4. Investing in Cognac Producing Vineyards to Hedge Wealth While Receiving High Returns

    OpenAIRE

    Hakob Hakobyan

    2015-01-01

    The general trend over the last decade for investments has been moving towards emerging markets, where investors are promised high returns for risky investments. These kind of investments favor the brave and bold, but are frightening for the risk averse. In this paper I will be presenting the opportunities that an investment into cognac producing vineyards can offer. High return and relatively low risk investment opportunities that exists in France. Included in the paper will be examples of l...

  5. Investments

    CERN Document Server

    Bodie, Zvi; Marcus, Alan J.

    2017-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.

  6. Adaptive and bounded investment returns promote cooperation in spatial public goods games.

    Directory of Open Access Journals (Sweden)

    Xiaojie Chen

    Full Text Available The public goods game is one of the most famous models for studying the evolution of cooperation in sizable groups. The multiplication factor in this game can characterize the investment return from the public good, which may be variable depending on the interactive environment in realistic situations. Instead of using the same universal value, here we consider that the multiplication factor in each group is updated based on the differences between the local and global interactive environments in the spatial public goods game, but meanwhile limited to within a certain range. We find that the adaptive and bounded investment returns can significantly promote cooperation. In particular, full cooperation can be achieved for high feedback strength when appropriate limitation is set for the investment return. Also, we show that the fraction of cooperators in the whole population can become larger if the lower and upper limits of the multiplication factor are increased. Furthermore, in comparison to the traditionally spatial public goods game where the multiplication factor in each group is identical and fixed, we find that cooperation can be better promoted if the multiplication factor is constrained to adjust between one and the group size in our model. Our results highlight the importance of the locally adaptive and bounded investment returns for the emergence and dominance of cooperative behavior in structured populations.

  7. Investing in Cognac Producing Vineyards to Hedge Wealth While Receiving High Returns

    Directory of Open Access Journals (Sweden)

    Hakob Hakobyan

    2015-07-01

    Full Text Available The general trend over the last decade for investments has been moving towards emerging markets, where investors are promised high returns for risky investments. These kind of investments favor the brave and bold, but are frightening for the risk averse. In this paper I will be presenting the opportunities that an investment into cognac producing vineyards can offer. High return and relatively low risk investment opportunities that exists in France. Included in the paper will be examples of large investments made recently into the industry. I will analyze the trends in the market over the past 8 years for the prices of land, cognac itself and the ease of sales of such products. There will also be an in-depth explanation of why cognac is today’s least risky product to invest into, comparing it to the Champagne regions’ similar historic trends. The findings show that land prices have increased at an average of 10% while simultaneously the price of cognac, has grow at an average of 14%. This product also has a unique hedging opportunity for investors. In short, excluding the growth of cognac prices in general the product itself gains value the longer it is stored, by an average of 12%. In this industry there are 5 big players that compete with each other on quality and also access to future stocks. This reality gives an investor the unique ability to sign futures contracts for 100% of their production over a 5 year period (standard market contract. Similar contracts can be signed with cooperatives who manage the lands for the investor, making the investment hassle free. This allows for an assured projection of both costs and returns for an unprecedented length of time compared to any other industry today. In conclusion, cognac producing vineyards are an investment that can potentially bring high returns, while being able to hedge the investment and see capital gains over the course of time. There will be a final simulation of a 5 year

  8. Calculating Cost-Return for Investments in Student Success

    Science.gov (United States)

    Lumina Foundation for Education, 2010

    2010-01-01

    In late 2007, Jobs for the Future (JFF), working with the Delta Project on Postsecondary Costs, Productivity and Accountability, launched "Investing in Student Success", a one-year pilot program. The pilot, conceived of as part of the "Making Opportunity Affordable" initiative and funded by Walmart Foundation and Lumina Foundation for Education,…

  9. Return on Investment Analysis of Health Experts onLine at Portsmouth: A 2-Year Review of the Navy's Newest Teleconsultation System.

    Science.gov (United States)

    Lin, Andrew H; Welstead, Bethany L; Morey, Brittany L; Mahnke, C Becket; Cole, Jacob H; Johnston, Michael G

    2017-05-01

    Health Experts onLine at Portsmouth (HELP) is a web-based teleconsultation system launched in June 2014 to facilitate communication between specialists at Naval Medical Center Portsmouth and providers assigned to both the fleet forces and primary care clinics across the eastern United States, Europe, and the Middle East. Specialist consultations through the HELP system purport to improve access to care for patients who otherwise might be referred to the civilian network or medically evacuated (MEDEVACed) to Naval Medical Center Portsmouth for specialized care. If HELP-facilitated communications help avoid civilian referrals or MEDEVACs, the associated costs of that care should be reduced. We evaluated cost savings associated with prevented MEDEVACs by analyzing both tangible savings (prevented costs of flights, per diems, and consults) and intangible savings (reduced lost productivity time). We compared these savings to the costs of maintaining and utilizing the HELP system: startup costs, administrative costs, and provider time costs. We used patient and provider data from the HELP database to evaluate clinical consult cases. Before this analysis, a panel of 3 physicians associated with HELP reviewed each consult to determine whether a case qualified as a prevented MEDEVAC. Data from the Military Health System (MHS) Management and Analysis Reporting Tool and the MHS Data Repository were used to estimate costs associated with provider time, patient time, and direct care medical encounters. The HELP program delivered measurable, positive returns on investment (ROIs) between June 2014 and December 2015. In that time frame, 559 consult cases occurred in the HELP system. Of the 559 total consult cases, 50 consults prevented MEDEVACs. Incorporating only tangible savings, HELP produced an 80% ROI on the basis of prevented medical evacuations; the addition of intangible savings such as reduced lost productivity increased the ROI to 250%. The dollar values of these savings

  10. Investment returns and economic fundamentals in international art markets

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Spaenjers, C.; Velthuis, O.; Baia-Curioni, S.

    Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. This chapter examines geographical segmentation and its effects on price formation and returns in the international art auction market. The chapter finds (1) a close connection between

  11. Investment Returns and Economic Fundamentals in International Art Markets

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Spaenjers, C.

    2014-01-01

    Abstract: Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. We examine geographical segmentation and its effects on price formation and returns in the international art auction market. We find (i) a close connection between the country

  12. Investments

    CERN Document Server

    Bodie, Zvi

    2013-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. McGraw-Hill's adaptive learning component, LearnSmart, provides assignable modules that help students master chapter core concepts and come to class more prepared. Bodie Investments' blend of practical and theoretical coverage combines with a complete digital solution to help your students achieve higher outcomes in the course

  13. The Economic Return on PCCD's Investment in Research-Based Programs: A Cost-Benefit Assessment of Delinquency Prevention in Pennsylvania

    Science.gov (United States)

    Jones, Damon; Bumbarger, Brian K.; Greenberg, Mark T.; Greenwood, Peter; Kyler, Sandee

    2008-01-01

    This report considers the cost-effectiveness potential for seven research-based programs funded by the Pennsylvania Commission on Crime and Delinquency (PCCD). These programs are highlighted because they represent the bulk of the PCCD's investment in prevention programming and because there are existing longitudinal data on program outcomes from…

  14. When Investment in Basic Skills Gives Negative Returns

    Science.gov (United States)

    Billington, Mary Genevieve; Nissinen, Kari; Gabrielsen, Egil

    2017-01-01

    In recent years, the Norwegian government has invested heavily in improving basic skills in the adult population. Initiatives have included legislation, the introduction of work-based adult education programs, and reforms in schooling. In light of this investment, we explore trends in adult literacy and numeracy, by comparing data from two…

  15. Ratio K: a New Way of Metering and Evaluating the Risk and Return of Stock Investment

    Institute of Scientific and Technical Information of China (English)

    朱淑珍; 朱静怡

    2003-01-01

    Although widely used, both the Markowitz model and VAR (Value at Risk) model have some limitations in evaluating the risk and return of stock investnent.By the analysis of the conceptions of risk and return,together with the three hypotheses of technological analysis, a novelty model of metering and evaluating the risk and return of stock investnent is established.The major indicator of this model , risk-return ratio K, combines the characteristic indicators of risk and return. Regardless of the form of the risk-return probability density functions, this indicator K can always reflect the risk-return performances of the invested stocks clearly and accurately. How to use the model to make optimum investment and how to make portfolio combined with clustering analysis is also explained.

  16. How Are Property Investment Returns Determined? — Estimating the Micro-Structure of Asset Prices, Property Income, and Discount Rates —

    OpenAIRE

    清水, 千弘; Chihiro, Shimizu

    2014-01-01

    How exactly should one estimate property investment returns? Investors in property aim to maximize capital gains from price increases and income generated by the property. How are the returns on investment in property determined based on its characteristics, and what kind of market characteristics does it have? Focusing on the Tokyo commer-cial property market and residential property market, the purpose of this paper was to break down and measure the micro-structure of property investment re...

  17. Evaluating the Return in Ecosystem Services from Investment in Public Land Acquisitions

    Science.gov (United States)

    Kovacs, Kent; Polasky, Stephen; Nelson, Erik; Keeler, Bonnie L.; Pennington, Derric; Plantinga, Andrew J.; Taff, Steven J.

    2013-01-01

    We evaluate the return on investment (ROI) from public land conservation in the state of Minnesota, USA. We use a spatially-explicit modeling tool, the Integrated Valuation of Ecosystem Services and Tradeoffs (InVEST), to estimate how changes in land use and land cover (LULC), including public land acquisitions for conservation, influence the joint provision and value of multiple ecosystem services. We calculate the ROI of a public conservation acquisition as the ratio of the present value of ecosystem services generated by the conservation to the cost of the conservation. For the land scenarios analyzed, carbon sequestration services generated the greatest benefits followed by water quality improvements and recreation opportunities. We found ROI values ranged from 0.21 to 5.28 depending on assumptions about future land use change, service values, and discount rate. Our study suggests conservation is a good investment as long as investments are targeted to areas with low land costs and high service values. PMID:23776429

  18. Evaluating the return in ecosystem services from investment in public land acquisitions.

    Directory of Open Access Journals (Sweden)

    Kent Kovacs

    Full Text Available We evaluate the return on investment (ROI from public land conservation in the state of Minnesota, USA. We use a spatially-explicit modeling tool, the Integrated Valuation of Ecosystem Services and Tradeoffs (InVEST, to estimate how changes in land use and land cover (LULC, including public land acquisitions for conservation, influence the joint provision and value of multiple ecosystem services. We calculate the ROI of a public conservation acquisition as the ratio of the present value of ecosystem services generated by the conservation to the cost of the conservation. For the land scenarios analyzed, carbon sequestration services generated the greatest benefits followed by water quality improvements and recreation opportunities. We found ROI values ranged from 0.21 to 5.28 depending on assumptions about future land use change, service values, and discount rate. Our study suggests conservation is a good investment as long as investments are targeted to areas with low land costs and high service values.

  19. What's the Return on a Tenner Nowadays...?

    Science.gov (United States)

    Williams, Sandra

    2001-01-01

    Workplace training at the British offices of Readers' Digest is designed to improve staff skills in communicating with customers. Evaluation of workshops focused on spelling, grammar, and business writing shows that the company is achieving a return on its training investment. (SK)

  20. Foreign institutional investments in India: An empirical analysis of dynamic interactions with stock market return and volatility

    Directory of Open Access Journals (Sweden)

    Vaishali S. Dhingra

    2016-12-01

    Full Text Available This paper investigates interactions of foreign institutional investments with market returns and market volatility in India using both static and dynamic models based on daily data. The findings of both models show foreign investors as positive feedback traders while investing in the Indian market, and as negative feedback traders during their withdrawal. Using the impulse response functions based on vector autoregression, we find strong evidence that foreign institutional investments destabilise the market, particularly with selling activities, as they significantly increase the volatility.

  1. Deepening the Institutionalization of Service-Learning: The Added Value of Assessing the Social Return of Investment

    Science.gov (United States)

    Stanton-Nichols, Kathleen; Hatcher, Julie; Cecil, Amanda

    2015-01-01

    Strategies to institutionalize service-learning are well documented (Furco 1996; Holland, 2000). Using Kecskes (2009) Community-Engaged Department Rubric we evaluated service-learning institutionalization within a school at a metropolitan campus. As a result, we propose adding an additional dimension, social return on investment. This added…

  2. Shorter amortization and more return on investment revive the market segment; Kuerzere Amortisation und mehr Rendite. Innovative PV-Nachfuehrungen beleben das Marktsegment

    Energy Technology Data Exchange (ETDEWEB)

    Theiss, Eric

    2012-09-15

    There is a growing demand for PV systems with opportunities for own consumption in Germany. Due to the fluctuating price stability many plant operators want to become independent from electrical suppliers. Right here, the advantages of tracked PV modules are becoming interesting: innovations and increasing earnings while compensating the investment costs simultaneously. In the medium term, most product manufacturers see good market opportunities for the use of tracked PV modules in Germany.

  3. The Risk-Return Trade-Off in Human Capital Investment

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Joensen, Juanna Schrøter; Nielsen, Helena Skyt

    In this paper we analyze investments in human capital assets in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by sing...... tests for mean-variance spanning. A risk-return trade-off is revealed, hich is not only related to the length of education but also to the type of education. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that are inefficient, and may...

  4. Comments on "Investing in All the People".

    Science.gov (United States)

    Sabot, R H

    1992-01-01

    Professor Summer's article on government spending for education in Pakistan is agreed with. This commentary also suggested that the conference should have included the Ministry of Finance so that there could be multisector agreement that there must be reallocation of public expenditure from the military for future investment in power plants and primary and secondary education systems. The goal would be to eliminate the gender gap in education and to invest in girls' education. Professor Summers argued that inadequate demand needed to be increased with an increased supply of schools. Gender bias was also evident worldwide in missing girls and higher female mortality. Pakistan has the highest sex ratio, which may not reflect a changes in practices among younger mothers. It was argued by Professor Summers that breaking the vicious cycle of high fertility, little or no education, low productivity, and higher mortality among women can be accomplished virtuously by increasing girl's educational levels. The investment in girls will be reaped in the home, marketplace, and in child welfare through changes in household behavior. Educating girls was considered more cost effective than investing in family planning programs. Additional suggestions are provided that improvement in quality of schooling is also important in improving the education of mothers and children and is interactive with mother's education and years of schooling of children. It is likely that if mothers are educated investment returns are greater when quality if enhanced. It would also hold true that investments in health care or in family planning would reap greater returns if mothers are educated. The figures for return on investment are given as over 20% with a doubling of resources over 3.5 years. Returns would be lower if quality is low or jobs are of low quality or if the returns do not appear for another generation. If returns are too low, the question is how this will affect political will. This

  5. Does the private sector receive an excessive return from investments in health care infrastructure projects? Evidence from the UK.

    Science.gov (United States)

    Vecchi, Veronica; Hellowell, Mark; Gatti, Stefano

    2013-05-01

    This paper is concerned with the cost-efficiency of Private Finance Initiatives (PFIs) in the delivery of hospital facilities in the UK. We outline a methodology for identifying the "fair" return on equity, based on the Weighted Average Cost of Capital (WACC) of each investor. We apply this method to assess the expected returns on a sample of 77 contracts signed between 1997 and 2011 by health care provider organisations in the UK. We show that expected returns are in general in excess of the WACC benchmarks. The findings highlight significant problems in current procurement practices and the methodologies by which bids are assessed. To minimise the financial impact of hospital investments on health care systems, a regulatory regime must ensure that expected returns are set at the "fair" rate. Copyright © 2012 Elsevier Ireland Ltd. All rights reserved.

  6. Factor investing based on Musharakah principle

    Science.gov (United States)

    Simon, Shahril; Omar, Mohd; Lazam, Norazliani Md; Amin, Mohd Nazrul Mohd

    2015-10-01

    Shariah stock investing has become a widely discussed topic in financial industry as part of today's investment strategy. The strategy primarily applies market capitalization allocations. However, some researchers have argued that market capitalization weighting is inherently flawed and have advocated replacing market capitalization allocations with factor allocations. In this paper, we discuss the rationale for factor investing based on Musharakah principle. The essential elements or factors of Musharakah principle such as business sector, management capability, profitability growth and capital efficiency are embedded in the Shariah-compliant stock. We then transform these factors into indexation for better analysis and performance measurement. Investment universe for this research covers Malaysian stocks for the period of January 2009 to December 2013. We found out that these factor indexes have historically earned excess returns over market capitalization weighted indexes and experienced higher Sharpe Ratios.

  7. Diversified Investments, Market Returns and Low Transaction Costs: Which is the Best Combination of these Factors?

    Directory of Open Access Journals (Sweden)

    Jose M. Ventura

    2000-08-01

    Full Text Available The article presents a way to build a diversified portfolio at a cost lower than what most investment service firms and advisors can provide through active fund management. The investment strategy presented consists of selecting the Index that is appropriate for the investment aims and investing the portfolio based on the mix of different indexes that reflect the investor's goal. Since index investing by definition does not select any other security than the one in the index and has to be purchased in the proportion reflected in the index, stock selection is straightforward and management fees are at a low level or even beat the minimum, if competition works.

  8. 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...

  9. Beter zicht op rendement van investeringen : selectie en toepassing van kengetallen voor het beoordelen van investeringen op melkveebedrijven : deelrapport 3 van het project 'Groeien in rendement' = Better view on returns on investment : selection and application of indicators for the evaluation of investments on dairy farms : report Part 3 of the project "Expansion with financial return”

    NARCIS (Netherlands)

    Zijlstra, J.; Evers, A.G.

    2012-01-01

    In this study indicators for evaluating investment plans of dairy farms are investigated, evaluated and assessed on suitability. The assessment on suitability was carried out by using investment analysis methods to derive financial performance criteria for plans concerning business development on

  10. Analysis of the Return on Investment and Economic Impact of Education: The Economic Value of Washington's Community and Technical Colleges. Main Report

    Science.gov (United States)

    Washington State Board for Community and Technical Colleges, 2016

    2016-01-01

    Washington's Community and Technical Colleges (the colleges) serve 305,087 credit and 95,890 non-credit students. The colleges' service region, for the purpose of this report, consists of Washington State. This report assesses the impact of the colleges as a whole on the state economy and the benefits generated by the colleges for students,…

  11. Finland and the mobile phone industry: a case study of the return on investment from government-funded research and development

    CSIR Research Space (South Africa)

    Walwyn, D

    2007-01-01

    Full Text Available &D expenditure with product revenue, it is shown that government has managed to achieve a multiplier effect of about 66 on its initial R&D expenditure through initially a leveraging of business R&D expenditure (at a level of 1:3) and then the translation...

  12. Maximizing your return on people.

    Science.gov (United States)

    Bassi, Laurie; McMurrer, Daniel

    2007-03-01

    Though most traditional HR performance metrics don't predict organizational performance, alternatives simply have not existed--until now. During the past ten years, researchers Laurie Bassi and Daniel McMurrer have worked to develop a system that allows executives to assess human capital management (HCM) and to use those metrics both to predict organizational performance and to guide organizations' investments in people. The new framework is based on a core set of HCM drivers that fall into five major categories: leadership practices, employee engagement, knowledge accessibility, workforce optimization, and organizational learning capacity. By employing rigorously designed surveys to score a company on the range of HCM practices across the five categories, it's possible to benchmark organizational HCM capabilities, identify HCM strengths and weaknesses, and link improvements or back-sliding in specific HCM practices with improvements or shortcomings in organizational performance. The process requires determining a "maturity" score for each practice, based on a scale of 1 (low) to 5 (high). Over time, evolving maturity scores from multiple surveys can reveal progress in each of the HCM practices and help a company decide where to focus improvement efforts that will have a direct impact on performance. The authors draw from their work with American Standard, South Carolina's Beaufort County School District, and a bevy of financial firms to show how improving HCM scores led to increased sales, safety, academic test scores, and stock returns. Bassi and McMurrer urge HR departments to move beyond the usual metrics and begin using HCM measurement tools to gauge how well people are managed and developed throughout the organization. In this new role, according to the authors, HR can take on strategic responsibility and ensure that superior human capital management becomes central to the organization's culture.

  13. Energy return on investment for aquaponics

    DEFF Research Database (Denmark)

    Atlason, Reynir Smari; Danner, Ragnar; Unnthorsson, Runar

    2017-01-01

    ) is the ratio between the energy used to construct and maintain a given system, against the energy that is provided by the system. Aquaponic systems have environmental benefits over conventional aquaculture systems as the waste is used within the system as fertilizer for plants. In this paper, we analyse...... the operational performance of three aquaponic systems. Two systems were located in Iceland, and one in northern Spain. We also analyse the energy output with respect to edible protein contents. The EROI of the Hondarribia, Sudarvogur and Akur systems was 0.055, 0.016 and 0.106 respectively after 10 years...... of partially simulated operation. Our results indicate that aquaponic operations benefit from operating within a greenhouse and that direct electricity consumption is the largest energy input in the aquaponics systems....

  14. Return on Investment in the Public Sector

    National Research Council Canada - National Science Library

    Bigham, Joshua

    2004-01-01

    .... This demand has created a trend in the public sector, not only in the United States, but worldwide as well, towards the importation of private sector business practices to improve accountability-oriented analysis...

  15. Return on Investment in the Public Sector

    National Research Council Canada - National Science Library

    Bigham, Joshua

    2004-01-01

    .... Development and application of ROI analysis is challenging in the public sector since most government organizations do not generate profit necessary for calculation of ROI in the manner in which it...

  16. Return on investment (ROI) proposal preparation guide

    International Nuclear Information System (INIS)

    Valero, O.J.

    1998-01-01

    The ROI Proposal Preparation Guide is a tool to assist Hanford waste generators in preparing ROI proposal forms for submittal to Department of Energy, Richland Operations Office (DOE/RL) for funding. The guide describes the requirements for submitting an ROI proposal and provides examples of completed ROI forms. The intent is to assist waste generators in identifying projects that meet the criteria, provide information necessary to complete the ROI forms, and submit a proposal that is eligible to receive funding

  17. The required rate of return for new nuclear investment, and the choice between nuclear and gas plant

    International Nuclear Information System (INIS)

    Dimson, E.; Staunton, M.

    1995-01-01

    The British Government is in the process of reviewing its strategy for nuclear power, which is largely in the hands of Nuclear Electric, a candidate for early privatisation. We estimate that the after-tax real return which must be earned on new investment by Nuclear Electric is at least 11 percent. The corresponding pre-tax required rate of return is at least 13 percent in real terms. The fact that some of the investment risks of nuclear power can be shifted onto competitors or consumers should not, in a regulated industry, be allowed to lower the discount rate. Nuclear Electric's current required rate of return of 8 percent before tax is too low, and leads to an overstatement of the value of the Sizewell C and Hinkley Point C proposals. Based on Nuclear Electric's own plant parameter assumptions, going ahead with both stations will be some Pound 4 billion more expensive than the gas alternative. Incorporating best estimates of capital cost and plant performance, we estimate the two proposals would result in a combined loss in value of approximately Pound 6-7 billion. (author)

  18. Investment appraisal of technology innovations on dairy farm electricity consumption.

    Science.gov (United States)

    Upton, J; Murphy, M; De Boer, I J M; Groot Koerkamp, P W G; Berentsen, P B M; Shalloo, L

    2015-02-01

    The aim of this study was to conduct an investment appraisal for milk-cooling, water-heating, and milk-harvesting technologies on a range of farm sizes in 2 different electricity-pricing environments. This was achieved by using a model for electricity consumption on dairy farms. The model simulated the effect of 6 technology investment scenarios on the electricity consumption and electricity costs of the 3 largest electricity-consuming systems within the dairy farm (i.e., milk-cooling, water-heating, and milking machine systems). The technology investment scenarios were direct expansion milk-cooling, ice bank milk-cooling, milk precooling, solar water-heating, and variable speed drive vacuum pump-milking systems. A dairy farm profitability calculator was combined with the electricity consumption model to assess the effect of each investment scenario on the total discounted net income over a 10-yr period subsequent to the investment taking place. Included in the calculation were the initial investments, which were depreciated to zero over the 10-yr period. The return on additional investment for 5 investment scenarios compared with a base scenario was computed as the investment appraisal metric. The results of this study showed that the highest return on investment figures were realized by using a direct expansion milk-cooling system with precooling of milk to 15°C with water before milk entry to the storage tank, heating water with an electrical water-heating system, and using standard vacuum pump control on the milking system. Return on investment figures did not exceed the suggested hurdle rate of 10% for any of the ice bank scenarios, making the ice bank system reliant on a grant aid framework to reduce the initial capital investment and improve the return on investment. The solar water-heating and variable speed drive vacuum pump scenarios failed to produce positive return on investment figures on any of the 3 farm sizes considered on either the day and night

  19. Economic returns to investment in AIDS treatment in low and middle income countries.

    Directory of Open Access Journals (Sweden)

    Stephen Resch

    Full Text Available Since the early 2000s, aid organizations and developing country governments have invested heavily in AIDS treatment. By 2010, more than five million people began receiving antiretroviral therapy (ART--yet each year, 2.7 million people are becoming newly infected and another two million are dying without ever having received treatment. As the need for treatment grows without commensurate increase in the amount of available resources, it is critical to assess the health and economic gains being realized from increasingly large investments in ART. This study estimates total program costs and compares them with selected economic benefits of ART, for the current cohort of patients whose treatment is cofinanced by the Global Fund to Fight AIDS, Tuberculosis and Malaria. At end 2011, 3.5 million patients in low and middle income countries will be receiving ART through treatment programs cofinanced by the Global Fund. Using 2009 ART prices and program costs, we estimate that the discounted resource needs required for maintaining this cohort are $14.2 billion for the period 2011-2020. This investment is expected to save 18.5 million life-years and return $12 to $34 billion through increased labor productivity, averted orphan care, and deferred medical treatment for opportunistic infections and end-of-life care. Under alternative assumptions regarding the labor productivity effects of HIV infection, AIDS disease, and ART, the monetary benefits range from 81 percent to 287 percent of program costs over the same period. These results suggest that, in addition to the large health gains generated, the economic benefits of treatment will substantially offset, and likely exceed, program costs within 10 years of investment.

  20. MEASURES OF EFFICIENCY AND INVESTMENTS RETURN: AN STUDY OF BRAZILIAN ELECTRICITY DISTRIBUTORS WITH DATA ENVELOPMENT ANALYSIS, MALMQUIST INDEX AND ROI

    Directory of Open Access Journals (Sweden)

    Valter Saurin

    2013-03-01

    Full Text Available This paper aims to determine, in a group of companies from the Brazilian electric sector, if there is a relationship between the return on investment (ROI and the concept of efficiency estimated by the method Data Envelopment Analysis (DEA, as well as evaluating the growth of productivity based on Malmquist Index (Fare et al, 1996. The hypothesis is that firms that had return on investment higher during certain period of time are those employed their resources efficiently in getting their outputs (DEA efficient. The input (1 Products (5 DEA model correspond to the operating cost (I, the network length (km, the number of consumers and the market billed high, medium and low voltage, respectively. The sample consisted of 31 companies of Brazilian electricity distribution and timing of the study was from 2007 to 2009. We calculated the Malmquist index (M0, represented by the change in total factor productivity (TFPC, which is composed by the evolution of technical efficiency (EC and the change in the technological frontier (TC of the companies were also determined ROI for each period. We calculated the correlation between the TFPC, TC, EC, score the DEA and the ROI for the period 2007 to 2009. The results showed a positive correlation, although weak, between efficiency change and the indexes mentioned above, rejecting the initial hypothesis

  1. Returns on Sustainable Mutual Funds in India

    OpenAIRE

    Jain, Anant

    2011-01-01

    The world has seen a huge growth in investment through the sustainable sector. But the study on the cost in construction and measuring the performance of such investments is confined to the limited countries. Thus to compare the performance of the sustainable investment with that of traditional investments it is necessary to increase the sample size of the study. Considering this in mind the paper aims to study the performance and risk of the sustainable mutual fund investments with that of t...

  2. Pricing and Hedging Guaranteed Returns on Mix Funds

    NARCIS (Netherlands)

    Vellekoop, M.H.; van de Kamp, A.A.; Post, B.A.

    2006-01-01

    Abstract In this paper we propose a valuation and hedging strategy for a guaranteed minimal rate of return on a mix fund, which participates in both bonds and stocks. For the case where a fixed amount of money is invested, we show that a European put option on the mix fund replicates the cash flows

  3. Investment Avenues

    Science.gov (United States)

    Jain, Priyanka

    2012-11-01

    Investors are a heterogeneous group, they may be large or small, rich or poor, expert or lay man and not all investors need equal degree of protection (Mayya, 1996). An investor has three objectives while investing his money, namely safety of invested money, liquidity position of invested money and return on investment. The return on investment may further be divided into capital gain and the rate of return on investment as interest or dividend. Among all investment options available, securities are considered the most challenging as well as rewarding. Securities include shares, debentures, derivatives, units of mutual funds, Government securities etc. An investor may be an individual or corporate legal entity investing funds with a view to derive maximum economic advantage from investment such as rate of return, capital appreciation, marketability, tax advantage and convenience of investment.The Capital market facilitates mobilization of savings of individuals and pools them into reservoir of capital which can be used for the economic development of a country. An efficient capital market is essential for raising capital by the corporate sector of the economy and for the protection of the interest of investors in corporate securities. There arises a need to strike a balance between raising of capital for economic development on one side and protection of investors on the other. Unless the interests of investors are protected, raising of capital, by corporates is not possible. Like, the primary objective of a senior citizenís asset allocation is the generation of regular income.

  4. Returns to food and agricultural R&D investments in Sub-Saharan Africa, 1975-2014.

    Science.gov (United States)

    Pardey, Philip G; Andrade, Robert S; Hurley, Terrance M; Rao, Xudong; Liebenberg, Frikkie G

    2016-12-01

    Research-enabled growth in agricultural productivity is pivotal to sub-Saharan Africa's overall economic growth prospects. Yet, investments in research and development (R&D) targeted to many national food and agricultural economies throughout Africa are fragile and faltering. To gain insight into what could be driving this trend, this article updates, summarizes and reassesses the published evidence on the returns to African agricultural R&D. Based on a compilation of 113 studies published between 1975 and 2014 spanning 25 countries, the reported internal rates of return ( IRRs ) to food and agricultural research conducted in or of direct consequence for sub-Saharan Africa averaged 42.3%py. In addition to the 376 IRR estimates, the corresponding 129 benefit-cost ratios ( BCRs ) averaged 30.1. Most (96.5%) of the returns-to-research evaluations are of publicly performed R&D, and the majority (87.6%) of the studies were published in the period 1990-2009. The large dispersion in the reported IRRs and BCRs makes it difficult to discern meaningful patterns in the evidence. Moreover, the distribution of IRRs is heavily (positively) skewed, such that the median value (35.0%py) is well below the mean, like it is for research done elsewhere in the world (mean 62.4%py; median 38.0%py). Around 78.5% of the evaluations relate to the commodity-specific consequences of agricultural research, while 5.5% report on the returns to an "all agriculture" aggregate. The weight of commodity-specific evaluation evidence is not especially congruent with the composition of agricultural production throughout Africa, nor, to the best that can be determined, the commodity orientation of public African agricultural R&D.

  5. DIRECT INVESTMENT ON REGIONAL MARKETS

    Directory of Open Access Journals (Sweden)

    LIVIU NEAMŢU

    2013-08-01

    Full Text Available Foreign direct investment are that category of investments that allow participation in leadership andeffective control of the companies in which it invests. It's so new firms, as well as the establishment ofinternational operations of the company through expansion of existing operations. Typically, the companyincurred in a market that is confined to a distinct geographical area, but the limits of market changes. Thechange can be the result of higher management decisions on market opening and development of a newtechnology or product. Markets with a lower level of development are likely to attract a higher level of directinvestments than those in more developed countries. The specific reasons behind the decision of a company toinvest abroad are operating efficiency, reduce risk, market development and Government policy in the hostcountry. Transnational corporations are large conglomerates which consists of the parent company and itssubsidiaries/branches, both in the country of residence and abroad. Transnational corporations affect stronglyboth the production and the world of international economic relations. This influence is determined by themotivations of expansion that they promote. The expansion of transnational corporations has as satisfying"ambitions" of global expansion, and impulsionate getting supraprofiturilor. The strength of these structures isbased on maximizing profits.

  6. Estimating the net benefit of a specialized return-to-work program for workers on short-term disability related to a mental disorder: an example exploring investment in collaborative care.

    Science.gov (United States)

    Dewa, Carolyn S; Hoch, Jeffrey S

    2014-06-01

    This article estimates the net benefit for a company incorporating a collaborative care model into its return-to-work program for workers on short-term disability related to a mental disorder. Employing a simple decision model, the net benefit and uncertainty were explored. The breakeven point occurs when the average short-term disability episode is reduced by at least 7 days. In addition, 85% of the time, benefits could outweigh costs. Model results and sensitivity analyses indicate that organizational benefits can be greater than the costs of incorporating a collaborative care model into a return-to-work program for workers on short-term disability related to a mental disorder. The results also demonstrate how the probability of a program's effectiveness and the magnitude of its effectiveness are key factors that determine whether the benefits of a program outweigh its costs.

  7. Risk and Real Estate Investment Trust (REITs Return: Evidence from Listed Public Trust

    Directory of Open Access Journals (Sweden)

    Nor Edi Azhar Binti Mohamad

    2014-08-01

    Full Text Available This study examines an association of risk and returns of REITs from Malaysian REITs listed companies. The secondary data for analysis is retrieved from Bloomberg's Database of all 13 listed REITs in the Bursa Malaysia main market for three year period, from 2007 to 2009 with quarterly observation. The dependent variables are average return, expected return using Capital Asset Pricing Model, Sharpe Index, and Jensen Alpha Index. The independent variables represented by standard deviation, beta, trading volume, gross domestic product, inlation rate, and share price. The control variable for this study is type of REITs, whether it  was  categorized  as  Islamic  or  conventional  REITs.  Applying  correlations  and  multiple regression  analysis,  the  results  provide  evidence  on  the  association  between  return  and risk  on  REITs.  This  study  is  also  hoped  to  bring  beneits  to  the  public  listed  company  and shareholders in obtaining the key factors in determining the REITs yield. ";} // -->activate javascript

  8. Optimal Time-Consistent Investment Strategy for a DC Pension Plan with the Return of Premiums Clauses and Annuity Contracts

    Directory of Open Access Journals (Sweden)

    De-Lei Sheng

    2014-01-01

    Full Text Available Defined contribution and annuity contract are merged into one pension plan to study both accumulation phase and distribution phase, which results in such effects that both phases before and after retirement being “defined”. Under the Heston’s stochastic volatility model, this paper focuses on mean-variance insurers with the return of premiums clauses to study the optimal time-consistent investment strategy for the DC pension merged with an annuity contract. Both accumulation phase before retirement and distribution phase after retirement are studied. In the time-consistent framework, the extended Hamilton-Jacobi-Bellman equations associated with the optimization problem are established. Applying stochastic optimal control technique, the time-consistent explicit solutions of the optimal strategies and the efficient frontiers are obtained. In addition, numerical analysis illustrates our results and also deepens our knowledge or understanding of the research results.

  9. THE INFLUENCE OF CORPORATE FINANCIAL PERFORMANCE ON SHARE RETURN

    Directory of Open Access Journals (Sweden)

    Ghulam Nurul Huda

    2015-09-01

    Full Text Available This study was conducted to examine the effect of financial performances of Economic Value Added (EVA, Market Value Added (MVA as well as financial ratios (Fixed Asset Turnover, Return on Investment, Debt to Equity Ratio, Price to Book Value, Total Asset Turnover on Stock Return. This study used the data of six representative palm oil companies which were listed in Indonesia Stock Exchange. The analysis models that were used included three multiple regression equations for EVA, MVA and Stock Return. The results indicate that DER significantly influences EVA and PBV, and TATO significantly influences MVA. Return Shares are significantly only affected by EVA. The company's fundamentals, especially EVA, PBV, TATO and DER were used by investors to predict the Stock Return in Indonesia Stock Exchange in 2009–2014 period. This study confirmed the previous studies that these variables are involved on regression model to predict the Stock Return. The results of the analysis of the company's financial performance with EVA and MVA and financial fundamental variables provide a better alternative picture on the achievement of the company so that the benefits in investing in the palm oil business in Indonesia can be maximally managed.Keywords: Indonesia Stock Exchange, investor, market, multiple regression, stock

  10. Application of numerical method in calculating the internal rate of return of joint venture investment using diminishing musyarakah model

    Science.gov (United States)

    Ruslan, Siti Zaharah Mohd; Jaffar, Maheran Mohd

    2017-05-01

    Islamic banking in Malaysia offers variety of products based on Islamic principles. One of the concepts is a diminishing musyarakah. The concept of diminishing musyarakah helps Muslims to avoid transaction which are based on riba. The diminishing musyarakah can be defined as an agreement between capital provider and entrepreneurs that enable entrepreneurs to buy equity in instalments where profits and losses are shared based on agreed ratio. The objective of this paper is to determine the internal rate of return (IRR) for a diminishing musyarakah model by applying a numerical method. There are several numerical methods in calculating the IRR such as by using an interpolation method and a trial and error method by using Microsoft Office Excel. In this paper we use a bisection method and secant method as an alternative way in calculating the IRR. It was found that the diminishing musyarakah model can be adapted in managing the performance of joint venture investments. Therefore, this paper will encourage more companies to use the concept of joint venture in managing their investments performance.

  11. Investigating different factors influencing on return of private banks

    Directory of Open Access Journals (Sweden)

    Pegah Motamedi

    2013-09-01

    Full Text Available Return of Investment has always been an interesting area of research among academics as well as investors. Although capital asset pricing model (CAPM is capable of estimating risk of investment, many people argue that CAPM is not able to predict long-term return, properly. This paper presents an empirical investigation to find the effects of different financial figures including systematic risk (Beta, size of firm, ratio of book value to market share, volume of trade and the ratio of price/earnings (P/E on return of private banks in Iran. The study gathers the necessary information over the period 2005-2011 from private banks in Iran. The study uses multiple regression technique to find the effects of mentioned variables on return of private banks. The results indicate that there are some meaningful and positive relationship between return of banks and systematic risk (Beta, size, volume of trade and P/E. The study also finds some meaningful and reverse relationship between bank return and book value on market value.

  12. Long-term portfolio investments: New insight into return and risk

    Directory of Open Access Journals (Sweden)

    Alexander Abramov

    2015-09-01

    Emphasis is placed on the need for regular adjustments to long-term investors’ portfolios. As portfolios get older, those investors see a reduction in the returns’ dispersion, while differences in risk between various portfolios increase. This means that to maintain a fixed risk–return ratio for a portfolio as the horizon increases, an investor needs to increase the share of lower-risk financial assets during asset allocation process. This thesis becomes especially relevant in the context of retirement savings management.

  13. Using the Idea of Market-Expected Return Rates on Invested Capital in the Verification of Conformity of Market Evaluation of Stock-Listed Companies with their Intrinsic Value

    Directory of Open Access Journals (Sweden)

    Paweł Mielcarz

    2012-12-01

    Full Text Available This article presents the concept of investor-expected rates of return on capital of listed companies and the use of these rates in the assessment of the extent to which the stock evaluation of a given entity is compatible with its intrinsic value. The article also features results of the research aimed at verification – with the use of the presented tool – of whether the market value of WSE-listed companies reflects their fundamental value. The calculations presented in the empirical part of the article show that at the beginning of 2011, market evaluation of the most of the analysed entities greatly exceeded their fundamental value.

  14. Evaluation and comparison of return of investment for proposed use of solar systems in the Czech and Slovak Republic

    Directory of Open Access Journals (Sweden)

    E. Weiss

    2012-07-01

    Full Text Available The aim of the paper is to evaluate return of investment (ROI and cost savings from proposed use of solar systems for residents funded by government grants. The paper deals with proposals for solar energy systems for various use, simple calculations of payback periods of solar systems financed with subsidy and without subsidy. Apart from climatic conditions, chemical composition the of the absorber and structural elements that are made of copper, respectively aluminum and Al-Mg alloy play an important role in assessing the payback period of the investment in solar panels.

  15. ANALYSIS MODEL FOR RETURN ON CAPITAL EMPLOYED

    Directory of Open Access Journals (Sweden)

    BURJA CAMELIA

    2013-02-01

    Full Text Available At the microeconomic level, the appreciation of the capitals’ profitability is a very complex action which is ofinterest for stakeholders. This study has as main purpose to extend the traditional analysis model for the capitals’profitability, based on the ratio “Return on capital employed”. In line with it the objectives of this work aim theidentification of factors that exert an influence on the capital’s profitability utilized by a company and the measurementof their contribution in the manifestation of the phenomenon. The proposed analysis model is validated on the use caseof a representative company from the agricultural sector. The results obtained reveal that in a company there are somefactors which can act positively on the capitals’ profitability: capital turnover, sales efficiency, increase the share ofsales in the total revenues, improvement of the expenses’ efficiency. The findings are useful both for the decisionmakingfactors in substantiating the economic strategies and for the capital owners who are interested in efficiency oftheir investments.

  16. Maximizing ROI (return on information)

    Energy Technology Data Exchange (ETDEWEB)

    McDonald, B.

    2000-05-01

    The role and importance of managing information are discussed, underscoring the importance by quoting from the report of the International Data Corporation, according to which Fortune 500 companies lost $ 12 billion in 1999 due to inefficiencies resulting from intellectual re-work, substandard performance , and inability to find knowledge resources. The report predicts that this figure will rise to $ 31.5 billion by 2003. Key impediments to implementing knowledge management systems are identified as : the cost and human resources requirement of deployment; inflexibility of historical systems to adapt to change; and the difficulty of achieving corporate acceptance of inflexible software products that require changes in 'normal' ways of doing business. The author recommends the use of model, document and rule-independent systems with a document centered interface (DCI), employing rapid application development (RAD) and object technologies and visual model development, which eliminate these problems, making it possible for companies to maximize their return on information (ROI), and achieve substantial savings in implementation costs.

  17. Research on the robust optimization of the enterprise's decision on the investment to the collaborative innovation: Under the risk constraints

    International Nuclear Information System (INIS)

    Zhou, Qing; Fang, Gang; Wang, Dong-peng; Yang, Wei

    2016-01-01

    Abstracts: The robust optimization model is applied to analyze the enterprise's decision of the investment portfolio for the collaborative innovation under the risk constraints. Through the mathematical model deduction and the simulation analysis, the research result shows that the enterprise's investment to the collaborative innovation has relatively obvious robust effect. As for the collaborative innovation, the return from the investment coexists with the risk of it. Under the risk constraints, the robust optimization method could solve the minimum risk as well as the proportion of each investment scheme in the portfolio on the condition of different target returns from the investment. On the basis of the result, the enterprise could balance between the investment return and risk and make optimal decision on the investment scheme.

  18. The Effect of Dividend Tax Policy on Corporate Investment

    Directory of Open Access Journals (Sweden)

    Jimmy Torrez

    2006-10-01

    Full Text Available The Job Growth and Taxpayer Relief Reconciliation Act of 2003 lowered dividend taxes to the same rate as capital gains taxes in the United States using the Pecking Order Theory as a framework. This paper develops a model that examines the effect the tax cut will have on corporate investment. The model finds that the dividend rate tax cut will increase the corporate cost of capital and lower investment. Therefore, any increase in the value of the stock market from this act will simply be a response to an increase in after tax returns and not from an increase in production.

  19. On attracting investment to Russian economy

    Directory of Open Access Journals (Sweden)

    Oleinik Elena

    2017-01-01

    Full Text Available Modern conditions of economic systems development have necessitated more precise directions of investment process for the economic growth to accelerate. The precipitous fall of oil prices that occurred in the second half of 2014 weighed heavily on foreign direct investment flows to oilexporting countries. The problem of attracting investment is one of the key problems of economic development. The aim of this study is to analyze and evaluate the shifts in the structure of investments, the study of the structure of investments to the Russian economy. Structural changes result from differences in the growth rate of the elements forming an economic system. An integral coefficient has been used for evaluation of structural changes. Multiple regression was used to analyze the impact of various factors on the change in structure of investment. The regression coefficients in the model give quantitative assessment of the pace of change in the structure as it depends on a specific factor. The model estimation shows that the variables “share of investments in manufacturing” (positive influence and “share of investments in the health, physical culture, education” (negative influence have the largest t-values. Hence, these two factors influence the structural changes in investments most strongly The evaluation and analysis of the structural shifts may lead to conclusions regarding the efficiency of the structure investment and adjustment of the economic policy.

  20. CHARACTERISTICS OF INVESTMENT PORTFOLIOS PASSIVE MANAGEMENT STRATEGY ON THE CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    MIHAELA SUDACEVSCHI

    2013-05-01

    Full Text Available The strategies of investment portfolios management on the capital market involves a range of transactions with different financial securities, aimed at optimizing the results. On a developed and efficient capital market, with a high liquidity level, portfolio management primarly depends on investor’s targeted level of return and the risk profile of the investor. Passive strategy of investment portfolios management is applied especially by risk aversion investors, who are taking into account all existing risks in the capital market and seeking to preserve the value of investments, rather than increasing its value. This strategy presume that the investor has no information about the prices and the return of securities that would make him to give to his investment portfolio a different structure from the structure of capital market portfolio. Therefore, he will seek a return level equal to the return on the market portfolio, minimizing the portfolio risk up to eliminating the specific risk.

  1. Measuring Instrument Constructs of Return Factors for Green Office Building Investments Variables Using Rasch Measurement Model

    Directory of Open Access Journals (Sweden)

    Isa Mona

    2016-01-01

    Full Text Available This paper is a preliminary study on rationalising green office building investments in Malaysia. The aim of this paper is attempt to introduce the application of Rasch measurement model analysis to determine the validity and reliability of each construct in the questionnaire. In achieving this objective, a questionnaire survey was developed consists of 6 sections and a total of 106 responses were received from various investors who own and lease office buildings in Kuala Lumpur. The Rasch Measurement analysis is used to measure the quality control of item constructs in the instrument by measuring the specific objectivity within the same dimension, to reduce ambiguous measures, and a realistic estimation of precision and implicit quality. The Rasch analysis consists of the summary statistics, item unidimensionality and item measures. A result shows the items and respondent (person reliability is at 0.91 and 0.95 respectively.

  2. A Conceptual Model for Calculating the Return of Costs Invested in the Creation of an Economic Security Service, During a Short-Term Period

    Directory of Open Access Journals (Sweden)

    Melikhova Tetiana O.

    2018-02-01

    Full Text Available The article is aimed at suggesting methods for calculating the short-term period of return of costs invested in creation of an economic security service. The article considers approaches to calculation of the period of return of costs, advanced at the level of enterprise, which build the methodical basis for definition of such period. At the level of structural subdivisions of enterprise, which do not produce products, it is suggested to use conditional money flow as a source of financing advanced costs. The calculation of the short-term return on investment at the enterprise level provides for: allocation of expenses for the permanent and the replacement parts during the year; determination of the production of money flow and the money flow accumulated during the year. Annual depreciation payments are the basis of fixed costs. Methods of determination of the gross, net, valid, and specified periods of return of costs, advanced during the year for introduction of an economic security service at enterprise, have been suggested.

  3. Application of the Value Averaging Investment Method on the US Stock Market

    Directory of Open Access Journals (Sweden)

    Martin Širůček

    2015-01-01

    Full Text Available The paper focuses on empirical testing and the use of the regular investment, particularly on the value averaging investment method on real data from the US stock market in the years 1990–2013. The 23-year period was chosen because of a consistently interesting situation in the market and so this regular investment method could be tested to see how it works in a bull (expansion period and a bear (recession period. The analysis is focused on results obtained by using this investment method from the viewpoint of return and risk on selected investment horizons (short-term 1 year, medium-term 5 years and long-term 10 years. The selected aim is reached by using the ratio between profit and risk. The revenue-risk profile is the ratio of the average annual profit rate measured for each investment by the internal rate of return and average annual risk expressed by selective standard deviation. The obtained results show that regular investment is suitable for a long investment horizon or the longer the investment horizon, the better the revenue-risk ratio (Sharpe ratio. According to the results obtained, specific investment recommendations are presented in the conclusion, e.g. if this investment method is suitable for a long investment period, if it is better to use value averaging for a growing, sinking or sluggish market, etc.

  4. On the Payoff Valuations of Investment Strategies: A Case of ...

    African Journals Online (AJOL)

    We also determine among the companies, which of them yield the highest returns at time t. We find that investors may not invest in some of the companies as a result of poor performance that arises from the high risk involve in the investments. Keywords: Payoff valuation; Investment strategy; Stock price; Stochastic.

  5. Democracy and regulation: the effects of electoral competition on infrastructure investments

    NARCIS (Netherlands)

    Schram, A.; Ule, A.

    2013-01-01

    This paper investigates infrastructure investment in markets where regulation is subject to varying degrees of manipulation by elected politicians. Based on a model of price regulation in a market with increasing demand and long-term returns on investment we construct a multi-period game between a

  6. Management of investment processes on Finnish farms

    Directory of Open Access Journals (Sweden)

    T. MATTILA

    2008-12-01

    Full Text Available Structural change in agriculture means a continuous need for investing in farm production. It is essential for the sustainable operations and the economy of the farm that such investments are successful. In this research, different stages of the investment process of farms were studied as well as the use of information and the success perceived during the investment process. The study was carried out with mail surveys and telephone interviews on the Finnish Farm Accountancy Data Network (FADN farms. The most challenging investments were in animal husbandry buildings and, as to these investments, the comparison of alternatives was the most challenging stage. For most investments, the planning phase was considered more challenging than the implementation. Before making the decision, farmers acquired information from many sources, of which the opinion of the main customer and the experiences of fellow farmers were the most valued. Some of the products considered were so new on the market that it was not easy to get adequate information and, furthermore, the information given by suppliers was not always accurate. Decision-making was supported by calculations, but qualitative factors had a dominating role. Large basic decisions were made relatively quickly, while details needed a longer time to process. In general, farm managers were satisfied with their investments. Improvements in work quality and quantity were especially mentioned and generally qualitative factors were the ones first in mind when evaluating the successfulness of the investment.;

  7. Closing the Loop: The Pay-Off on Your State's Investment. Doctoral Scholars Program

    Science.gov (United States)

    Abraham, Ansley

    2014-01-01

    States are investing in their futures through the Southern Regional Education Board (SREB) Doctoral Scholars Program, which helps minority Ph.D. students become faculty members. The return on investment? Candidates complete their doctorates faster and serve as role models for the increasingly diverse college students they teach as faculty members.…

  8. ARE EXCESSIVE LEGISLATIVE RESTRICTIONS OF PENSION FUND’S INVESTMENTS REQUIRED TO ENSURE THESE FUNDS’ OPERATIONAL STABILITY AND MINIMUM GUARANTED RETURN?

    Directory of Open Access Journals (Sweden)

    TANJA MARKOVIC HRIBERNIK

    2013-02-01

    Full Text Available In this paper, it is investigated whether government, when promises pension fund’s members a so-calledminimum guaranteed return, to reduce the exposure of members to financial risks , should at the same timehinders portfolio diversification process of pension funds. We provide a detailed analysis of the connectionbetween the requirements for providing a minimum guaranteed return and managing financial risks on the onehand and the investment structure of pension funds on the other. We intend to demonstrate with an illustrativecase, using the simulation technique and a combination of actual data and some hypothetical one, that byprecisely matching the investments' characteristics to the characteristics of the pension fund's liabilities, someimportant financial risks can even be hedged entirely. We also intend to demonstrate that with theimplementation of a proper policy of risk measurement and management, complemented with stress testingpractices, excessive legislative restrictions for investments are no longer necessary. At the very least,governments should avoid implementing legislation that hinders the portfolio diversification process andtherefore makes pension fund risk management more difficult.

  9. Return-to-work intervention versus usual care for sick-listed employees: health-economic investment appraisal alongside a cluster randomised trial

    Science.gov (United States)

    Lokman, Suzanne; Volker, Danielle; Zijlstra-Vlasveld, Moniek C; Brouwers, Evelien PM; Boon, Brigitte; Beekman, Aartjan TF; Smit, Filip; Van der Feltz-Cornelis, Christina M

    2017-01-01

    Objective To evaluate the health-economic costs and benefits of a guided eHealth intervention (E-health module embedded in Collaborative Occupational healthcare (ECO)) encouraging sick-listed employees to a faster return to work. Design A two-armed cluster randomised trial with occupational physicians (OPs) (n=62), clustered and randomised by region into an experimental and a control group, to conduct a health-economic investment appraisal. Online self-reported data were collected from employees at baseline, after 3, 6, 9 and 12 months. Setting Occupational health care in the Netherlands. Participants Employees from small-sized and medium-sized companies (≥18 years), sick-listed between 4 and 26 weeks with (symptoms of) common mental disorders visiting their OP. Interventions In the intervention group, employees (N=131) received an eHealth module aimed at changing cognitions regarding return to work, while OPs were supported by a decision aid for treatment and referral options. Employees in the control condition (N=89) received usual sickness guidance. Outcomes Measures Net benefits and return on investment based on absenteeism, presenteeism, health care use and quality-adjusted life years (QALYs) gained. Results From the employer’s perspective, the incremental net benefits were €3187 per employee over a single year, representing a return of investment of €11 per invested Euro, with a break-even point at 6 months. The economic case was also favourable from the employee’s perspective, partly because of QALY health gains. The intervention was costing €234 per employee from a health service financier’s perspective. The incremental net benefits from a social perspective were €4210. This amount dropped to €3559 in the sensitivity analysis trimming the 5% highest costs. Conclusions The data suggest that the ECO intervention offers good value for money for virtually all stakeholders involved, because initial investments were more than recouped within a

  10. Financial and Investment Sources on the Web.

    Science.gov (United States)

    Raeder, Aggi

    1997-01-01

    Discusses print and World Wide Web resources on personal finance, investments, and other business information and provides an annotated bibliography of investment and the stock market sites: meta sites, stock quotes, market news, data and analysis, brokerage firms, and sites for beginning investors. Includes addresses. (PEN)

  11. On the Economic Consequences of Index-Linked Investing

    OpenAIRE

    Jeffrey Wurgler

    2010-01-01

    Trillions of dollars are invested through index funds, exchange-traded funds, and other index derivatives. The benefits of index-linked investing are well-known, but the possible broader economic consequences are unstudied. I review research which suggests that index-linked investing is distorting stock prices and risk-return tradeoffs, which in turn may be distorting corporate investment and financing decisions, investor portfolio allocation decisions, fund manager skill assessments, and oth...

  12. Does it pay to invest in Art? A Selection-corrected Returns Perspective

    NARCIS (Netherlands)

    A. Korteweg (Arthur); R. Kräussl (Roman); P. Verwijmeren (Patrick)

    2013-01-01

    markdownabstract__Abstract__ This paper shows the importance of correcting for sample selection when investing in illiquid assets with endogenous trading. Using a large sample of 20,538 paintings that were sold repeatedly at auction between 1972 and 2010, we find that paintings with higher price

  13. A clear case. Selective investment in case management applications can yield significant returns.

    Science.gov (United States)

    Hagland, Mark

    2009-03-01

    Strategically conceived case management system implementation makes good patient care and business sense, CIOs agree. Significant financial savings can be achieved from case management IS implementations, if those implementations are executed in the context of partnership between clinical leaders and the CIO's team. CIOs agree that applying the concept of "investment" to the implementation of case management IT can make resource allocation decisions easier.

  14. Economic returns to investment in AIDS treatment in low and middle income countries

    NARCIS (Netherlands)

    S. Resch (Stephen); E.L. Korenromp (Eline); J. Stover (John); M. Blakley (Matthew); C. Krubiner (Carleigh); K. Thorien (Kira); R. Hecht (Robert); R. Atun (Rifat)

    2011-01-01

    textabstractSince the early 2000s, aid organizations and developing country governments have invested heavily in AIDS treatment. By 2010, more than five million people began receiving antiretroviral therapy (ART) - yet each year, 2.7 million people are becoming newly infected and another two million

  15. Research on investment decisions model of trans-regional transmission network based on the theory of NPV

    Science.gov (United States)

    Zai, Wenjiao; Wang, Bo; Liu, Jichun; Shi, Haobo; Zeng, Pingliang

    2018-02-01

    The investment decision model of trans-regional transmission network in the context of Global Energy Internet was studied in this paper. The key factors affecting the trans-regional transmission network investment income: the income tax rate, the loan interest rate, the expected return on investment of the investment subject, the per capita GDP and so on were considered in the transmission network investment income model. First, according to the principle of system dynamics, the causality diagram of key factors was constructed. Then, the dynamic model of transmission investment decision was established. A case study of the power transmission network between China and Mongolia, through the simulation of the system dynamic model, the influence of the above key factors on the investment returns was analyzed, and the feasibility and effectiveness of the model was proved.

  16. Investment in cocoa production in Nigeria: A cost and return analysis ...

    African Journals Online (AJOL)

    The study examined costs and returns in cocoa production in Cross River State by comparing three identified management systems of cocoa production in the area. A two-stage sampling procedure was used to select a hundred and fifty cocoa farmers for the study. Data used in the study were collected using structured ...

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

    International Nuclear Information System (INIS)

    Rocha, Katia; Camacho, Fernando; Braganca, Gabriel

    2007-01-01

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

  18. For two regional health foundations, returns from the Kentucky Health Issues Poll are worth the investments.

    Science.gov (United States)

    Walsh, Sarah E; Myers, Gail; Chubinski, Jennifer; Zepeda, Susan G

    2014-09-01

    With finite resources to advance their missions, regional health foundations should critically evaluate the investments they make. This article reviews the costs and associated benefits of large-scale public opinion polling--specifically, the annual Kentucky Health Issues Poll, which is sponsored by the Foundation for a Healthy Kentucky and Interact for Health, formerly the Health Foundation of Greater Cincinnati. In addition to the information generated by the poll, the sponsoring foundations have benefited from increased name recognition and credibility with key stakeholders, including state policy makers and the media. Furthermore, jointly funding the poll has strengthened the relationship between the sponsoring foundations and has fostered other key collaborations. We find that the benefits from this poll more than justify its modest costs ($120,000 per year) and hope that this assessment may prove informative for other funders considering similar investments. Project HOPE—The People-to-People Health Foundation, Inc.

  19. BIM Investment, Returns, and Risks in China’s AEC Industries

    OpenAIRE

    Jin, R; Hancock, CM; Tang, L; Wanatowski, D

    2017-01-01

    Building information modeling (BIM), the emerging digital technology, is undergoing increasing application in developing countries including China. Both the governmental policy and industry motivation have indicated that BIM is becoming the mainstream innovation in China’s construction industry. Nevertheless, one major concern lies in the uncertainty of BIM investment for architecture, engineering, and construction (AEC) firms. Specifically, AEC firms should have the knowledge of areas BIM in...

  20. The Baetylus Theorem?the central disconnect driving consumer behavior and investment returns in Wearable Technologies

    OpenAIRE

    Levine, James A.

    2016-01-01

    The Wearable Technology market may increase fivefold by the end of the decade. There is almost no academic investigation as to what drives the investment hypothesis in wearable technologies. This paper seeks to examine this issue from an evidence-based perspective. There is a fundamental disconnect in how consumers view wearable sensors and how companies market them; this is called The Baetylus Theorem where people believe (falsely) that by buying a wearable sensor they will receive health be...

  1. The Study on Stage Financing Model of IT Project Investment

    Directory of Open Access Journals (Sweden)

    Si-hua Chen

    2014-01-01

    Full Text Available Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

  2. The Study on Stage Financing Model of IT Project Investment

    Science.gov (United States)

    Xu, Sheng-hua; Xiong, Neal N.

    2014-01-01

    Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model. PMID:25147845

  3. The study on stage financing model of IT project investment.

    Science.gov (United States)

    Chen, Si-hua; Xu, Sheng-hua; Lee, Changhoon; Xiong, Neal N; He, Wei

    2014-01-01

    Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

  4. A study on relationship between the return of value/growth portfolio and market return: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Monireh Mashhadi Ramezanali

    2014-07-01

    Full Text Available This study examines the relationship between the returns of two value and growth portfolios and the return of market on 15 selected firms on Tehran Stock Exchange over the period 2008-2011. The study divides the firms into two groups in terms of the ratios of price on earning as well as price on book value into two groups of value and growth portfolios. Using some regression analysis, the study has determined a positive and meaningful relationship between value portfolio and market return when the market is on the upside but this relationship is not meaningful during the bear session. The results indicate that during the bull sessions, value portfolios provide better investment opportunities than growth ones do.

  5. Are returns to public investment lower in less-favored rural areas?: an empirical analysis of India

    OpenAIRE

    Fan, Shenggen; Hazell, P. B. R.

    1999-01-01

    Developing countries allocate scarce government funds to investments in rural areas to achieve the twin goals of agricultural growth and poverty alleviation. Choices have to be made between different types of investments, especially infrastructure, human capital and agricultural research, and between different types of agricultural regions, e.g., irrigated and high- and low-potential rainfed areas. This paper develops an econometric approach and provides empirical evidence on the impact of go...

  6. FINANCIAL RETURN ON ASSETS. THE IMPACT OF THE FINANCIAL RETURN ON ASSETS OVER THE COMPANY’S DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Constantin Căruntu

    2009-11-01

    Full Text Available The financial rate of return is a significant indicator for assessing the economic and financial performance of an enterprise for the internal diagnosis, as well as for the analysis required by the external partners. The financial return is a basic indicator which characterizes the business performances that is found directly under the trade policy (trade cost, efficiency of capital employed (economic profitability but also under the financial policy of the company. If the economic rate of return expresses a remuneration of the employed capital only in relation to operating activities, the financial rate of return quantifies a remuneration of the private capital trough all three types of activity: operational, financial and extraordinary. Starting from the consideration that the financial rate of return expresses the efficiency of equity or permanent capital use of the company we can state that it is of particular importance to the shareholders of the company, which considers according to it’s level whether their investments are justified and they will continue to support the business development through raising of fresh capital or abandonment for a limited period to one part of the dividends due. Managers, in turn, will be keen on maintaining an appropriate level of this rate, in order to retain their positions and to achieve the performance criteria of the company.

  7. Fuzzy Investment Portfolio Selection Models Based on Interval Analysis Approach

    Directory of Open Access Journals (Sweden)

    Haifeng Guo

    2012-01-01

    Full Text Available This paper employs fuzzy set theory to solve the unintuitive problem of the Markowitz mean-variance (MV portfolio model and extend it to a fuzzy investment portfolio selection model. Our model establishes intervals for expected returns and risk preference, which can take into account investors' different investment appetite and thus can find the optimal resolution for each interval. In the empirical part, we test this model in Chinese stocks investment and find that this model can fulfill different kinds of investors’ objectives. Finally, investment risk can be decreased when we add investment limit to each stock in the portfolio, which indicates our model is useful in practice.

  8. Returns on Indian Art during 2000-2013

    OpenAIRE

    Jenny Rae Hawkins; Viplav Saini

    2014-01-01

    The market for modern Indian art is an emerging art market, having come into a proper existence only in the late 1990s. This market saw tremendous growth in its initial years and then a downturn that started around 2007-2008. Using data from auctions conducted by a major Indian art auctioneer, we estimate via hedonic regression a price index for paintings and drawings by Indian artists sold during 2000-2013. We are able to thus estimate a rate of return on Indian art as an investment and also...

  9. Portfolios with fuzzy returns: Selection strategies based on semi-infinite programming

    Science.gov (United States)

    Vercher, Enriqueta

    2008-08-01

    This paper provides new models for portfolio selection in which the returns on securities are considered fuzzy numbers rather than random variables. The investor's problem is to find the portfolio that minimizes the risk of achieving a return that is not less than the return of a riskless asset. The corresponding optimal portfolio is derived using semi-infinite programming in a soft framework. The return on each asset and their membership functions are described using historical data. The investment risk is approximated by mean intervals which evaluate the downside risk for a given fuzzy portfolio. This approach is illustrated with a numerical example.

  10. Tax Neutrality on International Capital Investments

    Directory of Open Access Journals (Sweden)

    Gizem KAPUCU

    2017-07-01

    Full Text Available The tax policies which states follow with regard to developing technology and capital investments with raising mobility due to globalism are need to be discussed in its legal basis. The principle of tax neutrality has the aim of being legal foundation for these policies. According to this, the neutrality principle in taxation of international capital investments is provided with two measures, namely; not effecting the investment decision and not discriminate between investments. In this paper, initially focused on the conceptual framework and the foundations of the tax neutrality principle and later capital export neutrality and capital import neutrality are considered and explained with regard to international capital movements. Moreover, conformity and diversion to the principle of the current situation and regulations in OECD, EU and Turkey are examined.

  11. The Baetylus Theorem-the central disconnect driving consumer behavior and investment returns in Wearable Technologies.

    Science.gov (United States)

    Levine, James A

    2016-08-01

    The Wearable Technology market may increase fivefold by the end of the decade. There is almost no academic investigation as to what drives the investment hypothesis in wearable technologies. This paper seeks to examine this issue from an evidence-based perspective. There is a fundamental disconnect in how consumers view wearable sensors and how companies market them; this is called The Baetylus Theorem where people believe (falsely) that by buying a wearable sensor they will receive health benefit; data suggest that this is not the case. This idea is grounded social constructs, psychological theories and marketing approaches. A marketing proposal that fails to recognize The Baetylus Theorem and how it can be integrated into a business offering has not optimized its competitive advantage. More importantly, consumers should not falsely believe that purchasing a wearable technology, improves health.

  12. The Baetylus Theorem—the central disconnect driving consumer behavior and investment returns in Wearable Technologies

    Science.gov (United States)

    Levine, James A.

    2016-01-01

    The Wearable Technology market may increase fivefold by the end of the decade. There is almost no academic investigation as to what drives the investment hypothesis in wearable technologies. This paper seeks to examine this issue from an evidence-based perspective. There is a fundamental disconnect in how consumers view wearable sensors and how companies market them; this is called The Baetylus Theorem where people believe (falsely) that by buying a wearable sensor they will receive health benefit; data suggest that this is not the case. This idea is grounded social constructs, psychological theories and marketing approaches. A marketing proposal that fails to recognize The Baetylus Theorem and how it can be integrated into a business offering has not optimized its competitive advantage. More importantly, consumers should not falsely believe that purchasing a wearable technology, improves health. PMID:27617162

  13. Economic analysis of venture capital funds rate of return on venture activity

    Directory of Open Access Journals (Sweden)

    Usatenko O.V.

    2017-08-01

    Full Text Available The research deals with the topic of the analysis of venture capital funds’ rate of return on venture activity. The discovered venture capital funds have such a peculiarity as the involved investors of various types and concentrated financial resources, which lead to advantages in investing. Based on the analyzed scientific approaches to the evaluation of income rate met by various economic entities the paper determines the optimal indicators of such an analysis developed due to the article research. They are supposed to improve significantly the process of making decisions on venture capital investments. The author suggests to evaluate venture capital funds rate of return on venture activity by means of the basic four indicators usually employed for investment efficiency definition: net profit, internal rate of return, return period and return index. The research presents the examination of rates of return on venture activity of venture capital funds being controlled by a single asset management company. Thus, one can estimate not only the rate of return on venture activity, but also the efficiency of control taken by an asset management company.

  14. Investment in capital markets

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2017-01-01

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

  15. Pension Fund Investment Policy

    OpenAIRE

    Zvi Bodie

    1988-01-01

    The purpose of this paper is to survey what is known about the investment policy of pension funds. Pension fund investment policy depends critically on the type of plan: defined contribution versus defined benefit. For defined contribution plans investment policy is not much different than it is for an individual deciding how to invest the money in an Individual Retirement Account (IRA). The guiding principle is efficient diversification, that is, achieving the maximum expected return for any...

  16. An Australian Brain Bank: a critical investment with a high return!

    Science.gov (United States)

    Garrick, T.; Dedova, I.; Hunt, C.; Miller, R.; Sundqvist, N.; Harper, C.

    2012-01-01

    Research into neuropsychiatric disorders, including alcohol-related problems, is limited in part by the lack of appropriate animal models. However, the development of new technologies in pathology and molecular biology means that many more questions can be addressed using appropriately stored human brain tissues. The New South Wales Tissue Resource Centre (TRC) in the University of Sydney (Australia) is a human brain bank that can provide tissues to the neuroscience research community studying alcohol-related brain disorders, schizophrenia, depression and bipolar disorders. Carefully standardised operational protocols and integrated information systems means that the TRC can provide high quality, accurately characterised, tissues for research. A recent initiative, the pre-mortem donor program called “Using our Brains”, encourages individuals without neuropsychiatric illness to register as control donors, a critical group for all research. Community support for this program is strong with over 2,000 people registering their interest. Discussed herein are the protocols pertaining to this multifaceted facility and the benefits of investment, both scientific and financial, to neuroscience researchers and the community at large. PMID:18543078

  17. An Australian Brain Bank: a critical investment with a high return!

    Science.gov (United States)

    Sheedy, D; Garrick, T; Dedova, I; Hunt, C; Miller, R; Sundqvist, N; Harper, C

    2008-09-01

    Research into neuropsychiatric disorders, including alcohol-related problems, is limited in part by the lack of appropriate animal models. However, the development of new technologies in pathology and molecular biology means that many more questions can be addressed using appropriately stored human brain tissues. The New South Wales Tissue Resource Centre (TRC) in the University of Sydney (Australia) is a human brain bank that can provide tissues to the neuroscience research community studying alcohol-related brain disorders, schizophrenia, depression and bipolar disorders. Carefully standardised operational protocols and integrated information systems means that the TRC can provide high quality, accurately characterised, tissues for research. A recent initiative, the pre-mortem donor program called "Using our Brains", encourages individuals without neuropsychiatric illness to register as control donors, a critical group for all research. Community support for this program is strong with over 2,000 people registering their interest. Discussed herein are the protocols pertaining to this multifaceted facility and the benefits of investment, both scientific and financial, to neuroscience researchers and the community at large.

  18. Return on experience. Building tomorrow's safety rules

    International Nuclear Information System (INIS)

    Anon.

    2013-01-01

    Based on some experiments and witnesses, this set of articles outlines the importance of the return on experience in the evolution of process for improving the safety of nuclear installations. As an example, an article notably addresses the failures of Diesel engines which are used as spare generators in nuclear power stations: failures have been analysed and attributed to bearings, and more specifically to the degradation of their surface, and a third generation of bearings has been designed and produced. An article outlines that different industrials belonging to the nuclear sector as well as to other sectors share their returns on experience

  19. INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2014-05-01

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

  20. Making College Worth It: A Review of Research on the Returns to Higher Education

    OpenAIRE

    Philip Oreopoulos; Uros Petronijevic

    2013-01-01

    Recent stories of soaring student debt levels and under-placed college graduates have caused some to question whether a college education is still a sound investment. In this paper, we review the literature on the returns to higher education in an attempt to determine who benefits from college. Despite the tremendous heterogeneity across potential college students, we conclude that the investment appears to payoff for both the average and marginal student. During the past three decades in par...

  1. Statoil`s exposure to oil price fluctuations: An analysis on investment level and stock price

    OpenAIRE

    Nåmdal, Synne Meling; Meling, Kristine

    2015-01-01

    Master's thesis in Finance In this thesis an econometric analysis of Statoil’s investment level and stock return has been performed, with purpose of examine the affect that fluctuations in the price of crude oil has on these variables. The results revealed that crude oil prices have a significant impact on Statoil´s stock returns, due to the direct impact the crude oil price has on Statoil’s cash flows. The investment level does not seem to be affected by either of the variables in the ana...

  2. Statoil`s exposure to oil price fluctuations: An analysis on investment level and stock price

    OpenAIRE

    Nåmdal, Synne Meling; Meling, Kristine

    2015-01-01

    In this thesis an econometric analysis of Statoil’s investment level and stock return has been performed, with purpose of examine the affect that fluctuations in the price of crude oil has on these variables. The results revealed that crude oil prices have a significant impact on Statoil´s stock returns, due to the direct impact the crude oil price has on Statoil’s cash flows. The investment level does not seem to be affected by either of the variables in the analysis, and this could indicate...

  3. Good faith limitations on protected investments and corporate structuring

    NARCIS (Netherlands)

    Schill, S.W.; Bray, H.L.; Mitchell, A.D.; Sornarajah, M.; Voon, T.

    2015-01-01

    On numerous occasions, investment treaty tribunals have relied—and in some cases refused to rely—on the principle of good faith to ensure that only bona fide investments and investors are protected under the relevant investment treaty. This chapter reviews the jurisprudence on illegal investments

  4. The return to foreign aid

    DEFF Research Database (Denmark)

    Dalgaard, Carl-Johan Lars; Hansen, Henrik

    We investigate the marginal productivity of investment across countries. The aim is to estimate the return on investments financed by foreign aid and by domestic resource mobilization, using aggregate data. Both returns are expected to vary across countries and time. Consequently we develop...... a correlated random coefficients model, to estimate the average aggregate return on ‘aid investments’ and ‘domestic investments’. Across different estimators and two different sources for GDP and investment data our findings are remarkably robust; the average gross return on ‘aid investments’ is about 20 per...

  5. Cyber-Defense Return on Investment for NAVFAC Energy Technologies

    Science.gov (United States)

    2017-12-01

    restaurants to eat lunch due to proximity, even though you are willing to drive further if there were a better option. In the future, you will tend to decide...lunch options between only those three restaurant menus. Keeney addresses this issue by having the stakeholder identify the values, or “what they...values led you to find four more restaurants in reasonable proximity that meet these preferred nutritional values. You would then have better, but

  6. Return on Investment (ROI) Framework Case Study: CTH.

    Energy Technology Data Exchange (ETDEWEB)

    Corro, Janna L. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States)

    2018-02-01

    CTH is a Eulerian code developed at Sandia National Laboratories capable of modeling the hydrodynamic response of explosives, liquids, gases, and solids. The code solves complex multi-dimensional problems characterized by large deformations and strong shocks that are composed of various material configurations. CTH includes models for material strength, fracture, porosity, and high explosive detonation and initiation. The code is an acronym for a complex series of names relating to its origin. A full explanation can be seen in Appendix A. The software breaks penetration simulations into millions of grid-like “cells”. As a modeled projectile impacts and penetrates a target, progressively smaller blocks of cells are placed around the projectile, which show in detail deformations and breakups. Additionally, the code is uniquely suited to modeling blunt impact and blast loading leading to human body injury.

  7. Return on Investment Analysis of Information Warfare Systems

    National Research Council Canada - National Science Library

    Rios, Cesar G., Jr

    2005-01-01

    .... By analyzing the outputs of the subprocesses involved in the ICP in common units of change, a price per unit of output can be generated to allocate both cost and revenue at the subprocess level...

  8. Return on Investment Analysis of Information Warfare Systems

    National Research Council Canada - National Science Library

    Rios, Cesar G., Jr

    2005-01-01

    .... This research and case study demonstrate how the Knowledge Value Added (KVA) Methodology can be used to formulate a framework for extracting and analyzing performance parameters and measures of effectiveness for each system...

  9. The Corporate University and Training: Return on Investment

    Science.gov (United States)

    Newell, Marshall D.

    2013-01-01

    With a global marketplace, companies are seeking ways to manage knowledge with tools, such as the corporate university toward gaining a competitive advantage. Research has identified a common goal is to sustain competitive advantage. With a competitive advantage, a company may achieve a higher profitability. Thus far, research has provided limited…

  10. Understanding Return on Investment for Data Center Consolidation

    Science.gov (United States)

    2013-09-01

    Channel over Ethernet FDCCI Federal Data Center Consolidation Initiative GAO Government Accountability Office GDA Government Directed Actions GIG ...to judge how each stakeholder group will benefit from it. Such measures as lower risk, greater control, better economies of scale, better utilization...NMS product by Kratos Networks called Neural Star to manage the Global Information Grid ( GIG ) (Kratos, 2013). DISA uses Neural Star as the primary

  11. Determining the Return on Investment (ROI) for Joint Training

    National Research Council Canada - National Science Library

    Nesselrode, Mark C

    2007-01-01

    .... The methodology should provide the ability for Operational level staffs to assess performance, costs, and value of training either for routine reporting or in support of certification, regardless...

  12. Science Communications: Providing a Return on Investment to the Taxpayer

    Science.gov (United States)

    Horack, John M.; Borchelt, Rick E.

    1999-01-01

    Nowhere is the disconnect between needing to better communicate science and technology and the skills and techniques used for that communication more evident than in the Federal research enterprise. As Federal research budgets stagnate or decline, and despite public clamor for more and better scientific information, communication of basic research results continues to rank among the lowest agency priorities, mortgaged against traditional public-relations activities to polish an agency's image or control negative information flow to the press and public. Alone among the Federal agencies, NASA articulates in its strategic plan the need "...to advance and communicate scientific knowledge and understanding..." These words emphasize the reality that if new knowledge is generated but not communicated, only half the job has been done. This is a reflection of the transition of NASA from primarily an engineering organization used to help win the Cold War to a producer of new knowledge and technology in the National interest for the 21st century.

  13. Analysis on Dynamic Decision-Making Model of the Enterprise Technological Innovation Investment under Uncertain Environment

    Directory of Open Access Journals (Sweden)

    Yong Long

    2012-01-01

    Full Text Available Under the environment of fuzzy factors including the return of market, performance of product, and the demanding level of market, we use the method of dynamic programming and establish the model of investment decision, in technology innovation project of enterprise, based on the dynamic programming. Analysis of the influence caused by the changes of fuzzy uncertainty factors to technological innovation project investment of enterprise.

  14. Scientific Collaborations: How do we Measure the Return on Relationships?

    Directory of Open Access Journals (Sweden)

    Jeanne Marie Fair

    2016-02-01

    Full Text Available Emerging infectious diseases (EIDs are a challenge for public health and biosurveillance infrastructure across the globe. These etiological agents, which cause EIDs, are primarily of zoonotic origin. Due to the complexity of zoonotic pathogens, research and response to EIDs must be a transdisciplinary effort. While crisis and circumstance may be the catalyst for responding to an outbreak, we can use the example of how transdisciplinary scientific collectives can be organized more in advance of crises, and therefore become transformative and perhaps even avert crisis (Pennington et al., 2013. Leading indicators that a cooperative engagement is producing value and is sustainable are based on the ideas of return of investment and do not regard the inherent importance of relationships. In this article, we apply the idea of return of relationships (ROR and propose a method for measuring the return of relationships, using a systems dynamics modeling framework commonly used in epidemiology. Using the scientific collaboration that emerged from the Hanta Virus outbreak of 1993 in North America and a training workshop for biosurveillance of bats held in Singapore in 2014, we apply a methodology for visualizing and measuring the relationship networks and outcomes.

  15. The impact of socially responsible investment index constituent announcements on firm price: evidence from the JSE

    Directory of Open Access Journals (Sweden)

    Chimwemwe Chipeta

    2012-11-01

    Full Text Available This paper examines whether Socially Responsible Investment (SRI Index constituent announcements have any impact on the returns of firms listing on the JSE SRI Index. The event study methodology is utilised to estimate abnormal returns for the firms included in the Index. The results indicate insignificant average abnormal returns (AARs for the years 2004, 2006, 2007, 2008 and 2009, suggesting no significant shareholder gains over the entire event window. However, the year 2005 is associated with positive and significant abnormal returns. Post announcement cumulative average abnormal returns (CAARs are positive for the years 2005 and 2007. However, the year 2008 exhibited extreme swings in CAARs with a general declining trend in the latter part of the event window. These swings are attributed to the global financial crisis of 2008. Furthermore, the cumulative returns for the total sample show no clear outperformance of the SRI over the JSE All Share Index.

  16. Billions on the Sidewalk: Improving Savings by Reducing Investment Mistakes

    OpenAIRE

    Ugo Panizza

    2015-01-01

    This paper contributes the on-going debate on income inequality in advanced economies with a proposal aimed at reducing costly investment mistakes that are prevalent among middle-class households. The paper starts by describing how households should invest, compares it with what we know about how households do invest, and highlights discrepancies between the two (investment mistakes). After evaluating the costs of investment mistakes, the paper suggests that they could be reduced by accommoda...

  17. Working Capital and Fixed Investment: New Evidence on Financing Constraints

    OpenAIRE

    Steven M. Fazzari; Bruce C. Petersen

    1993-01-01

    This article presents new tests for finance constraints on investment by emphasizing the often-neglected role of working capital as both a use and a source of funds. The coefficient of endogenous working capital investment is negative in a fixed-investment regression, as expected if working capital competes with fixed investment for a limited pool of finance. This finding addresses a criticism of previous research on finance constraints, that cash flows may simply proxy shifts in investment d...

  18. 12 CFR 225.111 - Limit on investment by bank holding company system in stock of small business investment companies.

    Science.gov (United States)

    2010-01-01

    .... L. 90-104, 81 Stat. 268, 270), a national bank may invest in stock of small business investment... system in stock of small business investment companies. 225.111 Section 225.111 Banks and Banking FEDERAL... Limit on investment by bank holding company system in stock of small business investment companies. (a...

  19. The Return to Foreign Aid

    DEFF Research Database (Denmark)

    Dalgaard, Carl-Johan Lars; Hansen, Henrik

    2017-01-01

    We estimate the average rate of return on investments financed by aid and by domestic resource mobilisation, using aggregate data. Both returns are expected to vary across countries and time. Consequently we develop a correlated random coefficients model to estimate the average returns. Across...... different estimators and two different data sources for GDP and investment our findings are remarkably robust; the average gross return on ‘aid investments’ is about 20 per cent. This is in accord with micro estimates of the economic rate of return on aid projects and with aggregate estimates of the rate...

  20. Increasing Returns to Education and the Impact on Social Capital

    Science.gov (United States)

    Leeves, Gareth D.

    2014-01-01

    The returns to education have been increasing. It is suggested that high-skilled workers' social capital investment has been adversely affected by the increasing incentives to devote human capital to career development. Lower social capital is linked to reduced economic growth and innovation and higher transaction costs and is detrimental to…

  1. Private Returns on Education in Ghana: Estimating the Effects of ...

    African Journals Online (AJOL)

    national progress as investment in education accrues both private and social returns. ... Universal Basic Education (FCUBE), the Capitation Grant and the School Feeding .... working conditions of media workers in Ghana found a close link between educational ..... jobs, particularly elementary jobs in the formal sector.

  2. Hard assets : The return on rare diamonds and gems

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Spaenjers, C.

    2012-01-01

    This note examines the investment performance of diamonds and other gems (sapphires, rubies, and emeralds) over the period 1999–2010, using a novel data set of auction transactions. Over our time frame, the annualized real USD returns for white and colored diamonds equaled 6.4% and 2.9%,

  3. Hard Assets : The Returns on Rare Diamonds and Gems

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Spaenjers, C.

    2011-01-01

    This paper examines the investment performance of diamonds and other gems (sapphires, rubies, and emeralds) over the period 1999-2010, using a novel data set of auction transactions. Between 1999 and 2010, the annualized real USD returns for white and colored diamonds equaled 6.4% and 2.9%,

  4. Can monkeys make investments based on maximized pay-off?

    Directory of Open Access Journals (Sweden)

    Sophie Steelandt

    2011-03-01

    Full Text Available Animals can maximize benefits but it is not known if they adjust their investment according to expected pay-offs. We investigated whether monkeys can use different investment strategies in an exchange task. We tested eight capuchin monkeys (Cebus apella and thirteen macaques (Macaca fascicularis, Macaca tonkeana in an experiment where they could adapt their investment to the food amounts proposed by two different experimenters. One, the doubling partner, returned a reward that was twice the amount given by the subject, whereas the other, the fixed partner, always returned a constant amount regardless of the amount given. To maximize pay-offs, subjects should invest a maximal amount with the first partner and a minimal amount with the second. When tested with the fixed partner only, one third of monkeys learned to remove a maximal amount of food for immediate consumption before investing a minimal one. With both partners, most subjects failed to maximize pay-offs by using different decision rules with each partner' quality. A single Tonkean macaque succeeded in investing a maximal amount to one experimenter and a minimal amount to the other. The fact that only one of over 21 subjects learned to maximize benefits in adapting investment according to experimenters' quality indicates that such a task is difficult for monkeys, albeit not impossible.

  5. Toward a theory of responsible investing : On the economic foundations of corporate social responsibility

    NARCIS (Netherlands)

    Dam, Lammertjan; Scholtens, Lambertus

    Studies that link corporate social and financial performance usually find a positive association between the two. However, the literature does not establish a significant impact of socially responsible investing on stock market returns. We develop a coherent economic framework of responsible

  6. Scientific Collaborations: How Do We Measure the Return on Relationships?

    Science.gov (United States)

    Fair, Jeanne M.; Stokes, Martha Mangum; Pennington, Deana; Mendenhall, Ian H.

    2016-01-01

    Emerging infectious diseases (EIDs), the majority of which are zoonotic, represent a tremendous challenge for public health and biosurveillance infrastructure across the globe. Due to the complexity of zoonotic pathogens, it is essential that research and response to EIDs be a transdisciplinary effort. And while crisis and circumstance may be the initial catalyst for responding to an outbreak, we provide examples of how transdisciplinary scientific collectives, which are organized and solidified in advance of crises, can transform the way the world responds to outbreaks and in some cases could even prevent one from occurring (1). Current methods for assessing whether a cooperative engagement between countries is producing measurable and sustainable value is based on the ideas of return on investment and do not consider the inherent importance of relationships. In this article, we apply the idea of return on relationships (ROR) and propose a method for measuring ROR, using a system dynamics modeling framework commonly used in epidemiology. Tracking the numerous and diverse scientific collaborations that emerged from a training workshop for biosurveillance of bats held in Singapore in 2014, we apply a methodology for visualizing and measuring the relationship networks and outcomes that result. Additionally, the collaborative, multidisciplinary network that coalesced in response to the Hantavirus outbreak in New Mexico is 1993 is discussed as an example of the long-term benefits of ROR. PMID:26913278

  7. The Determinants of Research and Development Investment in the Pharmaceutical Industry: Focus on Financial Structures

    Science.gov (United States)

    Lee, Munjae; Choi, Mankyu

    2015-01-01

    Objectives This study analyzes the influence of the financial structure of pharmaceutical companies on R&D investment to create a next-generation profit source or develop relatively cost-effective drugs to maximize enterprise value. Methods The period of the empirical analysis is from 2000 to 2012. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association (KLCA), and data related to stock price is extracted from KISVALUE-Ⅲ of NICE Information Service Co., Ltd. Stata 12.0 was used as the statistical package for panel analysis. Results The current ratio had a positive influence on R&D investment, the debt ratio had a negative influence on R&D investment, and return on investment and net sales growth rate did not have a significant influence on R&D investment. Conclusion It was found in this study that the higher liquidity ratio, the greater the R&D investment. The stability of pharmaceutical companies has a negative influence on R&D investment. This finding is consistent with the prediction that if a company faces a financial risk, it will be passive in R&D investment due to its financial difficulties. PMID:26730355

  8. The Determinants of Research and Development Investment in the Pharmaceutical Industry: Focus on Financial Structures.

    Science.gov (United States)

    Lee, Munjae; Choi, Mankyu

    2015-10-01

    This study analyzes the influence of the financial structure of pharmaceutical companies on R&D investment to create a next-generation profit source or develop relatively cost-effective drugs to maximize enterprise value. The period of the empirical analysis is from 2000 to 2012. Financial statements and comments in general and internal transactions were extracted from TS-2000 of the Korea Listed Company Association (KLCA), and data related to stock price is extracted from KISVALUE-Ⅲ of NICE Information Service Co., Ltd. Stata 12.0 was used as the statistical package for panel analysis. The current ratio had a positive influence on R&D investment, the debt ratio had a negative influence on R&D investment, and return on investment and net sales growth rate did not have a significant influence on R&D investment. It was found in this study that the higher liquidity ratio, the greater the R&D investment. The stability of pharmaceutical companies has a negative influence on R&D investment. This finding is consistent with the prediction that if a company faces a financial risk, it will be passive in R&D investment due to its financial difficulties.

  9. Essays on investing in stock and bond markets

    NARCIS (Netherlands)

    Kuiper, Ivo

    2017-01-01

    This Ph.D. thesis consists of three chapters about investing in stock and bond markets. The first chapter studies the financial market’s response to economic news as function of the economic environment by attributing the daily stock returns to its main drivers. The second chapter studies the cross

  10. A Century of Evidence on Trend-Following Investing

    DEFF Research Database (Denmark)

    Hurst,, Brian; Ooi, Yao Hua; Pedersen, Lasse Heje

    2017-01-01

    In this article, the authors study the performance of trend-following investing across global markets since 1880, extending the existing evidence by more than 100 years using a novel data set. They find that in each decade since 1880, time-series momentum has delivered positive average returns...

  11. Return and Liquidity Relationships on Market and Accounting Levels in Brazil

    Directory of Open Access Journals (Sweden)

    Fernanda Finotti Cordeiro Perobelli

    2016-08-01

    Full Text Available ABSTRACT This article discusses profitability-liquidity relationships on accounting and market levels for 872 shares of publicly-traded Brazilian companies, observed between 1994 and 2013. On the market level, the assumption is that share liquidity is able to reduce some of the risks incurred by investors, making them more willing to pay a higher price for liquid shares, which would lower expected market returns. On the accounting level, the basic hypothesis argues that a firm's holding more liquid assets is related to a conservative investment policy, possibly reducing accounting returns for shareholders. Under the assumption of financial constraint, however, more accounting liquidity would allow positive net present value investments to be carried out, increasing future accounting returns, which would positively affect market liquidity and share prices in an efficient market, resulting in a lower market risk/expected return premium. Under the assumption of no financial constraint, however, more accounting liquidity would only represent a carry cost, compromising future accounting returns, which would adversely affect market liquidity and share prices and result in a higher market risk/expected return premium. Among the hypotheses, the presence of a negative market liquidity premium was verified in Brazil, with shares that traded more exhibiting a higher expected market return. On the margins of the major theories on the subject, only two negative relationships between excess accounting liquidity and market liquidity and accounting return, supporting the carry cost assumption for financially unconstrained firms, were verified. In terms of this paper's contributions, there is the analysis, unprecedented in Brazil as far as is known, of the relationship between liquidity and return on market and accounting levels, considering the financial constraint hypothesis to which the firms are subject.

  12. [Research on investing methods and mold cooling methods of the self-made investment for pure titanium castings].

    Science.gov (United States)

    Zhao, Juan; Huang, Xu; Zhao, Yun-Feng; Xiao, Mao-Chun; Li, Yong

    2006-10-01

    To observe the influence of different investing methods and mold cooling methods on pure titanium castings invested in the self-made investment, and to provide theoretic base for the development for the investment. The influence of investing methods (one-step investing method and two-step investing method) on castability and crown fit of titanium castings were investigated, and the influence of cooling methods on reaction layers, mechanical properties and crown fit of titanium castings were investigated. Both the investing methods exhibited good castability, but only the titanium full crowns by one-step investing method showed clinically acceptable fit. Although the quenching group showed thinner reaction layer(100 microm), lower strength and similar elongation rate, the titanium castings by bench cooling showed clinically acceptable full crown fit with 115 microm thick reaction layer as cast. The one-step investing method and the bench cooling are recommended for the self-made investment.

  13. Do business angels alter the risk-return equation in early stage investments? Business angels as seen by venture capitalists in the German speaking countries

    OpenAIRE

    Heukamp, Franz; Liechtenstein, Heinrich; Wakeling, Nick

    2006-01-01

    Venture capitalists in German-speaking countries do not value the contribution of business angels in co-invested deals. Business angels do not reduce the risk perceived by venture capitalists in early-stage deals, even if the business angels have what venture capitalists regard as an ideal profile. Venture capitalists also refute that deals with business angels typically generate higher internal rates of return than deals without business angels.

  14. Effect of business regulation on investment in emerging market economies

    Directory of Open Access Journals (Sweden)

    Birungi Korutaro

    2013-01-01

    Full Text Available This paper provides an empirical analysis of the business regulatory factors that influence investment in a selection of 29 emerging market economies. Both theoretical and empirical literature on the effect of the regulatory environment on investment is reviewed. A panel data analysis over the period 2003–2007 reveals that investment is influenced by secure property rights and the degree of business entry regulation. The results carry important policy implications for improving the investment climate of emerging market economies.

  15. DETERMINANTS OF RETURN ON EQUITY OF COOPERATIVE BANKS IN POLAND

    Directory of Open Access Journals (Sweden)

    Anna Bieniasz

    2016-03-01

    Full Text Available The aim of the study was to analyse the diversity of return on equity in the cooperative banks in Poland in 2010– 2014. The analysis was conducted using data of the Polish Financial Supervision Authority, on the basis of a modifi ed decomposition rate of return on equity. Assessment of the rate of return on equity was made in a size of banks, as determined by the value of assets. In addition, in order to determine the strength and direction of impact the individual components of the model on the formation of return on equity method was applied functional. The study suggests that cooperative banks eff ectively use the equity, because the rate of return on equity was signifi cantly higher than the rate of return on assets. The average return on assets in 2010–2014 was relatively lower in the largest banks and ranged from 0.7–0.9%, and the smallest banks return on assets was approximately 1%. In turn, the return on equity was higher at banks with major assets (over 200 million PLN. In 2013–2014 the rate of return both on assets and equity expressly declined. The main determinants of changes in return on equity were changing the multiplier reduction of profi t from banking activities by operating costs and costs of banking risk and return on assets, as well as measured result on banking activities.

  16. Research on the Investment Costs of IT Project

    Science.gov (United States)

    Zurong, Chen; Feng, Jingchun

    2018-02-01

    The investment costs of IT project are the basis of IT project management. The meaning and composition of the investment costs of IT project were analyzed in this paper, which involving the engineering cost of IT project, the other costs of IT project, reserve cost and financing interest of the construction period. On this basis, the composition and content of static investment costs and dynamic investment costs of IT project were also studied in the paper.

  17. Exploring the evolution of investment pattern on advanced manufacturing technology

    DEFF Research Database (Denmark)

    Yang, Cheng; Matthiesen, Rikke Vestergaard; Johansen, John

    2014-01-01

    This paper explores the evolution of investment pattern on advanced manufacturing technology in a manner that builds on a longitudinal perspective. Based on the data of investments in AMTs from 567 manufacturing companies this paper develops a longitudinal taxonomy defined by the evolution of inv...... of technology management, which is comprised primarily of cross-sectional studies that do not address the dynamic nature of investments in AMTs.......This paper explores the evolution of investment pattern on advanced manufacturing technology in a manner that builds on a longitudinal perspective. Based on the data of investments in AMTs from 567 manufacturing companies this paper develops a longitudinal taxonomy defined by the evolution...... of investment patterns on AMT followed by companies over time; identifies the possible evolutionary features of different groups of companies; and suggests the possible explanatory and outcome factors on the evolution of investment pattern on AMTs. By doing so, this study seeks to fill a void in the area...

  18. Diminishing musyarakah investment model based on equity

    Science.gov (United States)

    Jaffar, Maheran Mohd; Zain, Shaharir Mohamad; Jemain, Abdul Aziz

    2017-11-01

    Most of the mudharabah and musyarakah contract funds are involved in debt financing. This does not support the theory that profit sharing contract is better than that of debt financing due to the sharing of risks and ownership of equity. Indeed, it is believed that Islamic banking is a financial model based on equity or musyarakah which emphasis on the sharing of risks, profit and loss in the investment between the investor and entrepreneur. The focus of this paper is to introduce the mathematical model that internalizes diminishing musyarakah, the sharing of profit and equity between entrepreneur and investor. The entrepreneur pays monthly-differed payment to buy out the equity that belongs to the investor (bank) where at the end of the specified period, the entrepreneur owns the business and the investor (bank) exits the joint venture. The model is able to calculate the amount of equity at any time for both parties and hence would be a guide in helping to estimate the value of investment should the entrepreneur or investor exit before the end of the specified period. The model is closer to the Islamic principles for justice and fairness.

  19. Literature Review on Cyber Security Investment Decisions

    OpenAIRE

    ŞENTÜRK, Hakan; ÇİL, Celal Zaim; SAĞIROĞLU, Şeref

    2016-01-01

    Severe financial losses incurred by cyber security attacks with increasing complexity and frequency, as well as booming cyber security sector offering variety of products as investment options have led the focus of the research in the field to the economic dimension of cyber security. The need for determination of methods to be used when making cyber security investment decisions under budget constraints have become prominent. In five sections as the cyber security investment strategies, risk...

  20. An Empirical Research on Returns to Education of Disabled People during the Process of Modernization

    Directory of Open Access Journals (Sweden)

    Juan Liao

    2014-04-01

    Full Text Available Education is one of the most important ways to form human capital. Individual can get profit from investment in human capital. Although education situation of the disabled is getting better slowly during the process of modernization, the study of return to education of disabled has been largely ignored for many years. Furthermore, there are still a number of challenges need to pay more attention. This paper based on CHNS data in the economic transition period using Mincer Equation to study the returns to education in the disabled people in China. The results show that the education level has significant positive relationship with the rate of return to education; Return to education of the disabled is lower than non-disabled and male higher than female. The paper suggested more special education supply are required, female disabled people should be pay more attention especially on their education.

  1. Economic and accounting rates of return

    NARCIS (Netherlands)

    Feenstra, D.W.; Wang, H.

    2000-01-01

    The rate of return on invested capital is a central concept in financial analysis. The purpose of calculating the rate of return on investment in general is to measure the financial performance, to assess the desirability of a project and to make decisions on the valuation of firms. Financial

  2. The Effect of Financial Reporting Quality on Financing and Investment

    Directory of Open Access Journals (Sweden)

    Windy Angela

    2017-03-01

    Full Text Available This paper analysis the effect of reporting quality on financing and investment. It is important for us to understand the relation among them in order to prepare Indonesian companies for ASEAN Economic Community in 2015. The study examines the effect of financial reporting quality on financing and investment of 15 Indonesian companies with large market capitalization based on the Standard and Poor’s Rating Services in its first survey of the major corporate credit trends in the Association of Southeast Asian Nations (ASEAN. Those companies may still be under-investing in relation to its regional peers. The results suggest that (1 financial reporting quality has negative effect on financing. (2 financial reporting quality has positive effect on investment among companies with higher likelihood of over-investing and negative effect on investment among those with higher likelihood of under-investing.DOI: 10.15408/etk.v16i1.4600 

  3. A study on the effect of P/E and PEG ratios on stock returns: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Seyyed Ali Lajevardi

    2014-07-01

    Full Text Available This paper studies the effect of the ratios of P/E and PEG on stock returns of the firms accepted on Tehran Stock Exchange. The study uses regression and Pearson Correlation Coefficient based on the performance of 138 firms over the period 2004- 2009 according to the Iranian calendar to investigate the effects of P/E and PEG on stock returns. The study also uses the models originally proposed by Chahin and Choudhry (2010 [Chahin, S., & Choudhry, T. (2010. Price to earnings, growth radio and value growth based strategies. Social Science Research Network, 19(4.] to discuss the strategies of investing on stocks. The results show that the ratio of P/E had more effect on stock returns than the ratio of PEG and stocks returns had a direct relationship with P/E and an inverse relationship with PEG. In addition, the returns of growth stock were more than value stock.

  4. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    Numerous institutions are now engaged in Socially Responsible Investment or have signed the "UN Principles for Responsible Investment". Retail investors, however, are still lacking behind. This is peculiar since the sector constitutes key stakeholders in environmental, social and governmental...... standards. This paper considers optimal responsible investment for a small retail investor. It extends conventional portfolio theory by allowing for a personal-value based investment decision. Preferences for responsibility are defined in the framework of mean-variance analysis and an optimal responsible...... investment model identified. Implications of the altered investment problem are investigated when the dynamics between portfolio risk, expected return and responsibility is considered. Relying on the definition of a responsible investor, it is shown how superior investment opportunities can emerge when...

  5. IMPACT OF FOREIGN DIRECT INVESTMENT (FDI ON DOMESTIC INVESTMENT IN REPUBLIC OF CROATIA

    Directory of Open Access Journals (Sweden)

    Igor Ivanović

    2015-11-01

    Full Text Available The aim of this paper is to investigate how foreign direct investment (FDI affects domestic investment in the Republic of Croatia. More precisely, the general purpose of this study is to determine the impact of net inflow of foreign capital on domestic investment in order to gain a clearer picture about the sensitivity and efficiency of domestic investment. After parsing domestic investment and FDI in Croatia, according to Croatian Bureau of Statistics and the Croatian National Bank, a historical overview of their movement from 1995 to 2014 was analyzed. In the following an overview and comparison of studies from around the world which deal with similar topic was made. In the empirical part; domestic gross fixed capital formation, changes in domestic stocks, net FDI and GDP growth rate was used as variables. Quarterly time series data ranging from the Q1 2001 to Q4 2014 were processed with the subset VAR (vector autoregressive econometric model. The results shows that FDI have negative influence on domestic investment in the Republic of Croatia with time lag.

  6. Order of the 23 March 2006 relative to the return rate on the immobilized capital for the electric power production installation in non connected areas

    International Nuclear Information System (INIS)

    2006-04-01

    This order fixes the return rate on the investments capital of electric power production in non connected areas, used for the calculation of the compensation expenses of the electric utilities. (A.L.B.)

  7. A Century of Evidence on Trend-Following Investing

    DEFF Research Database (Denmark)

    Hurst, Brian; Ooi, Yao Hua; Heje Pedersen, Lasse

    a century. We analyze trend-following returns through various economic environments and highlight the diversifi cation benefi ts the strategy has historically provided in equity bear markets. Finally, we evaluate the recent environment for the strategy in the context of these long-term results.......We study the performance of trend-following investing across global markets since 1903, extending the existing evidence by more than 80 years. We fi nd that trend-following has delivered strong positive returns and realized a low correlation to traditional asset classes each decade for more than...

  8. The Effect of Marketing Expenses on Stock Returns: The Case of ISE Food Industry

    OpenAIRE

    Yusuf Volkan Topuz; Nazlı Aksit

    2013-01-01

    In this study, the effect of marketing expenses on stock returns has been studied. According to the generally accepted accounting principles, marketing expenses are a kind of cost and are presented in income statements as an operating expense. On the other hand, in addition to this view, new approaches in finance consider marketing expenses as a value greater than an expense item. Therefore, marketing expenses are taken into account as an investment activity which would create a value for the...

  9. Impact of Real-world Factors Influencing Investment Decisions on the Costs and Distribution of Climate Change Mitigation

    Science.gov (United States)

    Edmonds, J.; Iyer, G.; McJeon, H. C.; Leon, C.; Hultman, N.

    2015-12-01

    Strategies to mitigate dangerous anthropogenic climate change require a dramatic transformation of the energy system to reduce greenhouse gas emissions, that in turn requires large-scale investments. Investment decisions depend not only on investment capital availability but also on investment risks. A number of factors such as national policy environments, quality of public and private institutions, sector, firm and technology specific characteristics can affect investors' assessments of risks, leading to a wide variation in the business climate for investment. Such heterogeneity in investment risks can have important implications, as investors usually respond to risks by requiring higher returns for riskier projects; delaying or forgoing the investments; or preferring to invest in existing, familiar projects. We study the impact of variation in investment risks on regional patterns of emissions mitigation, the cost of emissions mitigation and patterns of technology deployment. We modify an integrated assessment model, widely used in global climate policy analyses (the Global Change Assessment Model) and incorporate decisions on investments based on risks along two dimensions. Along the first dimension, we vary perceived risks associated with particular technologies. To do so, we assign a higher cost of capital for investment in low-carbon technologies as these involve intrinsically higher levels of regulatory and market risk. The second dimension uses a proxy to vary investment risks across regions, based on an institutional quality metric published by the World Economic Forum. Explicit representation of investment risks has two major effects. First, it raises the cost of emissions mitigation relative to a world with uniform investment risks. Second, it shifts the pattern of emissions mitigation, with industrialized countries mitigating more, and developing countries mitigating less. Our results suggest that institutional reforms aimed at lowering investment

  10. Abnormal profitability and foreign investment based on the investigation of covered interest parity

    Science.gov (United States)

    Huang, Bor-Yi; Chiou, Jer-Shiou; Wu, Pei-Shan

    2007-10-01

    Most literature focuses on how foreign investment and the market returns are related. Instead, this study attempts to identify the origin of abnormal behavior by foreign investors, as well as the relationship among the error in covered interest parity (ECIP), foreign investment (INV), and stock returns (RS). This study finds that the behavior of ECIP can be accurately represented by the ARJI model, which is capable of describing sudden jumps in the economy. Consequently, CBP-ARJI thus provides an effective means of studying the interaction among underlying variables. Empirically, ECIP has a negative statistical significant influence on foreign investment. While RS and INV have no mutual volatility spillover effect, they have a close correlation in terms of jump intensity. The previous jump of INV had more impact on current INV, while RS had little impact. The early withdrawal of foreign investment causes stock indexes to fall, creating potential losses for general investors. Foreign investment thus observes abnormal ECIP behavior, while leading the market movements, are always better off.

  11. Essays on the investment behavior of independent power producers in the United States electricity industry under regulatory restructuring

    Science.gov (United States)

    Yan, Jingming

    2002-09-01

    In recent years, there have been efforts at both the federal and state level to introduce greater competition and markets into the US electricity industry through regulatory restructuring. A key to the success of such efforts is the ability of the restructuring to attract investment from non-utility, independent power producers (IPPs). The two essays in this dissertation examine empirically the investment behavior of IPPs under the regulatory restructuring between 1996 and 2000. In both essays, the effects of restructuring on a firm's investment decision are decomposed into the effects that work through the investment cost and that through the expected profit from the investment. The first essay studies the entry behavior of IPPs under the restructuring. The main finding of the essay is that the restructuring has done little to lower the entry barrier faced by IPPs-high fixed cost to entry is still a main factor that hinders IPP investment. The second essay studies IPPs' decisions between investing through building new power plants ("make") and investing through acquiring divested plants ("buy"). It finds that the availability of the "buy" option does not "squeeze" out investment on new capacities. IPPs that chose to "buy" did so because they expected a lower return from "make" and hence would not have switched their investment to new capacities even if the "buy" option were not available. Therefore, divestiture is a viable policy tool for state regulators to attract more IPP investment.

  12. The Educational Asset Market: A Finance Perspective on Human Capital Investment

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Nielsen, Helena Skyt

    2002-01-01

    on type and level of education enables us to focus on the shared features between human capital and stock investments. An innovative finance-labor approach is applied to study the educational asset market. A risk-return trade-off is revealed which is not directly related to the length of education.......Like the stock market, the human capital market consists of a wide range of assets, i.e. educations. Each young individual chooses the educational asset that matches his preferred combination of risk and return in terms of future income. A unique register-based data set with exact information...

  13. Considerations on Optimal Financial Invest ment into Infrastructural Facilities

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    The enlargement of government's investment into infrastructural construction is both a help medicine curing economic contraction and an effective measure to accumulate long-term economic growth.. However, the investment by finance into infrastructure also has a problem of optimization and reasonable selection. In view of market economic requirements, the policy direction of financial investment into infrastructural industries must be doing something at the expense of some other things. In the process of the adjustment and optimization of economic structure, state financial investment into infrastructural facilities has to first of all solve the problem of delimitating the best fields and selecting trades. As to the infrastructure facilities producing and selling pure public products, the development must be made by financial investment;As to the production fields of subpublic products, finance should ensure reasonable investment; As to the infrastructural facilities of pure privite production, finance should completely, in principle, pull out and let market supply. On this basis, selections should be made on best capital soureces and investment ways. The capital sources should be mainly from tax and regulational income and direct investment may be made. As to the production fields of most subpublic production, the best capital sources are national debt income and indirect investment may be made. In addition, the optimization of financial investment into infrastructural facilities must reform the managerial system of infrastructural facilities and raise investment efficiency. Only by scientifically selecting and arranging the financing ways and managerial system in investment fields,can the maximum economic efficiency and social welfare results be realized in carrying out financial investment into infrastructural facilities.

  14. Decisions on investments in photovoltaics and carbon capture and storage: A comparison between two different greenhouse gas control strategies

    International Nuclear Information System (INIS)

    Vögele, Stefan; Rübbelke, Dirk

    2013-01-01

    Decisions of electricity suppliers on investments in low-carbon energy technologies like PV (photovoltaics) and CCS (carbon capture and storage) depend on the expected profits or surpluses that can be earned. For an assessment of the profitability of investments in PV (and other renewable energy technologies), additional costs caused by the fluctuation in PV power plants' productivity and by the need for backup capacities have to be taken into account. Changes in the rest of the power plant stock will via their influence on the merit-order curve also affect the return on investment. Bearing these aspects in mind, it might become more attractive to invest in alternative technologies like CCS than to channel the investments towards PV in combination with backup power plants. In our study we compare investments in CCS and PV regarding possible merit-order effects and profitability, using investments in Germany as an example. - Highlights: • We compare CCS and PV as CO 2 reduction strategies and focus on merit-order effects. • CCS has higher marginal cost than PV, but CCS does not need backup capacities. • Merit-order effects influence the profitability of investments in CCS and PV. • CCS investments at moderate rates tend to be more beneficial than investments in PV. • However, legal restrictions and lack of acceptance constitute limiting factors

  15. Investing in river health.

    Science.gov (United States)

    Bennett, J

    2002-01-01

    Rivers provide society with numerous returns. These relate to both the passive and extractive uses of the resources embodied in river environments. Some returns are manifest in the form of financial gains whilst others are non-monetary. For instance, rivers are a source of monetary income for those who harvest their fish. The water flowing in rivers is extracted for drinking and to water crops and livestock that in turn yield monetary profits. However, rivers are also the source of non-monetary values arising from biological diversity. People who use them for recreation (picnicking, swimming, boating) also receive non-monetary returns. The use of rivers to yield these returns has had negative consequences. With extraction for financial return has come diminished water quantity and quality. The result has been a diminished capacity of rivers to yield (non-extractive) environmental returns and to continue to provide extractive values. A river is like any other asset. With use, the value of an asset depreciates because its productivity declines. In order to maintain the productive capacity of their assets, managers put aside from their profits depreciation reserves that can be invested in the repair or replacement of those assets. Society now faces a situation in which its river assets have depreciated in terms of their capacity to provide monetary and non-monetary returns. An investment in river "repair" is required. But, investment means that society gives up something now in order to achieve some benefit in the future. Society thus has to grapple wih the choice between investing in river health and other investments--such as in hospitals, schools, defence etc. - as well as between investing in river health and current consumption--such as on clothes, food, cars etc. A commonly used aid for investment decision making in the public sector is benefit cost analysis. However, its usefulness in tackling the river investment problem is restricted because it requires all

  16. The returns to foreign R&D

    NARCIS (Netherlands)

    Belderbos, R.A.; Lokshin, B.; Sadowski, B.

    2015-01-01

    Extant research on R&D internationalization has not examined how effective foreign R&D investments are in generating positive returns for the investing firms, in particular in comparison and conjunction with the effects of domestic R&D investments. We examine the effectiveness of international

  17. Returns to food and agricultural R&D investments in Sub-Saharan Africa, 1975–2014

    NARCIS (Netherlands)

    Pardey, Philip G.; Andrade, Robert S.; Hurley, Terrance M.; Rao, Xudong; Liebenberg, Frikkie G.

    2016-01-01

    Research-enabled growth in agricultural productivity is pivotal to sub-Saharan Africa's overall economic growth prospects. Yet, investments in research and development (R&D) targeted to many national food and agricultural economies throughout Africa are fragile and faltering. To gain insight

  18. Return on experience on nuclear accidents

    International Nuclear Information System (INIS)

    Barre, Bertrand

    2015-09-01

    After a presentation of the International Nuclear and radiological Events Scale (INES scale), of its levels and criteria, this article proposes brief recalls of some nuclear accidents which occurred in nuclear reactors: Chalk River in Canada (1952), Windscale in England (1957), the universal Canadian reactor (NRU in 1958), the SL1 reactor of the Idaho National Laboratory in the USA (1961), the Swiss Lucens reactor (1969), Saint-Laurent des Eaux in France (1969 and 1980). More detailed descriptions are then given for the Three Mile Island accident in 1979, the Chernobyl accident in 1986, and the Fukushima accident in 2011. The main causes of these accidents are identified: loss of control of chain reaction, cooling defect on a stopped reactor, cooling defect on an operated reactor. Some lessons are drawn from these facts, and some characteristics of the EPR are outlined with respect with problems encountered in these accidents

  19. Companies investments on Private Equity/Venture Capital market

    Directory of Open Access Journals (Sweden)

    Zbigniew Drewniak

    2009-12-01

    Full Text Available One of the investors on Private Equity/Venture Capital market are corporations. The share of companies in total funds raised by PE/VC funds is still on the very low level. Beside indirect investments, companies invest directly, creating special entities in one corporate structure. Capital gains are one of the advantages of these investments for companies. However, the companies have also other purposes like the acquirement and the development of new technologies, as well as the transfer of knowledge. The participation of PE/VC fund in the investment process results in the support for company expansion and the creation of company value.

  20. The Volatile Effect of Conflict Risk on Foreign Investment

    Directory of Open Access Journals (Sweden)

    Umit Hacioglu

    2013-04-01

    Full Text Available The opportunities of investment brought along by the global economic integrity might turn into a threat in an instant and undermine the underlying structures of national economies. It is necessary to analyze the conflict risk properly in terms of both portfolio investment and finance strategies. This is an important step to be included in the process of arriving to a rational decision. In that way, the existing investment risks could be priced more efficiently. It is proved on Collier and Starr models that there is a correlation between the conflict risk and unemployment, economic recession, inflation and fiscal discipline. In brief, the breakdown in the economic parameters increases the conflict risk and a progress occurring in the opposite way, decreases that risk. In this study, it is discussed the effects of the conflict risk for foreign investment availabilities. Keywords: Foreign direct investment; volatile effect; conflict risk; investment climate

  1. An Analysis of Theories on Stock Returns

    Directory of Open Access Journals (Sweden)

    Ahmet Sekreter

    2017-03-01

    Full Text Available Objective in writing this article is to provide an overview of the theories that has been developed for stock returns which is an important area of financial markets’ researches. Since the researches in this field are very active for the past quarter, it is not possible to describe all works that has been done in this area. Most important researches will be discussed without going deeper in mathematical tools and theories.

  2. Stakeholder views on returning research results.

    Science.gov (United States)

    Haga, Susanne B; Zhao, Jennifer Q

    2013-01-01

    While the disclosure of research findings is relevant to all types of biomedical research, it has garnered particular attention with respect to genetics and genomics research due to some of the unique aspects of the data and the high public profile of the field. In this chapter, we review the attitudes of stakeholders (research participants, policymakers, and researchers) to define areas of consensus regarding the issue of returning research results across and within groups. In addition to stakeholder attitudes about obligations and interest in research results, other major related issues related to returning research results, such as informed consent, communication of research results, and cost, are discussed. Given the consensus between stakeholders to return summary reports of a study's outcomes and individual research results of clinical significance, we conclude that the time has come to encourage, if not require, researchers to consider these issues in the developmental planning stages of a project and to plan and budget accordingly. © 2013 Elsevier Inc. All rights reserved.

  3. Electricity investments and nuclear development: investment choice modeling based on value creation

    International Nuclear Information System (INIS)

    Tehrani, B.S.; Bocquer, J.C.; Tomoda, T.

    2014-01-01

    While nuclear power may experience a technological breakthrough in Europe with Generation IV nuclear reactors within 2040, several events could question this possibility such as the Fukushima accident, the climate issues and the electricity market liberalization. This paper aims at analyzing investment choices in power generation capacities in the European scope, using simple DSM-inspired approaches. The power company and interacting stake holders in the investment choice process are considered as a complex system, and dependencies between investment drivers associated with each stake holder are studied. Focusing on the value for the power company, the compatibility of each power company with each of considered technologies is assessed through a Domain Mapping Matrix, including not only technical drivers, but also associated policy and market drivers. Technology preferences are modeled for main European companies in a set of scenarios, these preferences being then used to explore trends in generation mix. (authors)

  4. Investment of Vehicle Fixed Asset Investment on improving profitability (Case study of Parahyangan Express Karawang Branch

    Directory of Open Access Journals (Sweden)

    Sri Suartini

    2018-03-01

    Full Text Available The purpose of this study is to determine how much influence has fixed asset investment in profitability of Parahyangan Express Karawang Branch. This research uses the descriptive method with primary data source of Parahyangan Express Karawang Branch between 2007 - 2016. The result of this research is r average investment value of Parahyangan Express in the period 2007 until 2016. Parahyangan Express in the period 2007 to 2016 tends to decline. Based on test results t comparison t arithmetic with t table showing 2.840> 2.093 t count more than t table. The percentage of influence of fixed asset investment of 30% means 30 % development of profitability. Parahyangan Express is influenced by in-kind fixed assets while 70 % is influenced by other factors not examined in this study.

  5. The impact of future carbon prices on CCS investment for power generation in China

    International Nuclear Information System (INIS)

    Wu, Ning; Parsons, John E.; Polenske, Karen R.

    2013-01-01

    Carbon capture and storage (CCS) in China is currently discussed extensively but few in-depth analyses focusing on economics are observed. In this study, we answer two related questions about the development of CCS and power generation technologies in China: (1) what is the breakeven carbon-dioxide price to justify CCS installation investment for Integrated Gasification Combined Cycle (IGCC) and pulverized coal (PC) power plants, and, (2) what are the risks associated with investment for CCS. To answer these questions, we build a net present value model for IGCC and PC plants with capacity of 600 MW, with assumptions best representing the current technologies in China. Then, we run a sensitivity analysis of capital costs and fuel costs to reveal their impact on the carbon price, and analyze the risk on investment return caused by the carbon price volatility. Our study shows that in China, a breakeven carbon price of $61/tonne is required to justify investment on CCS for PC plants, and $72/tonne for IGCC plants. In this analysis, we also advise investors on the impact of capital and fuel costs on the carbon price and suggest optimal timing for CCS investment. - Highlights: ► We collect data on CCS and power generation which best represents technologies and costs in China. ► We model power plants' net present value to find the breakeven carbon prices. ► IGCC needs $72 per tonne to breakeven while PC requires $61 in China. ► Capital and fuel costs impact the carbon prices noticeably. ► We also examine the sensitivity, impact on return and time for investment

  6. Understanding the Effects of Marriage and Divorce on Financial Investments

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Joensen, Juanne S.; Rangvid, Jesper

    2015-01-01

    We investigate how changes in marital status affect financial investments and how these effects vary with background risk. We use detailed register-based panel data and difference-in-differences estimatiors to benchmark common unobserved influences on financial investments. Women increase...... the fraction of wealth invested in stocks after marriage and decrease it after divorce, whereas men show the opposite behavior. Households whose joint labor income risk is reduced more by marriage have a higher increase in their exposure to risky assets in marriage. Thus income risk sharing in the household...... is important for financial risk taking and investment responses to marital transitions...

  7. Social protection investments, human capital, and income growth: Simulating the returns to social cash transfers in Uganda

    NARCIS (Netherlands)

    Dietrich, Stephan; Malerba, Daniele; Barrientos, Armando; Gassmann, Franziska; Mohnen, Pierre; Tirivayi, Nyasha; Kavuma, Susan; Matovu, Fred

    2017-01-01

    In this paper we assess the short- and mid-term effects of two cash transfer programmes in Uganda in terms of child underweight, school attainment, and the monetary returns to these indirect effects. Using a micro-simulation approach we test how the scale-up of these pilot interventions could affect

  8. Impact of public policy uncertainty on renewable energy investment: Wind power and the production tax credit

    International Nuclear Information System (INIS)

    Barradale, Merrill Jones

    2010-01-01

    It is generally understood that the pattern of repeated expiration and short-term renewal of the federal production tax credit (PTC) causes a boom-bust cycle in wind power plant investment in the US. This on-off pattern is detrimental to the wind industry, since ramp-up and ramp-down costs are high, and players are deterred from making long-term investments. It is often assumed that the severe downturn in investment during 'off' years implies that wind power is unviable without the PTC. This assumption turns out to be unsubstantiated: this paper demonstrates that it is not the absence of the PTC that causes the investment downturn during 'off' years, but rather the uncertainty over its return. Specifically, it is the dynamic of power purchase agreement (PPA) negotiations in the face of PTC renewal uncertainty that drives investment volatility. With contract negotiations prevalent in the renewable energy industry, this finding suggests that reducing uncertainty is a crucial component of effective renewable energy policy. The PTC as currently structured is not the only means, existing or potential, for encouraging wind power investment. Using data from a survey of energy professionals, various policy instruments are compared in terms of their perceived stability for supporting long-term investment. - Research highlights: →The case of wind energy investment in the face of PTC uncertainty provides an important study in how industry structure, and in particular the process of contract negotiations, can amplify the impact of public policy uncertainty on corporate investment. →The finding that contract negotiations in the face of uncertainty are sufficient in themselves to hinder investment implies that the assumption that investment downturns reflect unfavorable economics is unfounded. This assumption falsely discourages interest and investment in wind energy. →Policy stability should be added to the list of criteria explicitly considered in designing policy

  9. Return-to-work coordination programmes for improving return to work in workers on sick leave.

    Science.gov (United States)

    Vogel, Nicole; Schandelmaier, Stefan; Zumbrunn, Thomas; Ebrahim, Shanil; de Boer, Wout El; Busse, Jason W; Kunz, Regina

    2017-03-30

    To limit long-term sick leave and associated consequences, insurers, healthcare providers and employers provide programmes to facilitate disabled people's return to work. These programmes include a variety of coordinated and individualised interventions. Despite the increasing popularity of such programmes, their benefits remain uncertain. We conducted a systematic review to determine the long-term effectiveness of return-to-work coordination programmes compared to usual practice in workers at risk for long-term disability. To assess the effects of return-to-work coordination programmes versus usual practice for workers on sick leave or disability. We searched the Cochrane Central Register of Controlled Trials (CENTRAL; 2016, Issue 11), MEDLINE, Embase, CINAHL and PsycINFO up to 1 November 2016. We included randomised controlled trials (RCTs) that enrolled workers absent from work for at least four weeks and randomly assigned them to return-to-work coordination programmes or usual practice. Two review authors independently screened titles, abstracts and full-text articles for study eligibility; extracted data; and assessed risk of bias from eligible trials. We contacted authors for additional data where required. We conducted random-effects meta-analyses and used the GRADE approach to rate the quality of the evidence. We identified 14 studies from nine countries that enrolled 12,568 workers. Eleven studies focused on musculoskeletal problems, two on mental health and one on both. Most studies (11 of 14) followed workers 12 months or longer. Risk of bias was low in 10 and high in 4 studies, but findings were not sensitive to their exclusion.We found no benefits for return-to-work coordination programmes on return-to-work outcomes.For short-term follow-up of six months, we found no effect on time to return to work (hazard ratio (HR) 1.32, 95% confidence interval (CI) 0.93 to 1.88, low-quality evidence), cumulative sickness absence (mean difference (MD) -16.18 work

  10. Taxation on mining and hydrocarbon investments

    Directory of Open Access Journals (Sweden)

    Beatriz De La Vega Rengifo

    2014-07-01

    Full Text Available This article comments the most important aspects of the tax treatment applicable to investments of mining and oil and gas industry. The document highlights the relevant tax topics of the general tax legislation(Income Tax Law and the special legislation of both industries (General Mining Law and Hydrocarbons Organic Law.

  11. Socially Responsible Investment in Japanese Pensions

    OpenAIRE

    Henry Hongbo Jin; Olivia S. Mitchell; John Piggott

    2005-01-01

    As the level of retirement-related assets has grown, so too has public and private interest in so-called "Socially Responsible Investment" (SRI), an investment strategy that employs criteria other than the usual financial risk and return factors when selecting firms in which to invest. This study evaluates whether SRI indexes would alter portfolio risk and return patterns for the new defined contribution pension plans currently on offer in Japan. We conclude that SRI funds can be included as ...

  12. Ranking independent timber investments by alternative investment criteria

    Science.gov (United States)

    Thomas J. Mills; Gary E. Dixon

    1982-01-01

    A sample of 231 independent timber investments were ranked by internal rate of return, present net worth per acre and the benefit cost ratio—the last two discounted by 3, 6.4. 7.5. and 10 percent—to determine if the different criteria had a practical influence on timber investment ranking. The samples in this study were drawn from a group of timber investments...

  13. LEVERAGE IMPACTS ON AGRO-INDUSTRIAL COMPANY INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Nugroho A.C.

    2018-03-01

    Full Text Available Agro-industry has an important role in Indonesian economic growth. One of the crucial constraints in agro-industry investments in developing country is due to limited access to investment fund. This research was aimed to analyze the impacts of leverage on the agro-industrial company investments. The research used financial report data of the manufacturing industries on agro-industrial bases registered in Indonesian Stock-Exchange from 2007 to 2016. The data were analyzed using panel data regression analysis. The results of the research showed that the leverage influenced negatively on the agro-industrial companies. Cash flow has a negative impact on the company investments, which shows the existence of financial constraints when the company decide to invest.

  14. The impact of regulation, privatization and competition on gas infrastructure investments

    International Nuclear Information System (INIS)

    Andrade, Tiago

    2014-01-01

    In recent years we have witnessed several reforms in network industries, as privatization, regulatory changes and opening to competition in certain segments of the value chain. In sectors such as electricity and gas, this opening to competition is possible only in certain activities (i.e. generation, storage of natural gas and supply), maintaining as a natural monopoly the activities of distribution and transmission, and therefore still subject to regulation. The performance of these regulated segments can have important effects on the operation of the competitive segments, because the regulated segments (i.e. the transmission and distribution networks) provide the infrastructure platform upon which the competitive activities rely. The motivation of this paper is to evaluate the effects of privatization, liberalization and regulation on investments, as components of the reform of the natural gas sector. An empirical analysis was carried out using a panel data of 11 European countries from 2001 to 2011, with the aim to better understand the determinants influencing investment, thus contributing to a better understanding of the dynamics of this sector and meet the investments needs established by energy policies. - Highlights: • We carried out an empirical analysis using a panel data of 11 European TSO's from 2001 to 2011. • Privatization has a significant impact on investments, “more privatization means less investment”. • Different forms of regulation seem to play an important role in transmission investment. • It was found that incentive regulation has a positive impact leading to a higher investment more than rate of return. • Efficiency is an effective driver to increased investment. TSO's “only” invests if they have good operational efficiency

  15. Making College Worth It: A Review of Research on the Returns to Higher Education. NBER Working Paper 19053

    Science.gov (United States)

    Oreopoulos, Philip; Petronijevic, Uros

    2013-01-01

    Recent stories of soaring student debt levels and under-placed college graduates have caused some to question whether a college education is still a sound investment. In this paper, we review the literature on the returns to higher education in an attempt to determine who benefits from college. Despite the tremendous heterogeneity across potential…

  16. State Investment in Universities: Rethinking the Impact on Economic Growth

    Science.gov (United States)

    Schalin, Jay

    2010-01-01

    Does investing taxpayer money in higher education lead to major payoffs in economic growth? State legislators and policy makers say yes. They routinely advocate massive appropriations for university education and research, even in poor economic times, on the grounds that taxpayers will be rewarded many times over. The investment of federal funds…

  17. Investment in Edification: Reflections on Irish Education Policy since Independence

    Science.gov (United States)

    O'Connor, Muiris

    2014-01-01

    Beginning with a historical review of Irish education policy since the establishment of the Irish Free State in 1922, this paper focuses on the issue of investment in education through the lens of the "Investment in Education" report. Following this historical review, the author explores how the legacy of the past continues to define the…

  18. Comparative study on corpus development for Malay investment ...

    African Journals Online (AJOL)

    Comparative study on corpus development for Malay investment fraud detection in website. ... Journal of Fundamental and Applied Sciences ... The aim of this research is to develop a corpus for Malay investment fraud so that it can be used in ...

  19. Risk-adjusted impact of administrative costs on the distribution of terminal wealth for long-term investment.

    Science.gov (United States)

    Guillén, Montserrat; Jarner, Søren Fiig; Nielsen, Jens Perch; Pérez-Marín, Ana M

    2014-01-01

    The impact of administrative costs on the distribution of terminal wealth is approximated using a simple formula applicable to many investment situations. We show that the reduction in median returns attributable to administrative fees is usually at least twice the amount of the administrative costs charged for most investment funds, when considering a risk-adjustment correction over a reasonably long-term time horizon. The example we present covers a number of standard cases and can be applied to passive investments, mutual funds, and hedge funds. Our results show investors the potential losses they face in performance due to administrative costs.

  20. The investment strategy of commercial banks on the financial markets

    Directory of Open Access Journals (Sweden)

    Ercegovac Dajana

    2012-01-01

    Full Text Available In contemporary market conditions classical deposit-loan strategy is not enough anymore in order to ensure survival of the commercial banks on the financial market and to reach profit that is high enough. Besides the loan placements strategy, it is necessary to adopt an adequate investment strategy which will contribute to the profitability, liquidity and safety of gross asset portfolio. Commercial banks, unlike investment banks, invest smaller part of their resources into securities of diverse maturity on financial markets. However, with the harsh competition of banks and other non-banking institutions, significance of investment portfolio grows as an alternative that ensures additional sources of revenue, assures liquidity, diversification of placements and decreases risk exposure. Banks have at their disposal vast range of investment strategies that can be combined depending on their investment objectives and risk aversion, such as passive and active strategy, strategy of ladder, weights strategy etc. Therefore, the aim of this paper is to present the significance of investment portfolio in commercial banks and the basic management strategies of investment portfolio that can be used by commercial banks.

  1. Financial returns on R&D: looking back at history, looking forward to adaptive licensing.

    Science.gov (United States)

    Scannell, J W; Hinds, S; Evans, R

    2015-01-01

    Investment in R&D for drugs launched in the late 1970s to early 1990s generated good returns for investors. R&D was inexpensive. Clinical trial success rates were high. Consumption was increasing. Drug prices were outstripping inflation, which raised profit margins. Tax rates were falling. However, returns on R&D have been falling since the early 1990s given rising clinical trial costs, rising trial failure rates, and lower consumption growth in developed markets. Many investors believe that average financial returns on today's R&D will be below the cost of capital, particularly if US drug price inflation moderates. Thus R&D investment by major drug companies is flat or perhaps falling in real terms. Various regulatory initiatives have tried to streamline clinical development and approval. The latest is Adaptive Licensing (AL). The near-term effect of AL on industry-level financial returns will be modest. AL will, however, be salient for decisions to invest in specific trials and may make it easier for smaller companies to fund development. AL could become more important in the long run if it helps shift industry, regulators, and payers from what has been an increasingly linear model of innovation; predicated on the ideas that basic science predicts, trials test predictions, and trial results form a complete description of a drug's attributes. History shows that many drugs become important because doctors and patients discover utility that was not initially apparent to regulators, payers, or investors. One hope for AL, therefore, is that it will bring more acceptably safe chemical diversity into real world use at lower R&D cost.

  2. Understanding the Impact of Business Cases on IT Investment Decisions

    DEFF Research Database (Denmark)

    Berghout, Egon; Tan, Chee-Wee

    2013-01-01

    This study synthesizes the extant literature to derive an integrative developmental framework for IT business cases that can be applied to diagnose the feasibility of technological investments. We then construct a theoretical model that postulates the impact of IT business case elements on the in......This study synthesizes the extant literature to derive an integrative developmental framework for IT business cases that can be applied to diagnose the feasibility of technological investments. We then construct a theoretical model that postulates the impact of IT business case elements...... on the initial cost estimates of technological investments. Subsequently, our theoretical model is subjected to empirical validation through content analysis of IT business cases developed for municipal e-government projects. Findings indicate that the richness of the richness of business cases translates...... to more initial costs being identified in technological investments, thereby conserving resources for the organization through informed investment decisions....

  3. Analysis of Market Risk, Financial Leverage, and Firm Size Toward Stock Return on Non-banking Companies Listed in Lq45 Index of Idx

    OpenAIRE

    Tumewu, Ferdinand; Pangemanan, Sifrid S.; Koluku, Rini Feronica

    2015-01-01

    In the world of investment, one underlies the decision of investors is stock returns that are depend on many factors. The purpose of this study was to analyze the effect of Market Risk, Financial Leverage, and Firm Size to Stock Return. By counting these factors, investors can see the effect of stock returns are important in decision making. The research methods associative with regression analysis and classical assumption techniques that include normality, multicollinearity, heteroscedastici...

  4. Socially Responsible Investing

    DEFF Research Database (Denmark)

    Parisi, Cristiana; Stang, Andreas

    This paper analyzes the Scandinavian market for Socially Responsible Investing (SRI) mutual funds in order to determine the returns from discriminatory investment decision compared to the return from conventional portfolios. The analysis is conducted on 642 Scandinavian equity mutual funds...... counterparts. In the case of Norway no statistical difference in return is found when conducting the three factor regression. The Scandinavian market is considered particularly relevant for the interest of the investors in SRI mutual funds. However, to the authors’ knowledge, this is the first study to present....... The methodology adopts the Sharpe ratio to establish the risk return relationship. Moreover, the Capital Asset Pricing Model (CAPM) and the Fama and French Three Factor model are used to test the hypotheses. The results indicate the underperformance of Swedish and Danish SRI funds relative to their conventional...

  5. Causality Analysis of the Impact of Foreign Direct Investment on ...

    African Journals Online (AJOL)

    Having established the fact that foreign direct investment has positive impact on growth domestic product ...... on Sharing Global Prosperity, September. 2003, Helsinki, Finland. ... Evidence from East Asia and Latin. America, Contemp. Econ.

  6. Analysis on Investment Behavior of Agricultural Sector in China

    Institute of Scientific and Technical Information of China (English)

    Sun Zhuo

    2015-01-01

    In the process of industrialization, China has been a big agricultural country, and the agricultural sector's economic activities have been playing important role in economic growth. This paper established the investment behavior model of agricultural enterprises on the basis of Chinese practice. And then, the model presented the important factors impacting on investment, such as financing cost, wage, and policy factors,etc. Thirdly, this paper in particular usedR-studio to estimate the impact of financing cost and policy factor on investment and capital accumulation of primary industry sector by gathering the data from 2003 to 2013. The results showed that the official interest rate of loans of financial institutions could be the proxy variable as the financing cost of agricultural enterprises, and the employment level of agricultural enterprises had negative impact on investment. Finally, this paper provided some explanations and suggestions on the basis of above results.

  7. Effects of intraday weather changes on asset returns and volatilities

    Directory of Open Access Journals (Sweden)

    Hyein Shim

    2017-12-01

    Full Text Available Analyzing the intraday dataset on weather and market information with the use of the extended GJR-GARCH framework, this study explores in depth the weather effects on the asset returns and volatilities of the Korean stock and derivatives markets. Our intraday analyses contribute to the existing literature by going beyond the attempt of prior studies to capture the weather effects using the average daily observations alone. The empirical results document a modest presence of the weather effect on the returns and volatilities, though the significance of its impact is found to vary across different market conditions and indices. We also find that the return and volatility respond asymmetrically to extremely good and bad weather conditions. The intraday analyses show that the weather effect on the returns and volatilities is more statistically significant at the beginning of the working day or the lunch break, indicating the intraday weather effects on the financial market.

  8. Construction project investment control model based on instant information

    Institute of Scientific and Technical Information of China (English)

    WANG Xue-tong

    2006-01-01

    Change of construction conditions always influences project investment by causing the loss of construction work time and extending the duration. To resolve such problem as difficult dynamic control in work construction plan, this article presents a concept of instant optimization by ways of adjustment operation time of each working procedure to minimize investment change. Based on this concept, its mathematical model is established and a strict mathematical justification is performed. An instant optimization model takes advantage of instant information in the construction process to duly complete adjustment of construction; thus we maximize cost efficiency of project investment.

  9. The Impact of Capital Structure on Stock Returns: International Evidence

    Directory of Open Access Journals (Sweden)

    Reza TAHMOORESPOUR

    2015-03-01

    Full Text Available This study examines the relationship between capital structure and stock returns of firms in the following eight countries in the Asia Pacific regionfor a period of 22 years from 1990 to 2012. The methodology is Panel Regression. The results indicate that the effect of capital structure depends on the nature of industry as well as market. In Australia, China, and Korea, return of companies in the Basic Material industry have negative relationship with debt to common equity. Long term debt to common equity positively affects the return of firms in Australia and Korea in the Basic Material industry.

  10. The decision making on mutual investment of thai investors ...

    African Journals Online (AJOL)

    The decision making on mutual investment of thai investors. ... Journal of Fundamental and Applied Sciences. Journal Home ... The study was a research survey that used questionnaires to collect data from 400 samples of Thai investors.

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

    African Journals Online (AJOL)

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

  12. THE COST OF DIRECT TAXATION ON INVESTMENT IN BRAZIL

    Directory of Open Access Journals (Sweden)

    Nelson Leitão Paes

    2017-06-01

    Full Text Available ABSTRACT This paper analyzed the impact of taxation on the investment in Brazil, focusing on the taxation of corporate income. Following the literature, it was used an economic model to calculate two indicators of effective tax rates - Effective Marginal Tax Rate (EMTR and Effective Average Tax Rate (EATR. The EMTR measures the increase of the cost of capital due to corporate income tax. The EATR represents a measure of the average tax rate levied on an investment that has a pre-defined economic profit. The results suggest Brazil may face some difficulties to attract foreign investment. The country presents high rates for EATR and EMTR, higher than the average of the rich countries and well above the figures of development countries like Chile, Mexico, South Africa, Russia and China, potential competitors in attracting investments.

  13. THE IMPACT OF FINANCIAL LEVERAGE ON RETURN AND RISK

    Directory of Open Access Journals (Sweden)

    HAKAN SARITAŞ

    2013-05-01

    Full Text Available Financing with debt and preferred stock to increase the potential return to the residual common shareholders’ equity is referred to as financial leverage. A firm’s return on equity (ROE is a key determinant of the growth rate of its earnings. Return on equity is affected profoundly by the firm’s degree of financial leverage. Increased debt will make a positive contribution to a firm’s ROE only if the firm’s return on assets (ROA exceeds the interest rate on the debt. In spite of the fact that financial leverage increases the rate of return on common stock equity, the grater the proportion of debt in the capital structure, however, the greater the risk the common shareholders bear. Introduction of financial leverage increases the average profitability of the firm as well as its risk. In good economic years, the impact of financial leverage will most likely be positive; however, the leverage effect may be negative in relatively bad years. Traditionally, studies treated short-term debt and long-term debt as perfect substitutes for each other. There is, however, risk-sharing by long-term debtholders which makes short-term debt financing riskier to shareholders than long-term debt financing. The significant affect associated with the total debt usage is largely attributable to short-term debt financing, since the impact of short-term debt financing on the expected returns is shown to be greater than that of long-term debt financing.

  14. The impact of RFID on management of returnable containers

    OpenAIRE

    Thoroe, Lars; Melski, Adam; Schumann, Matthias

    2009-01-01

    Inventory shrinkage is a common problem in the management of returnable containers. RFID-based container tracking systems have been proposed as a possible solution. Benefits of RFID-based tracking of returnable transport items such as pallets, kegs and boxes are documented in several case studies, but have so far hardly been analyzed from a theoretical perspective. In this article, we analyze the impact of RFID on container management using a deterministic inventory model. The analysis focuse...

  15. IMPACT OF FOREIGN DIRECT INVESTMENT ON HIGHER EDUCATION

    OpenAIRE

    Kalpana Singh; Dr. Alka Awasthi

    2017-01-01

    The purpose of this paper is to examine how Foreign Direct investment (FDI) can be leveraged to enhance its impact on Higher Education. This paper attempts to discuss the possibilities of bringing quality, excellence and more opportunities in “Higher education” through the FDI route. FOREIGN DIRECT INVESTMENT: Education sector is growing day by day and gaining lots of importance in the world and India as well. Education Industry is likely to grow by the Gross Enrolment Ratio (GER) by 2020. Fo...

  16. Does Investment Treaty Affect the Improvement on FDI?

    OpenAIRE

    Eunsook Seo

    2008-01-01

    The paper analyzes how investment treaty affects investment creation. Analysis results show that investment treaty could not directly affect the increase in investment with the form of investment agreement contradicting and the opening of investment treaty countries have increased a great deal of investment. Contracting the investment agreement means to ultimately improve the investment environment such as policy transparency, simplification of administration, and the simplification or the cl...

  17. New perspective on youth migration: Motives and family investment patterns

    Directory of Open Access Journals (Sweden)

    Jessica Heckert

    2015-10-01

    Full Text Available Background: Migration research commonly assumes that youth migrate as dependent family members or are motivated by current labor opportunities and immediate financial returns. These perspectives ignore how migration experiences, specifically motives and remittance behaviors, are unique to youth. Objective: This study investigates internal migration among the Haitian youth, aged 10-24. The study compares characteristics of youth who migrate with education and labor motives and determines characteristics associated with family financial support to youth migrants. Methods: The data are from the 2009 Haiti Youth Survey. Discrete-time event history analysis is used to model characteristics associated with education and labor migration. A two-stage Heckman probit model is used to determine characteristics associated with family financial support for two different samples of youth migrants. Results: Both education and labor migration become more common with increasing age. Education migration is more common among youth born outside the capital and those first enrolled in school on time. Labor migration differs little by region of birth, and is associated with late school enrollment. Moreover, rather than sending remittances home, many youth migrants continue to receive financial support from their parents. Provision of financial support to youth migrants is associated with current school enrollment. Female youth are more likely to be migrants, and less commonly receive support from their household of origin. Conclusions: Results illustrate that youth migration motives and remittance behaviors differ from those of adults, and many households of origin continue to invest in the human capital of youth migrants. Education migration may diversify household risk over an extended time horizon. Contribution: *

  18. What Is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

    We derive a formula that expresses the expected return on a stock in terms of the risk-neutral variance of the market and the stock's excess risk-neutral variance relative to the average stock. These components can be computed from index and stock option prices; the formula has no free parameters....... We test the theory in-sample by running panel regressions of stock returns onto risk-neutral variances. The formula performs well at 6-month and 1-year forecasting horizons, and our predictors drive out beta, size, book-to-market, and momentum. Out-of-sample, we find that the formula outperforms...... a range of competitors in forecasting individual stock returns. Our results suggest that there is considerably more variation in expected returns, both over time and across stocks, than has previously been acknowledged....

  19. What is the Expected Return on a Stock?

    DEFF Research Database (Denmark)

    Martin, Ian; Wagner, Christian

    We derive a formula that expresses the expected return on a stock in terms of the risk-neutral variance of the market and the stock’s excess risk-neutral variance relative to the average stock. These components can be computed from index and stock option prices; the formula has no free parameters....... We test the theory in-sample by running panel regressions of stock returns onto risk-neutral variances. The formula performs well at 6-month and 1-year forecasting horizons, and our predictors drive out beta, size, book-to-market, and momentum. Out-of-sample, we find that the formula outperforms...... a range of competitors in forecasting individual stock returns. Our results suggest that there is considerably more variation in expected returns, both over time and across stocks, than has previously been acknowledged....

  20. The Impact of Transaction Costs on Rebalancing an Investment Portfolio in Portfolio Optimization

    OpenAIRE

    B. Marasović; S. Pivac; S. V. Vukasović

    2015-01-01

    Constructing a portfolio of investments is one of the most significant financial decisions facing individuals and institutions. In accordance with the modern portfolio theory maximization of return at minimal risk should be the investment goal of any successful investor. In addition, the costs incurred when setting up a new portfolio or rebalancing an existing portfolio must be included in any realistic analysis. In this paper rebalancing an investment portfolio in the pr...

  1. Analysis of stock investment selection based on CAPM using covariance and genetic algorithm approach

    Science.gov (United States)

    Sukono; Susanti, D.; Najmia, M.; Lesmana, E.; Napitupulu, H.; Supian, S.; Putra, A. S.

    2018-03-01

    Investment is one of the economic growth factors of countries, especially in Indonesia. Stocks is a form of investment, which is liquid. In determining the stock investment decisions which need to be considered by investors is to choose stocks that can generate maximum returns with a minimum risk level. Therefore, we need to know how to allocate the capital which may give the optimal benefit. This study discusses the issue of stock investment based on CAPM which is estimated using covariance and Genetic Algorithm approach. It is assumed that the stocks analyzed follow the CAPM model. To do the estimation of beta parameter on CAPM equation is done by two approach, first is to be represented by covariance approach, and second with genetic algorithm optimization. As a numerical illustration, in this paper analyzed ten stocks traded on the capital market in Indonesia. The results of the analysis show that estimation of beta parameters using covariance and genetic algorithm approach, give the same decision, that is, six underpriced stocks with buying decision, and four overpriced stocks with a sales decision. Based on the analysis, it can be concluded that the results can be used as a consideration for investors buying six under-priced stocks, and selling four overpriced stocks.

  2. Job Training: Costs, Returns, and Wage Profiles

    OpenAIRE

    Jacob Mincer

    1989-01-01

    Using information on time costs of training and gains in wages attributable to training I computed rates of return on training investments. The range of estimates based on several data sets generally exceeds the magnitudes of rates of return usually observed for schooling investments. It is not clear, however, that the difference represents underinvestment in job training. Two methods were used to estimate total annual costs of job training in the U.S. economy, for 1958, 1976, and 1987. The "...

  3. The effect of asymmetric information risk on returns of stocks traded on the BM&FBOVESPA

    Directory of Open Access Journals (Sweden)

    Leonardo Souza Siqueira

    Full Text Available ABSTRACT This study sought to analyze information asymmetry in the Brazilian stock market and its relation with the returns required from portfolios through the metrics volume-synchronized probability of informed trading. To do this, the study used actual data from the transactions of 142 stocks on the Brazilian Securities, Commodities and Futures Exchange (BM&FBOVESPA, within the period from May 1, 2014, to May 31, 2016. The results point out a high flow toxicity level in the orders of these stocks. In segment analyses of the stock market listing, data suggest there is no clue that stocks from the theoretically more overt segments have a lower toxicity level of order flows. The justification for this finding lies on the negative correlation observed between the market value of stocks and the toxicity level of orders. To test the effect of asymmetric information risk on stock returns, a factor related to the toxicity level of orders was added to the three-, four-, and five-factor models. Through the GRS test, we observed that the combination of factors that optimize the explanation of returns of the portfolios created was the one taking advantage of the factors market, size, profitability, investment, and information risk. To test the robustness of these results, the Average F-test was used in data simulated by the bootstrap method, and similar estimates were obtained. It was observed that the factor related to the book-to-market index becomes redundant in the national scenario for the models tested. Also, it was found that the factor related to information risk works as a complement to the factor size and that its inclusion leads to an improved performance of the models, indicating a possible explanatory power of information risk on portfolio returns. Therefore, data suggest that information risk is priced in the Brazilian stock market.

  4. Determinants of Return on Assets in Romania: A Principal Component Analysis

    Directory of Open Access Journals (Sweden)

    Sorana Vatavu

    2015-03-01

    Full Text Available This paper examines the impact of capital structure, as well as its determinants on the financial performance of Romanian companies listed on the Bucharest Stock Exchange. The analysis is based on cross sectional regressions and factor analysis, and it refers to a ten-year period (2003-2012. Return on assets (ROA is the performance proxy, while the capital structure indicator is debt ratio. Regression results indicate that Romanian companies register higher returns when they operate with limited borrowings. Among the capital structure determinants, tangibility and business risk have a negative impact on ROA, but the level of taxation has a positive effect, showing that companies manage their assets more efficiently during times of higher fiscal pressure. Performance is sustained by sales turnover, but not significantly influenced by high levels of liquidity. Periods of unstable economic conditions, reflected by high inflation rates and the current financial crisis, have a strong negative impact on corporate performance. Based on regression results, three factors were considered through the method of iterated principal component factors: the first one incorporates debt and size, as an indicator of consumption, the second one integrates the influence of tangibility and liquidity, marking the investment potential, and the third one is an indicator of assessed risk, integrating the volatility of earnings with the level of taxation. ROA is significantly influenced by these three factors, regardless the regression method used. The consumption factor has a negative impact on performance, while the investment and risk variables positively influence ROA.

  5. Stylized facts in internal rates of return on stock index and its derivative transactions

    Science.gov (United States)

    Pichl, Lukáš; Kaizoji, Taisei; Yamano, Takuya

    2007-08-01

    Universal features in stock markets and their derivative markets are studied by means of probability distributions in internal rates of return on buy and sell transaction pairs. Unlike the stylized facts in normalized log returns, the probability distributions for such single asset encounters incorporate the time factor by means of the internal rate of return, defined as the continuous compound interest. Resulting stylized facts are shown in the probability distributions derived from the daily series of TOPIX, S & P 500 and FTSE 100 index close values. The application of the above analysis to minute-tick data of NIKKEI 225 and its futures market, respectively, reveals an interesting difference in the behavior of the two probability distributions, in case a threshold on the minimal duration of the long position is imposed. It is therefore suggested that the probability distributions of the internal rates of return could be used for causality mining between the underlying and derivative stock markets. The highly specific discrete spectrum, which results from noise trader strategies as opposed to the smooth distributions observed for fundamentalist strategies in single encounter transactions may be useful in deducing the type of investment strategy from trading revenues of small portfolio investors.

  6. EFFECT OF V C NCY ON SHOPPING CENTRES' INVESTMENT ...

    African Journals Online (AJOL)

    USER

    2015-01-12

    Jan 12, 2015 ... The paper examined the effect of vacancy rate on the rental returns of shopping centres ... the risk of rents not increasing appreciably ... relationship between vacancy rates and rent ... costs, heterogeneity of the housing stock,.

  7. A Critical Review of the Literature on Firm-Level Theories on Ship Investment

    OpenAIRE

    Sinem Celik Girgin; Thanasis Karlis; Hong-Oanh Nguyen

    2018-01-01

    The maritime industry is one of those rare industries that are both highly international integrated to international trade and also highly capital intensive dependent on substantial investment amount. In the literature, ship investments have not been widely examined through the firm-level investment theories to explore the link between investment level and asset price valuation. The general trend in the literature of ship investments is to analyse the relationship among the shipping markets (...

  8. Complementary modelling approaches for analysing several effects of privatization on electricity investment

    Energy Technology Data Exchange (ETDEWEB)

    Bunn, D.W.; Larsen, E.R.; Vlahos, K. (London Business School (United Kingdom))

    1993-10-01

    Through the impacts of higher required rates of return, debt, taxation changes and a new competitive structure for the industry, investment in electricity generating capacity has taken a shift to less capital-intensive technologies in the UK. This paper reports on the use of large-scale, long-term capacity planning models, of both an optimization and system dynamics nature, to reflect these separate factors, investigate their sensitivities and to generate future scenarios for the investment in the industry. Some new policy implications for the regulation of the industry become apparent, but the main focus of the paper is to develop some of the methodological changes required by the planning models to suit the privatized context. (Author)

  9. DREAM Act-Eligible Poised to Build on the Investments Made in Them

    Directory of Open Access Journals (Sweden)

    Donald Kerwin

    2018-01-01

    • The DREAM Act-eligible include 50,700 Temporary Protected Status (TPS recipients from El Salvador, Haiti, and Honduras, 45 percent of whom live in the Miami metro area, Los Angeles County, the Washington, DC area, Houston, New York City, the San Francisco metro area, and the City of Dallas. The study also underscores the immense investment — $150 billion — that states and localities have already made in educating these young Americans. It argues that over time and with a path to citizenship the return on this investment will increase by virtually every indicia of integration — education levels, employment rates, self-employment numbers, US family members, and English language proficiency.

  10. The Effect of Stock Return Sequences on Trading Volumes

    Directory of Open Access Journals (Sweden)

    Andrey Kudryavtsev

    2017-10-01

    Full Text Available The present study explores the effect of the gambler’s fallacy on stock trading volumes. I hypothesize that if a stock’s price rises (falls during a number of consecutive trading days, then the gambler’s fallacy may cause at least some of the investors to expect that the stock’s price “has” to subsequently fall (rise, and thus, to increase their willingness to sell (buy the stock, resulting in a stronger degree of disagreement between the investors and a higher-than-usual stock trading volume on the first day when the stock’s price indeed falls (rises. Employing a large sample of daily price and trading volume data, I document that following relatively long sequences of the same-sign stock returns, on the days when the sign is reversed, the trading activity in the respective stocks is abnormally high. Moreover, average abnormal trading volumes gradually and significantly increase with the length of the preceding return sequence. The effect is slightly more pronounced following the sequences of negative stock returns, and remains significant after controlling for other potentially influential factors, including contemporaneous and lagged actual and absolute stock returns, historical stock returns and volatilities, and company-specific events, such as earnings announcements and dividend payments.

  11. Influence of foreign direct investment on indicators of environmental degradation.

    Science.gov (United States)

    Solarin, Sakiru Adebola; Al-Mulali, Usama

    2018-06-21

    This study aims to contribute to the existing literature by looking at the influence of foreign direct investment on carbon dioxide emissions, carbon footprint, and ecological footprint. In order to realize the aim of this study, we have utilized the augmented mean group estimator, which is supported by common correlated effect mean group estimator in the analysis for 20 countries. The panel results reveal that foreign direct investment has no effect on environmental degradation indicators. The panel results further reveal that gross domestic product, energy consumption, and urbanization are the main contributors to environmental degradation. The results at country level show that foreign direct investment and urbanization increase pollution in the developing countries while they mitigate pollution in the developed countries. Moreover, gross domestic product and energy consumption increase pollution for both developed and developing countries, which includes China and the USA. The negative impact of foreign direct investment on environmental degradation in the developed countries can be explained on the basis that these countries have strong environmental regulations, which makes it almost impossible for dirty foreign industries to invest therein. From the output of this research, several policy recommendations are enumerated for the investigated countries.

  12. The Effects of Domestic Macroeconomic Determinants on Stock Returns: A Sector Level Analysis

    Directory of Open Access Journals (Sweden)

    Şerife Özlen

    2014-08-01

    Full Text Available Investment analysis should be carefully performed in stock markets. Therefore, firms take necessary actions according to stock market behavior and macroeconomic variables. Therefore, the predictability of stock market determinants becomes important. This study aims to identify the effects of selected macroeconomic factors (interest rate, exchange rates, inflation-consumer price index, current account deficit, unemployment rates and sector indices on stock returns of selected 48 companies in 11 different sectors of Istanbul Stock Exchange including electric, food, communication, paper, chemistry, metal-main, metal-product, stone, textile, commerce and transportation sectors. The study employs ARDL approach on the period between the second month of 2005 and the second month of 2012 including 85 monthly observations. According to the results, Sector Indices are found to be quite influential through the selected sectors. Exchanges rate is also significantly influential on almost all the sectors except Communication and Textile sectors. The impacts of Interest Rate, Inflation Rate, Current Account Deficit, and Unemployment Rate are various through the selected sectors. Moreover, the influence of Istanbul Stock Exchange Market on the stock returns of considered companies is significantly clear through the sectors except six companies (two companies from Paper sector, one company from Metal-Main sector, two companies from Stone sector and one company from Textile sector out of 48 companies. Since it includes a wide range of companies and sectors, this study is expected to be useful for all policy makers and investment decisions.

  13. Rates of Return on Shares of Real Estate Development Companies in Poland in the Years 2001-2015. A Comparative Analysis

    Directory of Open Access Journals (Sweden)

    Dittmann Iwona

    2016-12-01

    Full Text Available The paper presents an analysis of the diversity of real estate development companies listed on the Warsaw Stock Exchange based on the rates of return on their shares which were attained in 2001-2015. The study included 10 real estate development companies. The analysis was conducted for different investment horizons (from 1 year to 10 years, and based on the quartiles of the empirical distributions of the rates of return on the shares of individual companies. The empirical distributions were obtained using a rolling window of observation based on daily share quotation. The diversity of the funds was examined by formulating six hypotheses concerning: the diversity of the quartiles of the distributions of returns on individual funds, the differences between the values of the quartiles of returns for the best and worst companies during each investment horizon, changes in the value of individual quartiles of returns for individual companies along with a lengthening of the investment horizon, differences in the positions of the companies in the rankings of companies based on different investment horizons and having different quartiles being accepted as the criterion for the rankings. The results obtained did not indicate grounds for the rejection of the formulated hypotheses.

  14. Maternal perspectives on the return of genetic results: context matters.

    Science.gov (United States)

    Lakes, Kimberley D; Vaughan, Elaine; Lemke, Amy; Jones, Marissa; Wigal, Timothy; Baker, Dean; Swanson, James M; Burke, Wylie

    2013-01-01

    The objectives of this study were to study maternal preferences for the return of their child's genetic results and to describe the experiences, perceptions, attitudes, and values that are brought to bear when individuals from different racial and cultural backgrounds consider participating in genetic research. We recruited women with diverse sociodemographic profiles to participate in seven focus groups. Twenty-eight percent of participants self-identified as Hispanic; 49% as White, non-Hispanic; and 21% as Asian or Asian American. Focus groups were conducted in English or Spanish and were audio-recorded and transcribed verbatim. Transcripts were analyzed using qualitative thematic methods. Results indicated that preferences and decisions regarding the return of results may depend on both research and individual contextual factors. Participants understood the return of results as a complex issue, where individual and cultural differences in preferences are certain to arise. Another key finding was that participants desired an interpersonal, dynamic, flexible process that accommodated individual preferences and contextual differences for returning results. Our findings indicate a need to have well-developed systems for allowing participants to make and change over time their choices regarding the return of their child's genetic results. Copyright © 2012 Wiley Periodicals, Inc.

  15. Investment Strategies Optimization based on a SAX-GA Methodology

    CERN Document Server

    Canelas, António M L; Horta, Nuno C G

    2013-01-01

    This book presents a new computational finance approach combining a Symbolic Aggregate approXimation (SAX) technique with an optimization kernel based on genetic algorithms (GA). While the SAX representation is used to describe the financial time series, the evolutionary optimization kernel is used in order to identify the most relevant patterns and generate investment rules. The proposed approach considers several different chromosomes structures in order to achieve better results on the trading platform The methodology presented in this book has great potential on investment markets.

  16. ROMANIAN DEMOGRAPHIC FACTORS AND THE INVESTMENTS ON CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Petric Ioana Ancuta

    2010-07-01

    Full Text Available The growing interest for investments in capital markets creates the need for studies focused on monitoring and analysing demographic environment in which the investors operate. Its analysis may represent a starting point for finding out opportunities and threats brought by environment for the evolution of Financial Investment Services Companies in Romania. Our paper starts from the assumption that the behaviour of the investor in financial services is influenced by the demographic factors. We focus on some of them, in a descriptive manner. Specifically, they are: monthly net average incomes, gender, age, employment rate and education level of the population. This study also presents a short case of a Financial Investment Services Company named Target Capital.

  17. IMPACT OF FOREIGN DIRECT INVESTMENTS ON CROATIAN FINANCIAL GROWTH

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovic

    2014-12-01

    Full Text Available Foreign direct investments are for the transition and less developed countries very important source of capital. Such investments have very positive impact on country’s economy in terms of employment growth, industrial production growth, gross domestic product growth, favorable effects on the balance of payments and many other positive impacts for country economy, so it’s not strange that countries in the absence of its domestic investors, are trying to attract foreign investors. Foreign investors analyze in detail possibilities and risks of each country, and if the risks exceed the opportunities there will be no inflow of foreign capital. Therefore every country which is trying to attract foreign direct investments must take care about the policy and its economy and try to be most attractive as it can be.

  18. [Discussion on the cultural loss and return of modern acupuncture].

    Science.gov (United States)

    Liu, Bing; Zhao, Jing-sheng; Gao, Shu-zhong

    2009-08-01

    The philosophical ontology analysis was used in this study to explore the self-factors related to the cultural loss of modern acupuncture, and to establish the theoretical constructs and the clinical model for the cultural return. It is indicated that the most important factors related to the cultural loss of modern acupuncture are the separation of technical characteristics and cultural connotations and the diversion of modern techniques away from classical acupuncture. An effective way of the cultural return is to build a harmonious theoretical and clinical model to develop acupuncture. Based on the foundation of acupuncture from its own culture roots, the traditional sense and cultural values should be enhanced to facilitate the cultural return of acupuncture in theory and clinical practice.

  19. An Evolutionary Perspective on Parental and Grandparental Investment

    NARCIS (Netherlands)

    Heijkoop, M.

    2010-01-01

    Although great effort has been spent on studying the effects of parenting on child development, much less research has focused on factors that predict individual differences in parental investment. In this dissertation, an evolutionary psychological perspective was used to identify characteristics

  20. Impacts of Seaport Investment on the Economic Growth

    Directory of Open Access Journals (Sweden)

    Tahar Ammar Jouili

    2016-08-01

    Full Text Available The aim of this paper is to estimate the impact of seaports investment on the economic growth. Seaports are seen by many governments as an important factor in the strengthening of the economies. During the last two decades, the Tunisian succeeding governments have been allocating a great amount of money to develop seaport infrastructures. However, the Tunisian economy witnessed fluctuations in the economic growth rates and decrease in the rate of employment during the same period of time. This study used an econometric model by employing the Cobb-Douglas production function. The sample was composed of Tunisia's economic sectors (manufacturing, services and agriculture over the period 1983-2011. The results of the study show that the public investment in seaport infrastructures has apositive influence on Tunisian economic growth. The study also revealed that the biggest beneficiary from the seaport investment infrastructure is the service sector.This paper aims to estimate the impact of seaports investment on the economic growth. The seaports are seen by many governments as an important factor in the strengthening of the economies. During the last two decades, the Tunisian succeeding governments were allocating a great amount of money to develop seaports' infrastructures. However, the Tunisian economy witnessed fluctuating in the economic growth rates and decreased in the rate of employment during the same period of time. This study used an econometric model by employing the Cobb-Douglas production function. The sample composed of Tunisia's economic sectors (manufacturing, services and agriculture over the period 1983-2011. The results of the study show that the public investment in seaports' infrastructures has a positive influence on Tunisian economic growth. The study also revealed that the biggest beneficiary from the seaports investment infrastructure is the services sector.

  1. The Reference Return Ratio

    DEFF Research Database (Denmark)

    Nicolaisen, Jeppe; Faber Frandsen, Tove

    2008-01-01

    The paper introduces a new journal impact measure called The Reference Return Ratio (3R). Unlike the traditional Journal Impact Factor (JIF), which is based on calculations of publications and citations, the new measure is based on calculations of bibliographic investments (references) and returns...... (citations). A comparative study of the two measures shows a strong relationship between the 3R and the JIF. Yet, the 3R appears to correct for citation habits, citation dynamics, and composition of document types - problems that typically are raised against the JIF. In addition, contrary to traditional...

  2. A Critical Review of the Literature on Firm-Level Theories on Ship Investment

    Directory of Open Access Journals (Sweden)

    Sinem Celik Girgin

    2018-01-01

    Full Text Available The maritime industry is one of those rare industries that are both highly international integrated to international trade and also highly capital intensive dependent on substantial investment amount. In the literature, ship investments have not been widely examined through the firm-level investment theories to explore the link between investment level and asset price valuation. The general trend in the literature of ship investments is to analyse the relationship among the shipping markets (newbuilding, second-hand, freight rate and scrap and their impact on asset price valuation, the timing of investments and market entry and exit conditions. In this paper, we extensively reviewed the literature of firm-level investment theories and ship investments. We showed that the application of firm-level investment theories to the ship investments is confined to the basic investment valuation models, such as Net Present Value and Real Option Analysis. Ship investments need to be examined by firm-level investment theories to define firm/industry value maximization level within the approach of the solid investment theories.

  3. Impact of global investment processes on ukrainian share market

    Directory of Open Access Journals (Sweden)

    O.К. Zotsenko

    2015-03-01

    Full Text Available The paper investigates the effects of financial and investment processes on the Ukrainian share market. The research analyzed and estimated investment climate in Ukraine. The study highlights a comparison of the domestic share market with share markets of other countries. In terms of share capitalization of listed companies in the GDP determined that equity is the most developed in the USA and UK. Largest share markets with highest capitalization rate characterized. The regional distribution of the share market capitalization by continents are shown. The study of the dynamics of Ukrainian and global share indexes revealed that the Ukrainian share market indexes show a constant volatility and unpredictability. Correlation Ukrainian stock indexes with indexes in Europe, Russia and America is very weak, which is a very negative trend of the stock market of Ukraine. The key problems and risks of the domestic investments are defined which are consequences of downturn in the Ukrainian share market.

  4. The Effect of Jump on Evaluating Natural Resource Investments

    Institute of Scientific and Technical Information of China (English)

    Yang Haisheng; Zhou Yongzhang; Wang Shugong

    2004-01-01

    The evaluation of mining and other natural resource projects is made particularly difficult by the high degree of uncertainty attaching to output prices.It is shown that the techniques of continuous time arbitrage and stochastic control theory may be used not only to value such projects but also to determine the optimal policies for developing managing. This paper describes a model for evaluating natural resource investments under uncertainty from a new perspective. The previous works in this field mostly regard the movements of natural resource prices as a continuous GBM process, which pays few attentions to the shock of unexpected bad news. Our model provides the first theoretical method to analyze the impact of such "jump" on investment decisions. It concludes that the more frequently bad news happens,the earlier a project will be invested.

  5. Benchmarking Investments in Advancement: Results of the Inaugural CASE Advancement Investment Metrics Study (AIMS). CASE White Paper

    Science.gov (United States)

    Kroll, Juidith A.

    2012-01-01

    The inaugural Advancement Investment Metrics Study, or AIMS, benchmarked investments and staffing in each of the advancement disciplines (advancement services, alumni relations, communications and marketing, fundraising and advancement management) as well as the return on the investment in fundraising specifically. This white paper reports on the…

  6. Optimization Research of Generation Investment Based on Linear Programming Model

    Science.gov (United States)

    Wu, Juan; Ge, Xueqian

    Linear programming is an important branch of operational research and it is a mathematical method to assist the people to carry out scientific management. GAMS is an advanced simulation and optimization modeling language and it will combine a large number of complex mathematical programming, such as linear programming LP, nonlinear programming NLP, MIP and other mixed-integer programming with the system simulation. In this paper, based on the linear programming model, the optimized investment decision-making of generation is simulated and analyzed. At last, the optimal installed capacity of power plants and the final total cost are got, which provides the rational decision-making basis for optimized investments.

  7. HOSPITAL MANAGERS' NEED FOR INFORMATION ON HEALTH TECHNOLOGY INVESTMENTS

    DEFF Research Database (Denmark)

    Ølholm, Anne Mette; Kidholm, Kristian; Birk-Olsen, Mette

    2015-01-01

    decision makers, is not well described. The objective was to review empirical studies analysing the information that hospital decision makers need when deciding about health technology (HT) investments. METHODS: A systematic review of empirical studies published in English or Danish from 2000 to 2012...... in the literature related to clinical, economic and political/strategic aspects. Legal, social, and ethical aspects were seldom considered most important. CONCLUSIONS: Hospital decision makers are able to describe their information needs when deciding on HT investments. The different types of information were...

  8. Optimization of Investment Planning Based on Game-Theoretic Approach

    Directory of Open Access Journals (Sweden)

    Elena Vladimirovna Butsenko

    2018-03-01

    Full Text Available The game-theoretic approach has a vast potential in solving economic problems. On the other hand, the theory of games itself can be enriched by the studies of real problems of decision-making. Hence, this study is aimed at developing and testing the game-theoretic technique to optimize the management of investment planning. This technique enables to forecast the results and manage the processes of investment planning. The proposed method of optimizing the management of investment planning allows to choose the best development strategy of an enterprise. This technique uses the “game with nature” model, and the Wald criterion, the maximum criterion and the Hurwitz criterion as criteria. The article presents a new algorithm for constructing the proposed econometric method to optimize investment project management. This algorithm combines the methods of matrix games. Furthermore, I show the implementation of this technique in a block diagram. The algorithm includes the formation of initial data, the elements of the payment matrix, as well as the definition of maximin, maximal, compromise and optimal management strategies. The methodology is tested on the example of the passenger transportation enterprise of the Sverdlovsk Railway in Ekaterinburg. The application of the proposed methodology and the corresponding algorithm allowed to obtain an optimal price strategy for transporting passengers for one direction of traffic. This price strategy contributes to an increase in the company’s income with minimal risk from the launch of this direction. The obtained results and conclusions show the effectiveness of using the developed methodology for optimizing the management of investment processes in the enterprise. The results of the research can be used as a basis for the development of an appropriate tool and applied by any economic entity in its investment activities.

  9. Economic consequences of investing in sensor systems on dairy farms

    NARCIS (Netherlands)

    Steeneveld, W.; Hogeveen, H.; Oude Lansink, A.G.J.M.

    2015-01-01

    The objective of this study was to investigate the impact of investment in sensor systems on productivity change, using farm accounting data. Farm accounting data for the years 2008–2013 was available for 217 Dutch dairy farms. In addition, information was available on the adoption of sensor systems

  10. Investment appraisal of technology innovations on dairy farm electricity consumption

    NARCIS (Netherlands)

    Upton, J.; Murphy, M.; Boer, de I.J.M.; Groot Koerkamp, P.W.G.; Berentsen, P.B.M.; Shalloo, L.

    2015-01-01

    The aim of this study was to conduct an investment appraisal for milk-cooling, water-heating, and milk-harvesting technologies on a range of farm sizes in 2 different electricity-pricing environments. This was achieved by using a model for electricity consumption on dairy farms. The model simulated

  11. Simulation study of coal mine safety investment based on system dynamics

    Institute of Scientific and Technical Information of China (English)

    Tong Lei; Dou Yuanyuan

    2014-01-01

    To generate dynamic planning for coal mine safety investment, this study applies system dynamics to decision-making, classifying safety investments by accident type. It validates the relationship between safety investments and accident cost, by structurally analyzing the causality between safety investments and their influence factors. Our simulation model, based on Vensim software, conducts simulation anal-ysis on a series of actual data from a coalmine in Shanxi Province. Our results indicate a lag phase in safety investments, and that increasing pre-phase safety investment reduces accident costs. We found that a 24%increase in initial safety investment could help reach the target accident costs level 14 months earlier. Our simulation test included nine kinds of variation trends of accident costs brought by different investment ratios on accident prevention. We found an optimized ratio of accident prevention invest-ments allowing a mine to reach accident cost goals 4 months earlier, without changing its total investment.

  12. The Effects of Return Migration on A Gozitan Village.

    Science.gov (United States)

    King, Russell; Strachan, Alan

    1980-01-01

    A lengthy two-cycle migration pattern is typical of young males on the Maltese island of Gozo. Their typical final return to and reintegration into the natal community impacts the local population, housing development, and the visual appearance of the area. These findings closely parallel prior research results. (SB)

  13. The effect of Malaysia general election on stock market returns.

    Science.gov (United States)

    Liew, Venus Khim-Sen; Rowland, Racquel

    2016-01-01

    During the latest episode of general election held in Malaysia, it is observed that the FBMKLCI index was lifted 62.52 points in a day soon after the announcement of election outcome. Moreover, the index registered a highest gain of 96.29 points in the middle of the intra-day trade. This suggests that investors who had got the right direction could make profitable intra-day trading the next trading day of the general election date. Results from statistical analysis uncover significant before-election-effect and after-election-effect from the most recent general elections held in Malaysia. Different subsets of macroeconomic variables are found to have significant role on stock market return depending on the market situation. Remarkably, when there was close fight between the two major political parties during the 2008 and 2013 election years, political uncertainty showed up its negative and significant role in influencing the stock market return. The major implication of these findings is that while investors may seek abnormal returns before and after the next general election, which is around the corner, they will have to pay attention on the influence of macroeconomic variables and political uncertainty on stock market return during the election year.

  14. On conservation of renewable resources with stock-dependent return and non-concave production

    International Nuclear Information System (INIS)

    Olson, Lars J.; Roy, Santanu

    1994-05-01

    An analysis is presented of the intertemporal choice foundations underlying the conservation or extinction of renewable resources when the resource production function is non-concave and the immediate return function depends on both current consumption and the size of the resource stock. This case may exhibit nonlinear dynamics and extinction is possible from high stocks even if conservation occurs from lower stocks. The paper focusses on the influence of preferences and the production function on the efficiency of: global conservation, the existence of a safe standard of conservation, or extinction. We show that conservation is efficient under weaker conditions than the 'δ-productivity' requirements derived in models where return function is not stock-dependent. The marginal rate of substitution between investment and the stock plays an important role in addition to the discount factor and the marginal productivity of the resource. Extinction need not be optimal even if the intrinsic growth rate of the resource is less than the external rate of return. Our analysis demonstrates the potential role of taxes, subsidies, demand forces, and harvest costs in determining the efficiency of conservation or extinction. 3 figs., 1 appendix, 24 refs

  15. On conservation of renewable resources with stock-dependent return and non-concave production

    Energy Technology Data Exchange (ETDEWEB)

    Olson, Lars J. [Department of Agricultural and Resource Economics, University of Maryland, College Park, MD (United States); Roy, Santanu [Econometric Institute, Erasmus University, Rotterdam (Netherlands)

    1994-05-01

    An analysis is presented of the intertemporal choice foundations underlying the conservation or extinction of renewable resources when the resource production function is non-concave and the immediate return function depends on both current consumption and the size of the resource stock. This case may exhibit nonlinear dynamics and extinction is possible from high stocks even if conservation occurs from lower stocks. The paper focusses on the influence of preferences and the production function on the efficiency of: global conservation, the existence of a safe standard of conservation, or extinction. We show that conservation is efficient under weaker conditions than the `{delta}-productivity` requirements derived in models where return function is not stock-dependent. The marginal rate of substitution between investment and the stock plays an important role in addition to the discount factor and the marginal productivity of the resource. Extinction need not be optimal even if the intrinsic growth rate of the resource is less than the external rate of return. Our analysis demonstrates the potential role of taxes, subsidies, demand forces, and harvest costs in determining the efficiency of conservation or extinction. 3 figs., 1 appendix, 24 refs.

  16. The Impact of Education Investment on Sri Lankan Economic Growth

    Science.gov (United States)

    Ganegodage, K. Renuka; Rambaldi, Alicia N.

    2011-01-01

    We evaluate the contribution of investment on education to Sri Lanka's economic growth during the period 1959-2008. Physical capital, economic policy changes and the ethnic war are also evaluated due to their substantial importance. This study uses a framework encompassing both the neoclassical and endogenous growth model. The impact of education…

  17. Considerations for sound policy on investment in the forestry sector ...

    African Journals Online (AJOL)

    This paper examines the amount of real capital produced in terms of standing trees during some periods in the forestry sector of Osun and Oyo states with a view to considering sound policy on investment. Information were gathered through the use of primary and secondary data. The information obtained were analyzed ...

  18. The Impact of Uncertainty on Investment. A Meta-Analysis

    Energy Technology Data Exchange (ETDEWEB)

    Koetse, M.J. [Department of Spatial Economics, Vrije Universiteit Amsterdam (Netherlands); De Groot, Henri L.F. [Tinbergen Institute, Amsterdam (Netherlands); Florax, R.J.G.M. [Department of Agricultural Economics, Purdue University, West Lafayette (United States)

    2006-07-01

    In this paper we perform a meta-analysis on empirical estimates of the impact between investment and uncertainty. Since the outcomes of primary studies are largely incomparable with respect to the magnitude of the effect, our analysis focuses on the direction and statistical significance of the relationship. The standard approach in this situation is to estimate an ordered probit model on a categorical estimate, defined in terms of the direction of the effect. The estimates are transformed into marginal effects, in order to represent the changes in the probability of finding a negative significant, insignificant, and positive significant estimate. Although a meta-analysis generally does not allow for inferences on the correctness of model specifications in primary studies, our results give clear directions for model building in empirical investment research. For example, not including factor prices in investment models may seriously affect the model outcomes. Furthermore, we find that Q models produce more negative significant estimates than other models do, ceteris paribus. The outcome of a study is also affected by the type of data used in a primary study. Although it is clear that meta-analysis cannot always give decisive insights into the explanations for the variation in empirical outcomes, our meta-analysis shows that we can explain to a large extent why empirical estimates of the investment uncertainty relationship differ.

  19. The Impacts of Family Size on Investment in Child Quality

    Science.gov (United States)

    Caceres-Delpiano, Julio

    2006-01-01

    Using multiple births as an exogenous shift in family size, I investigate the impact of the number of children on child investment and child well-being. Using data from the 1980 US Census Five-Percent Public Use Micro Sample, 2SLS results demonstrate that parents facing a change in family size reallocate resources in a way consistent with Becker's…

  20. Factors influencing investment in commercial pig production on ...

    African Journals Online (AJOL)

    Following a systematic sampling procedure, 124 households were interviewed to identify variables that influence their decisions on whether or not to invest in commercial pig production. Using a binary logistic regression model the analytical results revealed that the decisions are significantly influenced by gender of ...

  1. Effects of external debt burden on LDC's investments: empirical ...

    African Journals Online (AJOL)

    Effects of external debt burden on LDC's investments: empirical evidence from Nigeria. Michael I Moughalu, Chinedu B Ezirim. Abstract. No Abstract. African Journal of Finance and Management Vol. 14(2) 2006: 3-18. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT.

  2. Investing in Threatened Species Conservation: Does Corruption Outweigh Purchasing Power?

    OpenAIRE

    Garnett, Stephen T.; Joseph, Liana N.; Watson, James E. M.; Zander, Kerstin K.

    2011-01-01

    In many sectors, freedom in capital flow has allowed optimization of investment returns through choosing sites that provide the best value for money. These returns, however, can be compromised in countries where corruption is prevalent. We assessed where the best value for money might be obtained for investment in threatened species that occur at a single site, when taking into account corruption. We found that the influence of corruption on potential investment decisions was outweighed by th...

  3. INVESTMENT ATTRACTIVENESS OF ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Nadiia Davydenko

    2017-03-01

    Full Text Available In the article the approaches to defining the essence of the concept of “investment attractiveness of enterprises” were analyzed. On the example of "Agrofirm Brusilov" depth analysis of the agricultural enterprises to evaluate of profitability, liquidity, solvency, financial stability, the timing of the return of invested funds and minimizing investment risks was conducted. To study methods of rating and system analysis were used. To justify the conditions of  increasing investment attractiveness farms method of scoring was used. It was established as a result of the use of integrated evaluation of the financial position one can see problem aspects of financial position of the company and develop measures to enhance liquidity, solvency, identify potential for raising the efficiency of company and prevention of financial crisis. The analysis of financial position showed that the management of the enterprise doesn’t  think  about  financial stability and solvency, does not understand the benefit of borrowed capital. Using research results in practice of agricultural enterprises allows us to give a real evaluation of investment attractiveness and justify ways to improve it. Key words: investments, investment attractiveness, potential business, financial position.

  4. Payoffs for California College Students and Taxpayers from Investing in Student Mental Health

    OpenAIRE

    Ashwood, J. Scott; Stein, Bradley D.; Briscombe, Brian; Sontag-Padilla, Lisa; Woodbridge, Michelle W.; May, Elizabeth; Seelam, Rachana; Burnam, M. Audrey

    2016-01-01

    Reports results of a survey to assess the impact of CalMHSA's investments in mental health programs at California public colleges and estimates the return on investment in terms of student use of treatment, graduation rates, and lifetime earnings.

  5. Payoffs for California College Students and Taxpayers from Investing in Student Mental Health.

    Science.gov (United States)

    Ashwood, J Scott; Stein, Bradley D; Briscombe, Brian; Sontag-Padilla, Lisa; Woodbridge, Michelle W; May, Elizabeth; Seelam, Rachana; Burnam, M Audrey

    2016-05-09

    Reports results of a survey to assess the impact of CalMHSA's investments in mental health programs at California public colleges and estimates the return on investment in terms of student use of treatment, graduation rates, and lifetime earnings.

  6. Investment Primer for Green Revolving Funds

    Science.gov (United States)

    Weisbord, Dano

    2012-01-01

    Developing return-oriented green revolving funds (GRFs) is a rapidly growing trend at colleges and universities. A green revolving fund (GRF) is a special account designated for investment in on-campus projects that improve energy efficiency or decrease material use. GRFs invest in a variety of cost-saving initiatives, resulting in significant…

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

    Directory of Open Access Journals (Sweden)

    Stošić Ivan

    2017-01-01

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

  8. Impacts of foreign direct investment on efficiency in Swedish manufacturing.

    Science.gov (United States)

    Svedin, Dick; Stage, Jesper

    2016-01-01

    A number of studies have found that foreign direct investment (FDI) can have positive impacts on productivity. However, while FDI has clearly positive impacts on technology transfers, its effects on resource use within firms is less clear and, in principle, efficiency losses might offset some of the productivity gains associated with improved technologies. In this paper, we study the impacts of FDI on efficiency in Swedish manufacturing. We find that foreign ownership has positive impacts on efficiency, supporting the earlier findings on productivity.

  9. The effect of information technology investment on firm-level performance in the health care industry.

    Science.gov (United States)

    Thouin, Mark F; Hoffman, James J; Ford, Eric W

    2008-01-01

    The return on investment for information technology (IT) has been the subject of much debate throughout the history of management information systems research. Often referred to as the productivity paradox, increased IT investments have not been consistently associated with increased productivity. Understanding individual IT factors that directly contribute to business value should provide insight into the productivity paradox. The effects of 3 different firm-level IT characteristics on financial performance in the health care industry are studied. Specifically, the effects of IT budget, IT outsourcing, and the relative number of IT personnel on firm-level financial performance are analyzed. Regression analysis of archival survey data for 914 Integrated Healthcare Delivery Systems is performed. IT budgetary expenditures and the number of IT services outsourced are associated with increases in the profitability of Integrated Healthcare Delivery Systems, whereas increases in IT personnel are not significantly associated with increased profitability. Each one tenth of a percentage increase in IT expenditures is associated with approximately $100,000 in increased profit, and each additional IT service outsourced is associated with approximately $950,000 in increased profit for an average-sized Integrated Healthcare Delivery System. To increase profitability, IT administrators should increase IT budgetary expenditures along with IT outsourcing levels. IT administrators in the health care industry can use such findings during budgeting cycles to justify increased investments in IT personnel as being budget neutral while increasing organizational capacity.

  10. REGULATION ON FOREIGN INVESTMENT RESTRICTIONS AND NOMINEE PRACTICES IN INDONESIA

    Directory of Open Access Journals (Sweden)

    David Kairupan

    2014-03-01

    Full Text Available Certain provisions of Presidential Regulation No. 36 of 2010 concerning Negative Investment List are not clearly stipulated. In relation to the restrictions of foreign investment in certain business sectors asspecified in the Negative Investment List Article 33 para. (1 and (2 of the 2007 Investment Law expressly prohibits investors from entering into any nominee shareholding documentation. Notwithstanding, manynominee shareholding practices are still employed in Indonesia, aiming to circumvent such restrictions.This paper addresses certain issues on Presidential Regulation No. 36 of 2010 and nominee shareholding practices in Indonesia. Beberapa ketentuan dalam peraturan Presiden No. 36 Tahun 2010 yang mengandung ketentuan Daftar Negatif Investasi tidak dirumuskan secara jelas. Sehubungan dengan pembatasan kepemilikan modal asing di beberapa sektor usaha, Pasal 33 ayat (1 dan (2 Undang-Undang Penanaman Modal No. 25 Tahun 2007 secara tegas melarang penanam modal membuat dokumen-dokumen yang terkait dengankepemilikan saham secara nominee. Namun demikian, praktik kepemilikan saham secara nominee masih sering dilakukan di Indonesia untuk menghindari pembatasan tersebut. Tulisan ini akan membahasbeberapa permasalahan yang berhubungan dengan Peraturan Presiden No. 36 Tahun 2010 dan praktek kepemilikan saham secara nominee di Indonesia.

  11. Investment Strategy on the Zagreb Stock Exchange Based on Dynamic DEA

    Directory of Open Access Journals (Sweden)

    Tihana Škrinjarić

    2014-04-01

    Full Text Available Nowadays, there is a growing interest in the application of quantitative methods in portfolio management, as the results of their application can be used as guidelines for managing a successful investment portfolio, i.e., a portfolio that outperforms the market. This paper deals with the Data Envelopment Analysis (DEA approach and a Dynamic Slacks-Based Measure as a method of forming a portfolio which would predominantly outperform the market. In order to test the strategy, data on stocks listed on the Zagreb Stock Exchange were gathered for the period April 2009 – June 2012. Using the quarterly returns, standard deviations and coefficients of skewness as links, a dynamic slacks-based measure approach was applied to evaluate the relative efficiency of stocks in each quarter. The findings indicate that a portfolio based on the results of the optimization beats the market in terms of both returns and risk. This is the first implementation of the dynamic DEA model in stock trading. The results suggest that it is superior to basic DEA models.

  12. On return rate implied by behavioural present value

    OpenAIRE

    Piasecki, Krzysztof

    2013-01-01

    The future value of a security is described as a random variable. Distribution of this random variable is the formal image of risk uncertainty. On the other side, any present value is defined as a value equivalent to the given future value. This equivalence relationship is a subjective. Thus follows, that present value is described as a fuzzy number, which is depend on the investor's susceptibility to behavioural factors. All above reasons imply, that return rate is given as a fuzzy probabili...

  13. Investing in the Long Term

    Institute of Scientific and Technical Information of China (English)

    Valerie; Sartor

    2007-01-01

    Janice Dai is a senior executive at Harvest Fund Management Co.Ltd.,one of China’s top fund management compa- nies,managing fixed income market investments across the country.She also leads her company’s overall institutional investments.Recently she agreed to talk about her company as well as comment on China’s booming financial indus- try,in the wake of overseas invest- ment bankers predicting tremen- dous returns on the Chinese main- land over the next few years.

  14. The effect of environmental information on investment allocation decisions

    DEFF Research Database (Denmark)

    Rikhardsson, Pall M.; Holm, Claus

    2008-01-01

    This paper focuses on the use of environmental information in investment decision making. The research approach employed is based on an experiment where three groups of final year finance students were asked to allocate investment funds between two companies based on financial accounts...... information categories affect their decision making. Hence, this has implications for how the potential value of environmental information is to be assessed. Finally, experimental studies as a methodology seem to be better suited to indicate actual effects of different types of information on decision making...... and information material from these companies in which environmental information was included in varying degrees. The overall conclusion is that the qualitative environmental information affects short term allocation decisions, hence indicating a risk reduction potential of environmental information comparable...

  15. The Impact of Fund Attrition on Superannuation Returns

    OpenAIRE

    Drew, Michael E.; Stanford, Jon D.

    2001-01-01

    This paper investigates the impact of fund attrition on returns from a sample of superannuation fund managers (specialising in the management of domestic stock portfolios) for the period 1991 through 1999, using a four-factor asset pricing model. Survivorship bias is estimated at 23 basis points per annum. The evidence presented in this study is consistent with recent international evidence that suggests that a sampling technique that excludes terminated funds would result in an overestimatio...

  16. Family Law Effects on Divorce, Fertility and Child Investment

    OpenAIRE

    Joseph Mullins; Christopher Flinn; Meta Brown

    2015-01-01

    In order to assess the child welfare impact of policies governing divorced parenting, such as child support orders, child custody and placement regulations, and marital dissolution standards, one must consider their influence not only on the divorce rate but also on spouses' fertility choices and child investments. We develop a model of marriage, fertility and parenting, with the main goal being the investigation of how policies toward divorce influence outcomes for husbands, wives and childr...

  17. Investment guidelines based on future growth indicators / Christo Vorster

    OpenAIRE

    Vorster, Christo

    2008-01-01

    The stock market is cited to be one of the greatest tools ever invented for building wealth. The relative small size of the ideal portfolio, consisting of 10 to 12 shares, reiterates the fact that share selection is absolutely crucial to portfolio success and ultimately the creation of personal financial independence. The main objective of this study is to research, identify and develop investment guidelines based on possible future growth indicators of organisations listed on the JSE. ...

  18. Influence of corruption on economic growth rate and foreign investment

    Science.gov (United States)

    Podobnik, Boris; Shao, Jia; Njavro, Djuro; Ivanov, Plamen Ch.; Stanley, H. E.

    2008-06-01

    We analyze the dependence of the Gross Domestic Product ( GDP) per capita growth rates on changes in the Corruption Perceptions Index ( CPI). For the period 1999 2004 for all countries in the world, we find on average that an increase of CPI by one unit leads to an increase of the annual GDP per capita growth rate by 1.7%. By regressing only the European countries with transition economies, we find that an increase of CPI by one unit generates an increase of the annual GDP per capita growth rate by 2.4%. We also analyze the relation between foreign direct investments received by different countries and CPI, and we find a statistically significant power-law functional dependence between foreign direct investment per capita and the country corruption level measured by the CPI. We introduce a new measure to quantify the relative corruption between countries based on their respective wealth as measured by GDP per capita.

  19. Investment Risk in the Context of Price Changes on the Real Estate and Stock Markets

    Directory of Open Access Journals (Sweden)

    Wolski Rafał

    2016-03-01

    Full Text Available The residential real estate market is thought to show a tendency for wide fluctuations in prices, as a result of which price bubbles appear. This element of risk has a direct bearing on investors interested in speculation and those seeking to meet their housing needs. Wide fluctuations in the values of real estate affect the investors’ financial situation in many ways, by determining the possibility of meeting one’s housing needs, reducing or sometimes raising creditworthiness, and by increasing investment risk measured by volatility. Omitting the obvious social dimension of the residential real estate market and concentrating on its financial aspects, the author of the article analyses to what degree wide swings in prices can be recognized as specific to this market. To this end, the volatility of prices in the stock market and in the secondary housing market in Poland is compared. An analysis is performed to establish which of them has higher average volatility measures or rates of return, i.e. which of them is more profitable or secure for investors. Statistical tests are used to find out whether average rates of return or measures of risk are equal or different between the two markets. The results of the research show that the secondary housing market and the stock market differ concerning cumulative average rates of return and standard deviations. In the first of them, they are respectively higher and lower.

  20. On the return period and design in a multivariate framework

    Directory of Open Access Journals (Sweden)

    G. Salvadori

    2011-11-01

    Full Text Available Calculating return periods and design quantiles in a multivariate environment is a difficult problem: this paper tries to make the issue clear. First, we outline a possible way to introduce a consistent theoretical framework for the calculation of the return period in a multi-dimensional environment, based on Copulas and the Kendall's measure. Secondly, we introduce several approaches for the identification of suitable design events: these latter quantities are of utmost importance in practical applications, but their calculation is yet limited, due to the lack of an adequate theoretical environment where to embed the problem. Throughout the paper, a case study involving the behavior of a dam is used to illustrate the new concepts outlined in this work.

  1. Evaluating bull fertility based on non-return method

    Directory of Open Access Journals (Sweden)

    Prka Igor

    2012-01-01

    Full Text Available In order to evaluate the results of reproductive cows and heifers, different parameters of fertility are used, such as the service period, insemination index, intercalving time and others, and of the breeding bulls the values obtained through non-return. An ejaculate is taken up for further processing by veterinary centres only provided it meets the prescribed quality parameters. Rating semen parameters includes a macroscopic (volume, colour, consistency, smell and pH and a microscopic evaluation (mobility, density, percentage of live sperm and abnormal and damaged sperm. In addition to sperm quality and the fertility of the female animal, the results of the non-return method are also influenced by a number of exogenous causes (season, age, race, insemination techniques that have no small impact on the end result of insemination - pregnancy. In order to obtain more objective results of the fertility of bulls the following tasks were undertaken, namely: 1. to calculate with the non-return method the fertility of bulls in over 10,000 cows inseminated for the first time during a period of 6 years; and 2. to analyze the impact of semen quality, season, age of cow and bull, and the bull breed on the results of fertility.

  2. The investment community's need for information on nuclear waste

    International Nuclear Information System (INIS)

    Prior, C.B. Jr.

    1982-01-01

    The needs of the investment community for information on nuclear waste derive very simply from the fact that investor-owned utilities in the United States had invested $198 billion in nuclear electric generating stations at the end of 1980. The continuing nature of this need for information is also illustrated, very dramatically, by the fact that in 1981 an additional $8.6 billion of financing was effected in the public market by electric utilities with nuclear construction programs. When investors have this much money at stake and are continuing to receive offerings of securities from utilities building nuclear facilities, it is obvious that investors need adequate information on all phases of the nuclear power cycle in order to evaluate the risks involved

  3. ASSESSMENT OF CORRUPTION EFFECT ON FOREIGN INVESTMENT FLOWS

    OpenAIRE

    Sprinģis, Māris

    2011-01-01

    The purpose of the present paper is to investigate the impact of corruption on foreign direct investment (FDI) flows. Using data from the International Monetary Fund, Transparency International and United Nations conference about commerce and development data bases a cross-section econometric model was estimated to evaluate in which way and how strong corruption influence FDI inflows. Econometric modelling covers the period from year 2000 to 2007 and the data about 82 world countries that con...

  4. Are Accounting Metrics Applicable to Human Resources? The Case of Return on Valuing Assignments

    Directory of Open Access Journals (Sweden)

    Adam Steen

    2011-09-01

    Full Text Available The importance of accounting for human resources has long been recognised by the Accounting profession. Until recently, Human Resource Accounting (HRA literature has been dominated by discussion as to whether humans fit the traditional definition of assets, and how to measure and report them. We investigate the concept of human capital and its measurement through a review of the HRA literature, as well as the literature in Human Resources (HR. This paper then draws on the findings of a small exploratory study into the measurement of Return on Investment (ROI for international assignments. Interview data reveals that intangible costs and benefits are problematic when applying such a metric; that much of the outcome from the assignment is intellectual capital, in its broad sense, and therefore difficult to isolate and effectively measure.

  5. Corporate Investment Dynamic Control System Based on Chaos Cycle Perturbations

    Directory of Open Access Journals (Sweden)

    Yanyan Gao

    2014-11-01

    Full Text Available It exists some issues such as the low predict accuracy and a bad convergence performance to predict business investment with BP neural network algorithm. This paper presents a predictive model of business investment based on improved artificial bee colony and chaos periodic disturbance optimizing BP neural network algorithm. At first, use Boltzmann selection strategy and group behaviour control strategy to optimize the artificial bee colony algorithm, and then use the improved algorithm to transform BP neural network algorithm’s optimized parameters into optimization process of artificial bee colony algorithm to reduce the training error of the original algorithm. Finally, use chaotic optimized Logistic mapping enables BP neural network out of the local minimum point in the training process based on secondary chaotic cycle perturbation strategies. Simulation results show that the proposed predictive model of investment in the enterprise based on improved artificial bee colony and chaos periodic disturbance optimizing BP neural network algorithm shows higher predict accuracy and better convergence than normal BP neural network algorithm.

  6. THE EFFECTIVENESS OF THE TAX INCENTIVES ON FOREIGN DIRECT INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Florian Marcel NUTǍ

    2012-06-01

    Full Text Available The economic integration trend has freed the capital movement and many new locations became available for investment. That is why the policy makers had to think for new and more efficient ways to lure the capital owners. One of the most used and dynamic method is the fiscal policy. The fiscal incentives were in many cases the main reason for choosing a country and stay away from another. The main reason for this situation is that the fiscal policy is one of the most flexible public tools to manipulate the market and the decisions on it. Public administrations can encourage or block different kinds of investment decisions according to its policy and long term plans.

  7. Decoding the IT value problem an executive guide for achieving optimal ROI on critical IT investments

    CERN Document Server

    Fell, Gregory J

    2013-01-01

    Gain greater returns from your IT investments Revealing the secrets to proven, effective strategies that enable businesses to leverage the full value of highly expensive IT investments, Decoding the IT Value Problem is a no-nonsense guide for making smart IT investments and cutting through the noise of vendor marketing and media hype. Author Gregory Fell describes in rich detail the actual processes, frameworks, infrastructure and discipline required to develop and execute corporate IT strategies that areprofitable and sustainable.Provides a proven framework for develop

  8. The multilateral Agreement on Investment: Implications and Policy Recommendations

    Directory of Open Access Journals (Sweden)

    Kwanho Kim

    1997-12-01

    Full Text Available Consultations that were kept under the discussions in the Organization for Economic Cooperation and Development (OECD are Multilateral Agreements on Investment (MAI and their aim was to be signed before April 1998. The significance of the agreement was to establish a transparent and predictable institutional environment for international investment. The agreement is about the nations participating to have the obligation to make sure that foreign investment and investors will to appreciate the national treatment (treated on the same basics with its citizens, and legally binding in the MAI system, the governmental protection for domestic enterprises will become difficult, and domestic enterprise which does not have international competitiveness will face the pressure of structural adjustment. But Korea should positively approach participation into MAI from the point of promoting the internationalization of Korean economies. Although the participation into MAI would also create new challenges of the Korean economy, but it also becomes an opportunity to promote the Korean economy for transferring to a more competitive economic structure.

  9. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    The paper studies retail Socially Responsible Investment and portfolio allocation. It extends conventional portfolio theory by allowing for a personal value based investment decision. When preferences for responsibility enter the framework for mean-variance analysis, it yields an optimal...... responsible investment model. An example of index investing illustrates the theory. Results show that it is crucial for the responsible investor to consider portfolio risk, expected return, and responsibility simultaneously in order to obtain an optimal portfolio. The model enables responsible investors...

  10. Essays on investment planning in electricity generating capacity

    Science.gov (United States)

    Gonzalez-Gomez, Jorge

    In the first part of this study we develop and analyze two mathematical models that incorporate a time changing demand for electricity and uncertainty of input prices. The first model highlights the shortcomings in assuming a constant plant utilization under uncertainty of input prices and the effects of such assumption on the optimal investment in electricity generating capacity in a simple two period model. The second model presents sufficient restrictions to the optimal investment in electricity generating capacity problem to allow for a recursive solution. The necessary restrictions are extremely limiting to the extend that we found a solution for very simple scenarios. In our opinion, the problem is better handled in a case by case basis rather than under a general dynamic framework. Following the spirit of our conclusions of the first part of our study, in the second part we provide a methodology to simulate long-term natural gas prices, we analyze the investment prospects of nuclear and natural gas generating capacity in Mexico and provide a constraint approach for the optimal generation of hydroelectric plants in the Mexican hydroelectric system. These three problems belong to the solution of the optimal investment in electricity generating capacity in Mexico. To simulate the uncertainty of natural gas prices, we assume that natural gas prices are the sum of two stochastic processes: short-term and long-term variability. We characterize the short-term variability of natural gas prices using an Exponential General Autoregressive Conditional Heteroskedastic (EGARCH) model. The uncertainty of the long-term variability of natural gas prices is based on the long-term natural gas prices scenarios of the National Energy Modeling System of the Energy Information Administration. Equipped with a methodology to simulate long-term natural gas prices, we investigate the investment prospects of nuclear and natural gas generating capacity in Mexico using the levelized

  11. Effects of tax depreciation on optimal firm investments

    NARCIS (Netherlands)

    Wielhouwer, J.L.; Kort, P.M.; De Waegenaere, A.M.B.

    1999-01-01

    This paper studies how the difference between technical depreciation and tax depreciation affects the firm's optimal investment strategy. The objective is maximization of shareholder value. When tax depreciation differs from technical depreciation, an additional investment not only generates value

  12. The Impact of Interfirm Relationships on Investment: Evidence from the Polish Dairy Sector

    NARCIS (Netherlands)

    Dries, L.K.E.; Swinnen, J.

    2010-01-01

    Financial constraints and credit market imperfections are a major constraint on investment, growth and poverty reduction in transition and developing countries. This paper analyses the impact on investments of financial assistance programs as part of interfirm relationships. Our empirical evidence

  13. A legal study on mining investment in India

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Kyeong Han [Korea Institute of Geology Mining and Materials, Taejon (Korea, Republic of)

    1997-12-01

    India having a high potentiality of mineral resources has been changing its economic structure from a state governing system to a liberalized one since 1991 after Mr. Lao was elected as a Prime Minister. Since then, all the policies have been focused on luring foreign investment through providing lots of tax incentives and favorable investment environment. Mining industry which accounts about 3.5% of the GDP is also opened to foreign investors as well as private sector after amendment of the Mines and Minerals (Regulation and Development) Act in March, 1994. The Indian Government`s Ministry of Mines regulates and promotes mining sector, other than coal, oil and natural gas and atomic minerals. Traditionally as the government is organized to manage industries from upstream to downstream, coal is controlled by the Ministry of Coal and Oil and Natural gas is under the Ministry of Oil and Natural gas. Environmental controls for the mining sector are regulated by the Environment (Protection) Act, 1986, the Forest conservation Act, 1980, the MMRD Act and rules made under it. In Oil and Natural Gas sector, the Central Government is empowered by the Oilfield (Regulation and Development) Act, 1948 to grant mining rights for the exploration and production of mineral oil and natural gas. In 1993, the Coal Mines Nationalization Act, 1973 was amended to permit power and cement plants to mine coal for captive consumption. Recently the government has announced the Integrated Coal Policy (ICP), which envisages allotment of coal mining blocks to any company registered under the Indian Company Law. Social infrastructures are not sufficient to match expected increasing demand. Expansion of transportation facilities and Power capacity are urgent matters to support its economy. Considering the investment environment and resources potentiality, India is one of the attractive country to invest. However, as the policies and other relevant legislative frameworks are revised so fast in

  14. Survey of survivors' perspective on return to work after stroke.

    Science.gov (United States)

    Hartke, Robert J; Trierweiler, Robert

    2015-10-01

    To describe the development and results of a detailed survey on return to work (RTW) after stroke completed by survivors at various stages of recovery. This study used a multi-method qualitative and quantitative research strategy to design and implement a 39-item survey for stroke survivors. Individual interviews, focus groups, and working committees were used to conceptualize the issues and translate them into a survey format. Surveys were distributed in regular and electronic mail. Groups of rehabilitation professionals, employers, and stroke survivors were assembled to review findings and obtain feedback to aide in interpretation. Overall 715 surveys were completed. The respondents were on average 54 years of age, mostly white, well-educated, urban dwelling, and in skilled occupations. Results are described in seven areas: financial, stroke impairments, organizational, work and psychological issues, interpersonal support, and therapy. Several salient findings are described including the role of fatigue, under utilization of vocational rehabilitation (VR) services, and motivational factors related to finances, self-esteem, work, and workplace relationships. Although earning an income is a strong motivation to RTW, salary decreases in importance when compared with other psychological benefits. Fatigue was rated as the second highest impairment barrier to RTW and persisted as a relevant impediment over time. Attitudes of co-workers and flexibility in work schedule were viewed as most helpful to the RTW process, whereas work stress was viewed as the greatest impediment to return. Only 24% of the sample received VR counseling with more respondents receiving counseling if they returned 6 months or longer after their stroke. Other trends and clinical and research implications are discussed.

  15. Case Study on Economic Return on Investments for Safety and Emergency Lighting in Road Tunnels

    Directory of Open Access Journals (Sweden)

    Ferdinando Salata

    2015-07-01

    Full Text Available While planning a double-hole road tunnel with a length higher than one km, it is important to pay attention to the safety factor if an accident occurs. If there is a power outage, in order to avoid critical situations that could jeopardize the safety of the people present (facilitating the stream coming out from the tunnel and the arrival of the emergency personnel, it is really important to guarantee uninterrupted lighting of roadways, mandatory emergency lay-bys, and ways of escape. Uninterrupted service of the lighting systems supply must be guaranteed, in accordance with the current regulations, through the exertion of UPS (Uninterruptible Power Supply and power units. During tunnel construction, such devices represent a cost that must be amortized. In this case study, which takes into consideration a section of a road tunnel characterized by emergency lay-bys and ways of escape, emergency and security lighting were planned and installation and management costs were evaluated. The goal of this research was the creation of a cash flow thanks to the energy generated by photovoltaic panels, in a way that the service life of the system (25 years coincided with the amortization of the costs of the backup electrical equipment installation (complying with the regulations. The possibility of over-dimensioning the UPS and providing it with a proper photovoltaic panel surface (235 kWp to generate and exchange electric energy with the grid was taken into consideration.

  16. Use of supplementary lighting top screens and effects on greenhouse climate and return on investment

    NARCIS (Netherlands)

    Ooster, A. van 't; Henten, E.J. van; Janssen, E.G.O.N.; Bongaerts, E.

    2008-01-01

    Discomfort caused by light pollution from greenhouses that apply supplementary lighting is an issue in Dutch society nowadays. At this moment Dutch legislation requires an opaque screen that reduces light transmission of the greenhouse wall by 95%. In 2008 also the light transmission of the

  17. THE ACCOUNTING EFFECTS OF EXCHANGE RATE VARIATION ON REMUNERATION OF FOREIGN INVESTMENTS IN BRAZIL.

    Directory of Open Access Journals (Sweden)

    Diego Zacarias dos Santos

    2012-12-01

    Full Text Available This article aims to elucidate the main points of foreign investments, and the accounting administration of the Brazilian Corporate Laws. The remittances of profits and the payment of dividends for foreign investors who invested their financial resources in Brazil have increased in the last few years, and this is due to the stable economic times that the country is experiencing. In part, the favorable economic scenario in Brazil is due to the fact of the increased flow of investments in the country, which it has proved to be properly structured to withstand global financial crises like the one in 2008, which originated in the United States.Considering also that the investor wants to invest in stable economies where there are attractive interest rates, the country became a great place to invest. However, as a basic principle for capital market, it must be taken into consideration that exchange rate variation can be a negative or a positive aspect for it. In the end of this work, among other ideas, we conclude that to maximize the investment value for shareholders, it is necessary an accurate assessment of investment option, and of level of influence of the exchange variation for the investment return.

  18. Calculating investment potential in South America

    International Nuclear Information System (INIS)

    Smith, J.L.

    1995-01-01

    Taxes and licensing provisions typically increase overall costs for private investors, and therefore impede private investment. In addition, the design and structure of tax systems in each country affect the extent to which financial risks are borne by private investors, rather than by the host government. Tax systems that increase perceived financial risks stemming from unpredictable oil prices, development costs and physical characteristics of undiscovered or undeveloped oil fields raise further impediments to private investment. This analysis focuses on both aspects of the investment climate--risk and return--and the way that investment incentives within three South American countries are influenced by tax and licensing regimes

  19. Real Time Investments with Adequate Portfolio Theory

    Directory of Open Access Journals (Sweden)

    Alina Kvietkauskienė

    2015-02-01

    Full Text Available The objective of this paper is to identify investment decision makingschemes using the adequate portfolio model. This approach can be employed to project investment in stocks, using the opportunities offered by the markets and investor intelligence. It was decided to use adequate portfolio theory for investment decision making, simulation of financial markets, and optimisation of utility function. The main conclusion of article suggests investigating return on individual portfolio level. Real investment is a way to make sure of the soundness of applicable strategies.

  20. ANALISIS PENGARUH TINGKAT KESEHATAN BANK TERHADAP RETURN ON ASSET

    Directory of Open Access Journals (Sweden)

    Andy Setiawan

    2017-10-01

    Full Text Available Penelitian  ini  dilakukan  untuk  menganalisis pengaruh  tingkat kesehatan bank terhadap return on asset (ROA berdasarkan metode risk based bank rating (RBBR. Variabel independen yang diteliti adalah Non  Performing  Loan  (NPL, Loan to Deposit Ratio (LDR, Net Interest Margin (NIM, Capital Adequacy Ratio (CAR,  BOPO   (Biaya   Operasional/Pendapatan Operasional, Good Corporate Governance (GCG dan Posisi  Devisa  Netto  (PDN terhadap variabel dependen Return On Asset (ROA. Sampel yang digunakan  adalah  seluruh bank BUKU 4 di Indonesia selama periode 2007-2014. Teknik analisis data yang  digunakan  adalah  regresi  linier  berganda. Hasil penelitian ini menunjukkan bahwa tingkat kesehatan bank dengan metode RBBR berpengaruh signifikan secara bersama terhadap ROA. Secara parsial LDR, NIM, BOPO, dan PDN berpengaruh signifikan terhadap ROA. Sedangkan variabel NPL, GCG dan CAR tidak berpengaruh signifikan. Kemampuan prediksi dari ketujuh variabel  tersebut  terhadap  ROA  dalam  penelitian  ini  sebesar  93,7%,  sedangkan sisanya 6,3% dipengarui oleh faktor lain yang tidak dimasukkan ke dalam model penelitian.

  1. The Fundamentals of a Business Model Based on Responsible Investments

    Directory of Open Access Journals (Sweden)

    Vadim Dumitrascu

    2016-03-01

    Full Text Available The harmonization of profitability and social responsibility is possible under the adoption and practice conditions by the companies of some adequate business models. “Responsible profitability” must benefit as well of management tools that guide the business sequentially, based on some objective decision making criteria towards sustainable economic behaviors. The simultaneous increase of the specific economic over-value generated by social responsible investment (SRI project and responsible intensity of economic employment reflects the company’s strong subscription to the authentic sustainable development path.

  2. The Impact of Social Media Opinions on Innovation Investment

    DEFF Research Database (Denmark)

    Zhang, Wenping; Kang, Lele; Jiang, Qiqi

    Social media is a valuable knowledge source for firm innovation. Extending the literature of both social media and innovation management, we examine how the valence and volume of user-generated content (UGC) from social media influence firm innovation strategies. Based on analysis of 5-year panel...... data including 886 listed firms and their relevant 6.2 million microblogs, we observed three interesting findings. First, valence of UGC from social media has a U-shaped relation with firm innovation investments. In particular, compared with neutral UGC, both negative and positive contents are found...

  3. Robust Consumption-Investment Problem on Infinite Horizon

    Energy Technology Data Exchange (ETDEWEB)

    Zawisza, Dariusz, E-mail: dariusz.zawisza@im.uj.edu.pl [Jagiellonian University in Krakow, Institute of Mathematics, Faculty of Mathematics and Computer Science (Poland)

    2015-12-15

    In our paper we consider an infinite horizon consumption-investment problem under a model misspecification in a general stochastic factor model. We formulate the problem as a stochastic game and finally characterize the saddle point and the value function of that game using an ODE of semilinear type, for which we provide a proof of an existence and uniqueness theorem for its solution. Such equation is interested on its own right, since it generalizes many other equations arising in various infinite horizon optimization problems.

  4. Regional study on investment for transmission infrastructure in China based on the State Grid data

    Science.gov (United States)

    Wei, Wendong; Wu, Xudong; Wu, Xiaofang; Xi, Qiangmin; Ji, Xi; Li, Guoping

    2017-03-01

    Transmission infrastructure is an integral component of safeguarding the stability of electricity delivery. However, existing studies of transmission infrastructure mostly rely on a simple review of the network, while the analysis of investments remains rudimentary. This study conducted the first regionally focused analysis of investments in transmission infrastructure in China to help optimize its structure and reduce investment costs. Using State Grid data, the investment costs, under various voltages, for transmission lines and transformer substations are calculated. By analyzing the regional profile of cumulative investment in transmission infrastructure, we assess correlations between investment, population, and economic development across the regions. The recent development of ultra-high-voltage transmission networks will provide policy-makers new options for policy development.

  5. Market research on factors influencing women's preferences in investment decision making

    OpenAIRE

    Sharma, Abhishek.; Douglas, Tony.; Jaworski, Piotr.

    2017-01-01

    This study aims to gain knowledge on the factors that influence the investment decision making of women in Singapore. The research explores the fact that investment decision is being affected by the demographic, psychographic factors of the individuals. The individuals may be equal in all aspects but their investment decision varies with their own perception towards various investment plans. The research was conducted among 200 respondents through a survey so as to get an empirical findings o...

  6. 26 CFR 301.6103(j)(1)-1 - Disclosures of return information reflected on returns to officers and employees of the...

    Science.gov (United States)

    2010-04-01

    ... related activities. 301.6103(j)(1)-1 Section 301.6103(j)(1)-1 Internal Revenue INTERNAL REVENUE SERVICE... and Returns Returns and Records § 301.6103(j)(1)-1 Disclosures of return information reflected on... related activities. (a) General rule. Pursuant to the provisions of section 6103(j)(1) of the Internal...

  7. Ambiguity and Investment Decisions: An Empirical Analysis on Mutual Fund Investor Behaviour

    Directory of Open Access Journals (Sweden)

    Chao Tang

    2017-09-01

    Full Text Available The paper empirically studies the relationship between ambiguity and mutual fund investor behaviour. Theoretical models for investment decisions incorporating ambiguity motivate our analyses. While the models indicate that investors would less likely to invest in financial markets when ambiguity increases, there is rare empirical evidence in natural occurring financial data to examine this hypothesis. In this paper, we test the hypothesis with equity fund flow data as for investment decisions and ambiguity with the degree of disagreement in equity analysts’ prediction about asset returns. Our results support the hypothesis that increases in ambiguity could lead to less fund flows and this result remains consistently when adding various control variables affecting fund flows. Besides, we find that heterogeneous impacts of ambiguity: equity funds with high yield targets and active management style are affected more than funds investing in stable stocks; funds with larger proportion of institutional investors are more sensitive and affected by the ambiguity.

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

    OpenAIRE

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

    2017-01-01

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

  9. 26 CFR 1.1242-1 - Losses on small business investment company stock.

    Science.gov (United States)

    2010-04-01

    ... the sale or exchange, of the stock of a small business investment company (whether or not such stock....1242-1 Losses on small business investment company stock. (a) In general. Any taxpayer who sustains a... operating loss shall not apply to any loss with respect to the stock of a small business investment company...

  10. THE EFFECT OF MACROECONOMIC VARIABLES ON STOCK RETURNS ON DHAKA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Muhammed Monjurul Quadir

    2012-01-01

    Full Text Available This article investigates the effects of macroeconomic variables of treasury bill interest rate and industrial production on stock returns on Dhaka Stock Exchange for the period between January 2000 and February 2007 on the basis of monthly time series data using Autoregressive Integrated Moving Average (ARIMA model. The paper has taken the overall market stock returns as an independent variable. It does not consider the stock returns of different companies separately. Though the ARIMA model finds a positive relationship between Treasury bill interest rate and industrial production with market stock returns but the coefficients have turned out to be statistically insignificant.

  11. INVESTMENTS AND SERVICES ON THE RURAL DEVELOPMENT IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Popa Ana

    2013-04-01

    Full Text Available The article started with the modern connection observed between sectors in EU -primary, secondary and tertiary- on rural areas, where agriculture becomes essential. First, this connection is manifested in Romania under the impact of the main directions of the Common Agricultural Policy (CAP during 2014-2020, namely: a more market-oriented production, but also related to the public, promoting food security, while considering environmental issues and, in addition, achieve cooperation and alignment to the European Economic Area, including equality in European funding. Secondly, there is a dedicated rural development policy, which is supported by a series of investments, but imposed a number of directions that will lead to the expansion of tertiary sector measures, marketing, tourism, ecology, and promoting social inclusion, poverty reduction and economic development in rural areas. Other influences are generated by foreign direct investments-FDI in rural areas. The conclusion is based on the fragility of the rural sector in Romania, compared to other European countries and highlights specific areas of interest of stakeholders for the following issues: improving policies and decisions, access to markets, infrastructure development, access to financial services, access to knowledge, services innovation and risk reduction.

  12. The Perception of Investors on Socially Responsible Investment: International Evidence

    OpenAIRE

    Chiew, Dominic Kia Seng

    2008-01-01

    It is quite impossible to deny the growing importance of socially responsible investing (SRI) since its introduction in the early 1990s (Robson and Wakefield, 2007), when little attention was paid to this subject within the business ethics community as an alternative outlet to the existing conventional investment philosophy (Sparkes, 2001). The increasing use of Socially Responsible Investment (SRI) in the financial markets has become more apparent today. Organization have included many other...

  13. Perspectives of refugees in Dadaab on returning to Somalia

    Directory of Open Access Journals (Sweden)

    Caroline Abu Sa’Da

    2014-02-01

    Full Text Available MSF recently asked Somali refugees in Dadaab’s Dagahaley camp about their living conditions and their thoughts about returning to Somalia in the near future. The responses suggest that bad living conditions in the camp are not conducive to wanting to return, despite a widespread belief to the contrary.

  14. The Non-Monotonic Effect of Financing Constraints on Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Viswanatha, Marc

    We analyze investment timing in a discrete-time framework with two possible investment dates, which is an extension of the model by Lyandres (2007). We derive an investment threshold that is U-shaped in the firm's liquid funds, a result similar to the infinite-horizon models by Boyle and Guthrie...... (2003) and Hirth and Uhrig-Homburg (2007). However, due to the tractability of our model, we can more clearly explain the relevant trade-offs leading to the U-shape: The firm balances financing costs and abandonment risk for present and future investment, respectively....

  15. Game Analysis on Influence Mechanism of Equity Incentive on R&D Investments

    OpenAIRE

    Cao Wen; Li Yuewen

    2014-01-01

    A game model between shareholders and manager is built to analyze influence mechanism of equity incentive on R&D investments based on principal-agent theory. Research shows that there are inverted U-shaped relationships between equity incentive and R&D investments, the modest equity should be gave for stimulate manager.

  16. Trends in Business Investment

    OpenAIRE

    Lydon, Reamonn; Scally, John

    2014-01-01

    This article examines trends in business investment in Ireland. Consistent with the international evidence on investment cycles, we show that business investment in Ireland exhibits large cyclical movements around a long-run trend relative to GDP. Changes in business investment broadly coincide with the overall business cycle, although swings in investment tend to be far greater, with extended periods of both over- and under-investment relative to GDP. The sharp fall in business investment si...

  17. Short/Medium-Term Macroeconomic Impact of Investment Associated with 'Grenelle de l'Environnement' Investments on Growth and Employment

    International Nuclear Information System (INIS)

    Guillerminet, Marie-Laure; Briard, Philippe; Fery, Pierre; Galko, Elodie; Klein, Caroline; Ollivier, Timothee

    2016-01-01

    The 'Grenelle de l'Environnement' is a French policy aimed at achieving the objectives defined in the EU climate and energy package. This study evaluates the short- to medium-term impact of the main economic measures of 'Grenelle' on employment and growth. The simulations run with the macro-econometric model Mesange show a positive impact of these measures on GDP and employment in the short run, mainly via the investment multiplier. The impact turns negative from 2020 on because investment slows and taxes increase to finance the latter. These results are robust to different assumptions on oil prices, household saving behaviour, public funding, and productivity gains associated with new transport projects. However, they do not factor in the impact of 'Grenelle' on the environment, competitiveness, and well-being

  18. Rates of Return on Flow-Through Shares: Investors and Governments Beware

    Directory of Open Access Journals (Sweden)

    Vijay Jog

    2016-02-01

    Full Text Available Canada’s tax code allows the use of flow-through shares for mining and oil and gas companies on the assumption that they are a good way to spur new productive exploration and are also beneficial to investors. In reality, it appears that flow-through shares are lousy for both. Flow-through shares are designed for corporations that cannot make good use of expense deductions from their taxes and so, through the use of these special type of shares, can pass along their expenses for shareholders to deduct from their own income taxes. This tax break is not insignificant: The amount of revenue foregone by the federal government due to flow-through shares and the related Mineral Exploration Tax Credit averaged $440 million every year between 2007 and 2012. But the steepest price has arguably been borne by investors, with returns on flow-through shares performing extraordinarily poorly. For small companies that issued these shares, the annualized absolute return was a nearly 100 per cent loss. For larger companies, the returns were not as bad — negative 14 per cent — but still a loss. And if adjusted for corresponding benchmarks, the returns were even worse. From the $2.5 billion raised from Canadians using flow-through shares, investors have lost $1.2 billion. Certainly these results would indicate that flow-through shares are hardly helping Canadian explorers strike lucrative new discoveries (it is impossible to say whether the limited success some larger companies had in locating productive assets, using flow-through shares, would not have occurred anyway. Meanwhile, these share issues, bearing the imprimatur of a special government right and the incentive of an investor tax benefit, have likely led to market distortions, luring capital that might have otherwise gone to more productive and rewarding investments. Compounding matters is the very real possibility that those projects that were funded by flow-through shares, but would have been

  19. DIRECT FOREIGN INVESTMENTS AND THE LACK OF POSITIVE EFFECTS ON THE ECONOMY

    Directory of Open Access Journals (Sweden)

    Suzana Djordjevic

    2015-12-01

    Full Text Available In recent years, Croatia was interesting to investors in attracting foreign direct investment. One of the objectives of this research was to deal with their negative effects. Most of invested capital was invested in brownfield investments, i.e. in taking over the ownership share of companies through privatization. Consequently, revenues were spent to settle financial debts and not on the growth and development of competitiveness. According to economic theory, foreign direct investments have a positive impact on the economic growth of the recipient country. This paper attempts to answer the question: ‘Is the economic theory confirmed in the Croatian case?’ The aim is to analyse the impact of foreign direct investments on the economic growth of Croatia in the period from 1999 to 2014. The paper analyses the impact that direct foreign investments had on the unemployment rate, GDP per capita and export using the model of linear regression.

  20. RECOMMENDATION OF FERTILIZERS BASED ON THE LAW OF DIMINISHING RETURN

    Directory of Open Access Journals (Sweden)

    Geicimara Guimarães

    2011-07-01

    Full Text Available The objective of this work was to demonstrate the viability of making recommendation of fertilizers for corn and bean cultures based on models of saturation kinetics, following the Law of diminishing return, aiming to improve the efficiency of nutrient use, reducing the costs of production and avoiding the excessive use of non renewable natural resources. In the corn culture (grain hybrid they were utilized levels of 0.0, 0.25, 0.5, 1, 2, 4, 8, 16 and 32 g/hole of fertilizer NPK 4-14-8 in seeding and same amounts of ammonium sulfate 34 days later. The space between plants was of 20 x 70 cm (71.429 plants/hectare, with eight replicates per each level, totalizing 72 plants in the experimental area. In bean culture (red variety they were utilized levels of 0.0, 0.25, 0.50, 1, 2, 4, 8, 16 and 32 g/hole of NPK 4-14-8 in planting. The space between plants was of 20 x 50 cm, with two grains per hole (71.429 plants/hectare, with eight holes per each level, totalizing 144 plants in the experimental area. The models of saturation kinetics of Lineweaver-Burk presented good adjustments for responses of corn and beans to fertilization, following the Law of diminishing return, in which 4 to 8 g of fertilizer per hole caused good part of the productive response for corn and 2 grams for bean. The employee of moderate level of fertilization leads to a more sustainable and economically viable agriculture to the household producer.

  1. The Effect of Exit Strategy on Optimal Portfolio Selection with Birandom Returns

    OpenAIRE

    Cao, Guohua; Shan, Dan

    2013-01-01

    The aims of this paper are to use a birandom variable to denote the stock return selected by some recurring technical patterns and to study the effect of exit strategy on optimal portfolio selection with birandom returns. Firstly, we propose a new method to estimate the stock return and use birandom distribution to denote the final stock return which can reflect the features of technical patterns and investors' heterogeneity simultaneously; secondly, we build a birandom safety-first model and...

  2. Finite Project Life and Uncertainty Effects on Investment

    NARCIS (Netherlands)

    Gryglewicz, S.; Huisman, K.J.M.; Kort, P.M.

    2006-01-01

    This paper revisits the important result of the real options approach to investment under uncertainty, which states that increased uncertainty raises the value of waiting and thus decelerates investment.Typically in this literature projects are assumed to be perpetual.However, in today.s economy

  3. Essays on optimal hedging and investment strategies and on derivative pricing

    NARCIS (Netherlands)

    van den Goorbergh, R.W.J.

    2004-01-01

    This dissertation encompasses four essays on various topics within the field of finance. Chapter 1 presents an overview of the contributions of each essay. Chapter 2, titled Risk Aversion, Price Uncertainty, and Irreversible Investments, extends the theory of irreversible investment under

  4. Effect of investments on fundamentals and market reaction on pre-operational and operational Brazilian companies for the period 2006-2012

    Directory of Open Access Journals (Sweden)

    Marco Antonio Pereira

    2016-03-01

    Full Text Available ABSTRACT This paper provides evidence on the market reaction to corporate investment decisions whose shareholder value is largely attributed to growth options. The exploratory research raised pre-operational companies and their operational pairs on the same economy segments. It had the purpose of investigating the existence of statistical differentiation from financial indicators that reflect the installed assets and growth assets, and then study the market reaction to changes in fixed assets as a signaling element about investment decisions. The formation process of operational assets and shareholder value almost exclusively dependent on asset growth stands out in the pre-operational companies. As a result, differentiation tests confirmed that the pre-operational companies had their value especially derived on growth options. The market reaction was particularly bigger in pre-operational companies with abnormal negative stock returns, while the operational companies had positive returns, which may indicate that the quality of the investment is judged based on the financial disclosure. Additionally, operational companies' investors await the disclosure to adjust their prices. We conclude that the results are consistent with the empirical evidence and the participants in financial markets to long-term capital formation investments should give that special attention.

  5. Responsible Investment: Taxes and Paradoxes

    Directory of Open Access Journals (Sweden)

    Knuutinen Reijo

    2017-12-01

    Full Text Available Taxes have become an issue of corporate social responsibility (CSR, but the role of taxation is to some extent an ambiguous and controversial issue in the CSR framework. Similarly, another unclear question is what role investors who are committed to sustainable and responsible investment (SRI see taxes as having on their environmental, social, and governance (ESG agenda. Corporate taxes have an inverse relationship with the return of the investors: taxes paid directly affect what is left on the bottom line, reducing the return of investors. However, investors are now more aware of tax-related risks, which can include different forms of reputation risk. Corporate tax planning may increase the returns, but those increased returns are riskier. This study focuses particularly on the relationship between SRI and taxation. We find that tax matters are considered to be on the ESG agenda, but their role and significance in the ESG analysis is unclear.

  6. Effects of the provisions of the corporate and personal income tax codes on solar investment decisions

    Science.gov (United States)

    Sedmak, M. R.

    The effects of the provisions of the existing corporate and personal income tax codes on solar investment decisions are analyzed. It is shown that the provisions of a tax code do not discriminate against investment in solar technologies if the present value of depreciation and interest expense tax deductions over the relevant decision period is equal to the present value of actual capital expenses. However, on the basis of a quantitative analyses, it is concluded that the existing corporate income tax code does discriminate against solar investments for the majority of corporations, although the 25 percent tax credit available to businesses for solar investments is sufficient to alleviate the distortion in most cases. In contrast, the provisions of the existing personal income tax code favor solar investments over investments in less capital intensive energy generating units, as the interest paid on loads used to finance solar investments made by individuals is tax deductible, while conventional fuel expenses are not deductible.

  7. Priority for sustainability. Study of the effects on investment climate

    International Nuclear Information System (INIS)

    2007-12-01

    The Dutch cabinet has been asked to make sure that sustainable electricity plants can be connected to the grid with high priority. By request of the Dutch Ministry of Economic Affairs, the effects on the investment climate have been examined (both for sustainable and conventional) if priority (with regard to connection and transport) is given to sustainable generated electricity. Five models for priority for sustainable have been defined, i.e. (1) Sustainable is only given priority on the waiting list for connection; (2) Connect sustainable immediately, but no priority for transport; (3) Connect sustainable immediately and priority granted in transport; (4) Connect sustainable and conventional immediately, no priority for transport; (5) Connect sustainable and conventional immediately and give priority in transport to sustainable. [mk] [nl

  8. The effect of oil price volatility on strategic investment

    International Nuclear Information System (INIS)

    Henriques, Irene; Sadorsky, Perry

    2011-01-01

    In this paper, we investigate how oil price volatility affects the strategic investment decisions of a large panel of US firms. This paper uses key insights from the real options literature to develop a model of a company's strategic investment and shows how changes in oil price volatility can impact strategic investment decisions. The model is estimated using recently developed generalized method of moment estimation techniques for panel data sets. Empirical results are presented to show that there is a U shaped relationship between oil price volatility and firm investment. This is consistent with the predictions from the strategic growth options literature. The results should be useful to decision makers, investors, managers, policy makers and others who need to make strategic investment decisions in an uncertain world. (author)

  9. Pengaruh Return On Equity, Price Earning Ratio, Price To Book Value Dan Inflasi Terhadap Harga Saham PT Bhakti Investama Tbk Jakarta

    Directory of Open Access Journals (Sweden)

    Pariang Siagian

    2011-11-01

    Full Text Available Investment on stocks is a high-risky investment to make investors to possibly gain a lot of profit. On the other hand, those investors might experience some big loss. Data collecting comes from theoretical books and other related references. Secondary data including Return On Equity (ROE, Price Earnings Ratio (PER, Earning Per Share (EPS, Book Value (BV, Price To Book Value (PBV and Stock Prices of PT Bhakti Investama Tbk. This research is intended to find whether Return On Equity (ROE, Price Earnings Ratio (PER, Price To Book Value (PBV and Inflation, have some influences on the Stock Price of PT Bhakti Investama Tbk., both partially and entirely; and how much the influences are.

  10. Evaluating international development investments based on ecosystem services impact

    Science.gov (United States)

    Fremier, A. K.; Brauman, K. A.; Mulligan, M.; Chaplin-Kramer, R.; Gordon, L.; Luedeling, E.; Jones, S. K.; DeClerck, F.

    2016-12-01

    Engineered water-control structures to supply water for agriculture are frequently funded by international development to an effort to improve human wellbeing. Dams, reservoirs, and other forms of water control frequently have negative impacts on other water users; however, their sustainability in the face of climate change and evolving watershed processes have been called into question. Increasingly, planning for and evaluation of investments in water control require integration of these larger scale impacts and dependencies. Ecosystem service approaches can use local to regional scale knowledge to integrate a broader scope of project impacts by quantifying trade-offs in multiple services across proposed development interventions and future scenarios (economic, climate, demographic). Here, we illustrate the role an ecosystem service approach can play in investment decision making to evaluate the impact of small reservoirs on human wellbeing in the Upper Volta Basin of West Africa. Our project has four components: (1) design of a spatially explicit regional-level social-ecological characterization; (2) construction of future scenario analyses for rainfed and irrigated production system interventions; (3) co-design and co-development of benefit sharing mechanisms at the reservoir catchment level and enhancing institutional capacity to implement these mechanisms through training, professional development and targeting tools; and (4) intervention decision analysis to identify benefits, costs and risks associated with decision options. We illustrate how this approach highlights different outcomes than standard cost-benefit analysis focused narrowly on the single project. Anticipated outcomes are development of ecosystem services-based methods for more equitably and sustainably evaluating development interventions and identifying management approaches to water-impoundment structures that promote a range of ecosystem services to provide food security to a broader

  11. HOSPITAL MANAGERS' NEED FOR INFORMATION ON HEALTH TECHNOLOGY INVESTMENTS.

    Science.gov (United States)

    Ølholm, Anne Mette; Kidholm, Kristian; Birk-Olsen, Mette; Christensen, Janne Buck

    2015-01-01

    There is growing interest in implementing hospital-based health technology assessment (HB-HTA) as a tool to facilitate decision making based on a systematic and multidisciplinary assessment of evidence. However, the decision-making process, including the informational needs of hospital decision makers, is not well described. The objective was to review empirical studies analysing the information that hospital decision makers need when deciding about health technology (HT) investments. A systematic review of empirical studies published in English or Danish from 2000 to 2012 was carried out. The literature was assessed by two reviewers working independently. The identified informational needs were assessed with regard to their agreement with the nine domains of EUnetHTA's Core Model. A total of 2,689 articles were identified and assessed. The review process resulted in 14 relevant studies containing 74 types of information that hospital decision makers found relevant. In addition to information covered by the Core Model, other types of information dealing with political and strategic aspects were identified. The most frequently mentioned types of information in the literature related to clinical, economic and political/strategic aspects. Legal, social, and ethical aspects were seldom considered most important. Hospital decision makers are able to describe their information needs when deciding on HT investments. The different types of information were not of equal importance to hospital decision makers, however, and full agreement between EUnetHTA's Core Model and the hospital decision-makers' informational needs was not observed. They also need information on political and strategic aspects not covered by the Core Model.

  12. Optimizing Materials for Energy Harvesting on Interplanetary Return Missions

    Data.gov (United States)

    National Aeronautics and Space Administration — Manned interplanetary missions will only be desirable once the ability to return is established. Even using improved fuel technologies we have not resourced the fuel...

  13. Application of Markowitz model in analysing risk and return a case study of BSE stock

    Directory of Open Access Journals (Sweden)

    Manas Pandey

    2012-03-01

    Full Text Available In this paper the optimal portfolio formation using real life data subject to two different constraint sets is attempted. It is a theoretical framework for the analysis of risk return choices. Decisions are based on the concept of efficient portfolios. Markowitz portfolio analysis gives as output an efficient frontier on which each portfolio is the highest return earning portfolio for a specified level of risk. The investors can reduce their risks and can maximize their return from the investment, The Markowitz portfolio selections were obtained by solving the portfolio optimization problems to get maximum total returns, constrained by minimum allowable risk level. Investors can get lot of information knowledge about how to invest when to invest and why to invest in the particular portfolio. It basically calculates the standard deviation and returns for each of the feasible portfolios and identifies the efficient frontier, the boundary of the feasible portfolios of increasing returns

  14. INVESTMENTS IN BONDS ON ROMANIA’S CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    ILIE RĂSCOLEAN

    2010-01-01

    Full Text Available Capital market, both the primary and secondary record financial transactions not only through property titles, but also issues debt securities, designed to attract monetary funds in the form of loans or medium term. Bonds are securities, consisting of a long-term debt on a company giving the holder of Bonds (Bondholders claim equal rights, corresponding nominal value of the bond. Bonds can be bought either in the public offering period, from banks or corporations Brokerage Financial Services Distributors, or from the stock through a brokerage firm by a procedure similar to that for action. Investing in bonds also entails risks, among which include the risk of default, interest rate risks and currency risks.

  15. PENGARUH CAR DAN LDR TERHADAP RETURN ON ASSETS

    Directory of Open Access Journals (Sweden)

    Deden Edwar Yokeu Bernardin

    2016-10-01

      Banking is one of the sectors that dominate perkonomian Indonesia. The purpose of this study was to determine the effect of the Capital Adequacy Ratio (CAR and the Loan to Deposit Ratio (LDR Of Return On Assets (ROA at Bank BJB listed on the Stock Exchange with the observation period 2009 - 2015. The method used by researchers is using dekskriptif and verification method with quantitative approach using multiple regression analysis. This study uses a support program SPSS 20. The results in this study stated that partially showed that the CAR significant effect on ROA, means to show the truth of the factual from the Bank BJB is possible with the increased quality of the CAR will be the effect on the profit shown by the increase in ROA and LDR no significant effect on ROA, that the increase in liquidity does not necessarily increase profits in the analysis using ROA and by no means influence. Additionally simultaneously both CAR and LDR significant effect on ROA, means that the ratio analysis done of the higher value of CAR and LDR will necessarily increase in the profits of the Bank BJB by using ROA.   Keywords: CAR, LDR and ROA

  16. Maternal perspectives on postpartum return to the workplace.

    Science.gov (United States)

    Nichols, Mary R; Roux, Gayle M

    2004-01-01

    To describe maternal perceptions about postpartum return to the workplace. The research framework was McCubbin and McCubbin's Resiliency Model of Family Stress, Adjustment, and Adaptation. Employed, postpartum women, who resided in six different states, were recruited from day care and primary care settings to participate in this descriptive study. Seventy-four employed, married women, who returned to the workplace within one year after childbirth. As part of a larger study, perceptions about combining multiple roles after return to the workplace are the focus for this report. Participants responded to open-ended questions about their return to the workplace during the first months after giving birth. Content analysis of those responses resulted in two major categories, Resiliency Challenges: Negative Aspects (role conflict/overload, family stress, family/child issues, finances, psychosocial issues) and Resiliency Building: Positive Aspects (social support, maternal role satisfaction, positive adaptation, career role satisfaction). The data support the premise that employed women view returning to the workforce as having more challenges than they expected because the experience was viewed as being mostly negative. Preparing for return to the workplace is an important, but neglected, topic that needs to be addressed and defined more clearly in the literature. Therefore, future research is needed to identify resources and interventions that will help women experience fewer challenges associated with postpartum employment.

  17. Considerations in Duplex Investment.

    Science.gov (United States)

    Wright, Arthur; Goen, Tom

    Problems of duplex investment are noted in the introduction to this booklet designed to provide a technique by which the investment decision can be approached, develop estimates of typical costs and returns under differing conditions, and encourage investors to analyze objectives and conditions before the decision to buy or build is made. A…

  18. The Cost-Effectiveness of Investments to Meet the Guiding Principles for High-Performance Sustainable Buildings on the PNNL Campus

    Energy Technology Data Exchange (ETDEWEB)

    Cort, Katherine A.; Judd, Kathleen S.

    2014-08-29

    As part its campus sustainability efforts, Pacific Northwest National Laboratory (PNNL) has invested in eight new and existing buildings to ensure they meet the U.S. Department of Energy’s requirements for high performance sustainable buildings (HPSB) at DOE sites. These investments are expected to benefit PNNL by reducing the total life-cycle cost of facilities, improving energy efficiency and water conservation, and making buildings safer and healthier for the occupants. This study examines the cost-effectiveness of the implementing measures that meet the criteria for HPSBs in 3 different types of buildings on the PNNL campus: offices, scientific laboratories, and data centers. In each of the three case studies examined the investments made to achieve HPSB status demonstrated a high return on the HPSB investments that have taken place in these varied environments. Simple paybacks for total investments in the three case study buildings ranged from just 2 to 5 years; savings-to-investment ratios all exceeded the desirable threshold of 1; and the net present values associated with these investments were all positive.

  19. Does the Color of Feedback Affect Investment Decisions?

    OpenAIRE

    Tal Shavit; Mosi Rosenboim; Chen Cohen

    2013-01-01

    This paper presents a multi-period experiment that extends a classic experiment on investment allocation preferences by adding colors to the feedback returned to participants. The results show that investors allocate the same proportion of their investment to the stock and the bond funds without regard to the colors. However, red feedback activates an avoidance motivation (vs. an approach motivation), and this reduces chasing past returns. The authors also found that the color of the feedback...

  20. Developing a Decision Support Tool for Waste to Energy Calculations Using Energy Return on Investment

    Science.gov (United States)

    2016-12-01

    began with. There are multiple methods to accomplish this process, from the standard V- models to complex waterfall methods, but ultimately each...required data and data sources. The team conducted stakeholder analysis and functional decomposition of the requisite model before constructing its...decomposition of the requisite model before constructing its additional module to the tool. This study shows the viability of waste-to-energy technologies to