WorldWideScience

Sample records for risk financing techniques

  1. Specialized financing techniques

    International Nuclear Information System (INIS)

    Shepherd, J.

    1992-01-01

    Specific financing techniques applicable to wind energy projects in Canada are discussed. A limited partnership is the classic Canadian approach to tax-advantaged financing. For a typical wind project, the limited partners would get an internal rate of return of around 8% over 20 years as well as income tax deductions on Class 34 investments. This rate can be improved if the investors borrow some of the money; they get tax-free cash flow while having deductible loan interest, raising their rate of return after taxes to ca 9-10%. Special situation investors can get to take all of the Class 34 deduction right away, raising their return up to the 12% range. These investors include principal business corporations (such as utilities or oil companies), or companies who have sold their business. A second type of financing structure is related to inflation-indexed debt. The loan is structured like a mortgage, with the annual payments indexed to inflation but nevertheless low enough to provide an early positive cash flow from the project. Other possible financing structures are the immigrant investor fund and the provincial incentive corporations

  2. Empirical techniques in finance

    CERN Document Server

    Bhar, Ramaprasad

    2005-01-01

    This book offers the opportunity to study and experience advanced empi- cal techniques in finance and in general financial economics. It is not only suitable for students with an interest in the field, it is also highly rec- mended for academic researchers as well as the researchers in the industry. The book focuses on the contemporary empirical techniques used in the analysis of financial markets and how these are implemented using actual market data. With an emphasis on Implementation, this book helps foc- ing on strategies for rigorously combing finance theory and modeling technology to extend extant considerations in the literature. The main aim of this book is to equip the readers with an array of tools and techniques that will allow them to explore financial market problems with a fresh perspective. In this sense it is not another volume in eco- metrics. Of course, the traditional econometric methods are still valid and important; the contents of this book will bring in other related modeling topics tha...

  3. Innovative financing techniques for nuclear power exports

    International Nuclear Information System (INIS)

    Mercaldo, E.L.

    1983-06-01

    The author makes general comments regarding the possible conflict between project risks, sponsors' ability to assume these risks, and the requirements and objectives of all project benficiaries: sponsors, lenders, consumers and government. To reconcile these conflicts there is an increasing use of project finance techniques to finance large capital projects

  4. Default risk in project finance

    NARCIS (Netherlands)

    Klompjan, R.; Wouters, Marc

    2002-01-01

    Understanding default risk in project finance is relevant to investors. This article investigates which factors are most strongly associated with the occurrence of project finance default, using data from 210 projects, of which 37 were in default. The authors found that the use of proven technology,

  5. Sharing of risks in Islamic finance

    OpenAIRE

    Sekreter, Ahmet

    2011-01-01

    For most of the people the prohibition on interest is the well known part of Islamic finance. Indeed, the concept of Islamic finance was not being discussed enough till financial crisis, after crisis it started to be seen as an alternative financial system for conventional finance. Sharing the risks is the main concept of Islamic finance and one of the main differences between conventional and Islamic finance. Depositors/savers do not bear any risk in conventional finance however Islamic fina...

  6. Risk Analysis of Telecom Enterprise Financing

    Institute of Scientific and Technical Information of China (English)

    YU Hua; SHU Hua-ying

    2005-01-01

    The main research objects in this paper are the causes searching and risk estimating method for telecom enterprises' financial risks. The multi-mode financing for telecom enterprises makes it flexible to induce the capital and obtain the profit by corresponding projects. But there are also potential risks going with these financing modes. After making analysis of categories and causes of telecom enterprises' financing risk, a method by Analytic Hierarchy Process (AHP) is put forward to estimating the financing risk. And the author makes her suggestion and opinion by example analysis, in order to provide some ideas and basis for telecom enterprise's financing decision-making.

  7. French public finances at risk?

    Directory of Open Access Journals (Sweden)

    Creel Jérôme

    2014-01-01

    Full Text Available Using descriptive evidence, this paper contributes to the debate on French public finances’ consolidation by examining the long-term sustainability of France’s fiscal position. We trace the historical trends of government’s tax receipts and expenditures. We illustrate that while the level of public expenditure in France is larger than in the Euro Area, its trend is comparable to its neighbours. French net debt is comparable to Eurozone’s while French net wealth remains positive. However, the French tax system is not progressive with only 6% of compulsory levies raised that way, and too complex. The paper then acknowledges the efficient debt management of French authorities. As a conclusion, we see no risk of future unsustainability linked to the nature or the level of current French public finances.

  8. IMPLEMENTATION OF THE DELPHI TECHNIQUE IN FINANCE

    Directory of Open Access Journals (Sweden)

    Marcin Kozak

    2015-05-01

    Full Text Available In the rapidly developing world, forecasting is very important for numerous aspects of our lives,the finance realm not being an exception. Various qualitative and quantitative methods are used to predict what is ahead. One of them is the Delphi method, an anonymous, structured discussion among experts on the forecasted topic. Developed over 60 years ago, it is one of the most effective qualitative forecasting and decision-making techniques. That said, literature review suggests Delphi’s advantages have not been sufficiently utilized in financial research. This paper is an introduction to Delphi with a focus on the method’s application possibilities in finance and related disciplines. For this purpose, we performed a literature review and presented a step-by-step guide for implementing the Delphi technique, describing a structure of the Delphi process, major principles of Delphi, experts’ selection, Delphi types, ways of establishing consensus, validity of the method among others. Finally, we focused on implementing Delphi in finance and offered example topics that could be studied with Delphi.

  9. Study on Risk Management in Financing and Operational of Grameen Bank Financing Concept in MBK Finance

    Directory of Open Access Journals (Sweden)

    Bobby Yulandika Putra

    2014-03-01

    Full Text Available Objective – Poverty is one of the most fundamental issues that still surround the life of 29.89 million people of Indonesia (National Statistical Bureau data from January 2, 2012. During this time, the pattern of poverty alleviation programs undertaken by the government is a pattern of generosity. This pattern can directly exacerbate the poor morals and behavior. Ideally, poverty alleviation efforts are made by concrete steps, which empower poor `communities themselves.In line with the theme of this research, one of the financial institutions (non-Banks who cares and has the spirit to empower people to overcome poverty is Mitra Bisnis Keluarga (MBK. This study aimed to assess the financial risks and operational risks of implementation of Grameen Bank financing concept in MBK.Methods - The method used in this research is literature review and qualitative descriptive study using actual MBK data.Results - Results from this research showed that products with the concept of Grameen Bank financing is relatively safe in the terms of the financing risk, but requires more attention on operational risk and which can be implemented for large-scale poverty alleviation program.Conclusion - The data showed that the risk of financing given to the poor (without collateral is minimal and MBK actual data shows that the Operational self-sufficiency is relatively high at> 90% Keywords : MBK, Grameen Bank, Poverty

  10. Financing Structure and Liquidity Risk: Lesson from Malaysian Experience

    Directory of Open Access Journals (Sweden)

    Abdul-Rahman Aisyah

    2017-05-01

    Full Text Available This study examines the relationship between financing structure and bank liquidity risk. We compare the findings between Islamic and conventional banks for the case of Malaysia. We adopt four measures to represent financing structure; namely 1 real estate financing, 2 financing concentration, 3 stability of short-term financing structure and 4 stability of medium-term financing structure. Two BASEL III liquidity risk measures are tested; namely, liquidity coverage ratio (LCR and the net stable funding ratio (NSFR to measure short- and long-term liquidity risk, respectively. Based on panel data regression comprising 27 conventional and 17 Islamic banks from 1994 to 2014, our findings show that real estate financing and stability of short-term financing structure for Islamic banks are positively related to both liquidity risk measures. This implies that an increasing number of real estate financing and a stable short-term financing structure may increase Islamic banks’ short- and long-term liquidity risks. However, although real estate financing does not affect conventional banks’ liquidity risks, a stable short-term financing structure and increasing financing concentration can positively influence bank long-term liquidity risk. Our findings shed light crucial policy implications for regulatory bodies and market players in the context of liquidity risk management framework as well as the need to develop a separate framework between conventional and Islamic banking institutions.

  11. Shopping Center Financing: Pricing Loan Default Risk

    OpenAIRE

    Peter Chinloy; James Musumeci

    1994-01-01

    The financing structure of a shopping center is decomposed into an income security and two put options. These put options are respectively held by the borrower against the lender for default, and by the lender against an insurer or reinsurer. The prices of the put option depend on the loan-to-value ration of the loan and on the risk of the investment. The interest rate charged on the loan is the sum of four components: a riskless rate, lender production costs, and the net price of the put opt...

  12. Catastrophe risk data scoping for disaster risk finance in Asia

    Science.gov (United States)

    Millinship, Ian; Revilla-Romero, Beatriz

    2017-04-01

    Developing countries across Latin America, Africa, and Asia are some of the most exposed to natural catastrophes in the world. Over the last 20 years, Asia has borne almost half the estimated global economic cost of natural disasters - around 53billion annually. Losses from natural disasters can damage growth and hamper economic development and unlike in developed countries where risk is reallocated through re/insurance, typically these countries rely on budget reallocations and donor assistance in order to attempt to meet financing needs. There is currently an active international dialogue on the need to increase access to disaster risk financing solutions in Asia. The World Bank-GFDRR Disaster Risk Financing and Insurance Program with financial support from the Rockefeller Foundation, is currently working to develop regional options for disaster risk financing for developing countries in Asia. The first stage of this process has been to evaluate available catastrophe data suitable to support the design and implementation of disaster risk financing mechanisms in selected Asian countries. This project was carried out by a consortium of JBA Risk Management, JBA Consulting, ImageCat and Cat Risk Intelligence. The project focuses on investigating potential data sources for fourteen selected countries in Asia, for flood, tropical cyclone, earthquake and drought perils. The project was carried out under four stages. The first phase focused to identify and catalogue live/dynamic hazard data sources such as hazard gauging networks, or earth observations datasets which could be used to inform a parametric trigger. Live data sources were identified that provide credibility, transparency, independence, frequent reporting, consistency and stability. Data were catalogued at regional level, and prioritised at local level for five countries: Bangladesh, Indonesia, Pakistan, Sri Lanka and Viet Nam. The second phase was to identify, catalogue and evaluate catastrophe risk models

  13. Risk Assessment of Engineering Project Financing Based on PPP Model

    Directory of Open Access Journals (Sweden)

    Ma Qiuli

    2017-01-01

    Full Text Available At present, the project financing channel is single, and the urban facilities are in short supply, and the risk assessment and prevention mechanism of financing should be further improved to reduce the risk of project financing. In view of this, the fuzzy comprehensive evaluation model of project financing risk which combined the method of fuzzy comprehensive evaluation and analytic hierarchy process is established. The scientificalness and effectiveness of the model are verified by the example of the world port project in Luohe city, and it provides basis and reference for engineering project financing based on PPP mode.

  14. Risk Management of P2P Internet Financing Service Platform

    Science.gov (United States)

    Yalei, Li

    2017-09-01

    Since 2005, the world’s first P2P Internet financing service platform Zopa in UK was introduced, in the development of “Internet +” trend, P2P Internet financing service platform has been developed rapidly. In 2007, China’s first P2P platform “filming loan” was established, marking the P2P Internet financing service platform to enter China and the rapid development. At the same time, China’s P2P Internet financing service platform also appeared in different forms of risk. This paper focuses on the analysis of the causes of risk of P2P Internet financing service platform and the performance of risk management process. It provides a solution to the Internet risk management plan, and explains the risk management system of the whole P2P Internet financing service platform and the future development direction.

  15. 'Strange money': risk, finance and socialized debt.

    Science.gov (United States)

    Dodd, Nigel

    2011-03-01

    This paper explores an essential but neglected aspect of recent discussions of the banking and financial system, namely money itself. Specifically, I take up a distinction drawn by Susan Strange which has never been fully elaborated: between a financial system that is global, and an international monetary system that remains largely territorial. I propose a sociological elaboration of this distinction by examining each category, 'finance' and 'money', in terms of its distinctive orientation to risk and debt. Money is distinguished by its high degree of liquidity and low degree of risk, corresponding to expectations that derive from its status as a 'claim upon society'- a form of socialized debt. But as Strange argued, these features of money are being undermined by the proliferation of sophisticated instruments of financial risk management -'strange money'- that, as monetary substitutes, both weaken states' capacity to manage money, and more broadly, contribute to 'overbanking'. The ultimate danger, according to Strange, is the 'death of money'. The paper concludes by exploring the implications of the distinction for sociological arguments about the changing nature of money. © London School of Economics and Political Science 2011.

  16. Project finance risks - getting it right first time

    International Nuclear Information System (INIS)

    Bain, F.

    1996-01-01

    Bankers seeking to invest in the construction of new power stations by independent power producers, face greater risks than those lending to companies. Independent risk and insurance advisers are used to assess project risk. ''Project finance'' has become increasingly popular as it allows projects to go ahead that could not be supported from sponsors' own resources. In addition, project finance means that various equity partners can join together in a joint venture company and limit their individual risk. Project finance can be delayed by differences between the needs of sponsors, financiers and insurers. The process can be speeded up by foreknowledge of bankers' requirements. (UK)

  17. Risk sharing, public policy and the contribution of Islamic finance

    Directory of Open Access Journals (Sweden)

    Hossein Askari

    2014-12-01

    Full Text Available A major reason for the recurrent episodes of financial instability is the predominance of interest-based debt and leveraging. Financial stability is achievable through risk sharing finance instead of risk shifting that characterizes contemporary finance. A risk sharing system serves the true function of finance as facilitator of real sector activities and avoids the emergence of a “paper economy” where there is gradual decoupling of finance from the real sector. Islamic finance was initially proposed as a profit-loss sharing system, but its core principle is risk sharing. In prohibiting interest-based debt instruments, Islam grounds finance on a strong risk sharing footing. Although still a young industry that has come a long way, it has not managed to develop truly risk-sharing instruments that would allow individuals, households, and firms as well as whole economies to mitigate systematic and un-systematic risks. It is suggested that governments should intervene and issue macro-market instruments to provide their treasuries with a significant source of non-interest rate based financing while promoting risk sharing. Moreover, given that evidence across the world suggests that monetary policy’s transmission mechanism may be impaired, it is suggested that these government issued securities could also impart added potency to monetary policy.

  18. Risk Sharing in Corporate and Public Finance: The Contribution of Islamic Finance

    Directory of Open Access Journals (Sweden)

    Obiyathulla Ismath Bacha

    2015-09-01

    Full Text Available Financial crises have become a recurring problem for modern economies with increasingly detrimental fallouts. Risk-sharing finance (RSF contracts may be the best instrument for addressing the problem and its fallout, and in particular the risk-sharing principles of Islamic finance offer a potential alternative. This paper offers some preliminary thoughts on the design and implementation of RSF for both private and public sector funding, for revenue and non-revenue generating projects. It is argued that such form of financing avoids the leverage of conventional debt, minimizes the costs of dilution, reduces macroeconomic vulnerability, and enhances financial inclusion. It also has the potential to be a less risky alternative for developing countries to finance public spending and economic growth. JEL Classifications: G32, P43, O16

  19. Risk Financing for Schools: The Capital Markets Approach.

    Science.gov (United States)

    Rudolph, Richard G.

    1988-01-01

    The capital markets approach is an alternative means of risk financing whereby a school system establishes and controls its own insurance company and makes systematic contributions to pay for expected and anticipated losses and their associated costs. (MLF)

  20. The Profitability – Risk Relationship and Financing Decision

    Directory of Open Access Journals (Sweden)

    Nicoleta BARBUTA-MISU

    2007-01-01

    Full Text Available The enterprise financial decision is a rational process for option to the optimal variant related to financing and investments. For the capital investment to be justified, the profitability of the invested money must be at least equal with the profitability of the alternative investment opportunities with the same risk on market. The choosing of a way for financing is determined on the one side by their cost and on the other side by the existent capital structure. In this paper I tried to analyse the profitability – risk relationship in the financing decision for the “NIKOS” Ltd.

  1. Risk of Debt-Based Financing in Indonesian Islamic Banking

    Directory of Open Access Journals (Sweden)

    Kharisya Ayu Effendi

    2017-05-01

    Full Text Available The purpose of this study is to know the risk of debt-based financing in Islamic banking in Indonesia by using an accounting based calculation, those are NPF analysis, Credit risk Z-score and Altman Z-score. This study is telling about the risk of debt-based finacing on Indonesian Islamic banking using an accounting based measurement, those are NPF analysis, Credit Risk Z-score analysis and Altman Z-score analysis. The data was obtained from 2011 to 2015 from the website of each bank. The result is a risk on debt-based financing on Indonesian Islamic banking is low. The measurement using 3 accounting based measurement tool gives a consistent result, that is Indonesian Islamic banking use a debt-based financing have a high financial stability and a low risk.DOI: 10.15408/aiq.v9i2.4821

  2. Back to basics--just how much should a risk manager know about risk financing?

    Science.gov (United States)

    Miller, Vivian B

    2011-01-01

    Whether directly involved in development and implementation of the organization's risk financing program or not, risk management professionals, at the very least, need to be familiar with and understand the various risk financing strategies available to address all areas of exposure. This article addresses the types of coverages and risk financing options that should be considered when developing a comprehensive risk-financing program, and why it is important for risk management professionals to have some knowledge about these products, in order for their true value to be fully appreciated. © 2011 American Society for Healthcare Risk Management of the American Hospital Association.

  3. Economic impact of land finance and subsequent risk response

    Institute of Scientific and Technical Information of China (English)

    Lü Wei; Xu Hongwei

    2014-01-01

    In China,land finance is actually an endogenous factor in economic growth.As a kind of nontraditional,informal government revenue in China's economic transition process,land finance is unstable,non-standard and unsustainable,and it simultaneously makes the current land-finance dependent growth mode difficult to maintain.The paper firstly analyzes the impact of the land finance on China's economic growth and economic structure change followed by discussing the possible risks in post-"land finance" period.It then put forward some suggestions to deal with the problem.The analysis shows that land finance exacerbates the economic fluctuation,bringing in the increase of government public expenditure and economic growth in the short term.Nonetheless,in the long term there is no significant effect,and it could gradually lead to a more unreasonable economic structure.In the post-"land finance" period,if we do not take precautions in advance,it will restrain the sustainable development of China's economy and society.

  4. RISK OF PROFIT LOSS SHARING FINANCING: THE CASE OF INDONESIA

    Directory of Open Access Journals (Sweden)

    Ernawati Ernawati

    2016-02-01

    Full Text Available This study analyzes the risk of profit-and-loss sharing finance in Indonesian Islamic banking. Data used is secondary data obtained from the Financial Services Authority’s 2009-2014 publication. Financing risk is measured by risk return and opportunity cost. Results of the study show that risk return in mudharaba financing is more volatile than that in musharaka as it is potentially driven by agency problems. In all groups of banks, higher incomes are more promising in mudharaba than musharaka; but individually musharaka is more attractive to Islamic Rural Bank groups, and vice versa for the Sharia Bank groups. The one side it is more secure for Islamic banking to allocate funds in musharaka contract, which is an alternative to murabaha. However, musharaka contract is less attractive due to lower potential returns. Although high returns are more promising in mudaraba, this financing mode has higher risk of returns.DOI: 10.15408/aiq.v8i1.1793

  5. The Profitability – Risk Relationship and Financing Decision

    OpenAIRE

    Nityesh BHATT

    2007-01-01

    The enterprise financial decision is a rational process for option to the optimal variant related to financing and investments. For the capital investment to be justified, the profitability of the invested money must be at least equal with the profitability of the alternative investment opportunities with the same risk on market. The choosing of a way for financing is determined on the one side by their cost and on the other side by the existent capital structure. In this paper I tried to ana...

  6. Finance

    OpenAIRE

    2013-01-01

    Voici la 17e édition du Rapport moral sur l’argent dans le monde, publié chaque année depuis 1994 par l’Association d’économie financière avec le soutien de la Caisse des Dépôts. Abordant une nouvelle fois les grands débats qui traversent actuellement le monde de la finance, il se consacre dans un premier temps à la lutte contre la criminalité et les délits financiers, et plus particulièrement à la lutte contre la corruption, la délinquance dans la finance et la fraude fiscale. Dans un second...

  7. Evaluation Of The Risk Of Financing Projects Of Environmental Protection

    Directory of Open Access Journals (Sweden)

    Gabriela Cornelia PICIU

    2012-03-01

    Full Text Available The research project approaches multidimensionally the financing of environmental protection from the perspective of directing, correlating and consolidating the financial flows circumscribed to the regeneration of an economy affected by environmental deterioration due to the very activities defining the economic mechanisms and circuits. The purpose of the project is to identify, by scientific, methodological and empirical analysis of the concepts, principles and arguments imposed by the economic theory, the risks of financing the projects of environmental projects and to evaluate their effects because their neglecting, individual approach or erroneous dimensioning might have unfavourable and unforeseen consequences in terms of the efficiency of the environmental strategies and policies. The objective of the study is the reveal the interdependency and interaction between the flows and circuits financing the environmental projects, showing the necessity for punctual, distributive, correlative and multiplicative financing of the environmental protection. This must be done from an expanded and prospective spatial and temporal vision by a compositional approach of the risk for environmental investments within the complex network of the social, economic and financial risks generated by the global system of the human praxis focused on the binomial of the human-environment interdependence.

  8. Finance

    OpenAIRE

    2011-01-01

    Ces deux ouvrages tirent les enseignements de l’impact de la crise de la finance mondiale sur l’économie réelle et se focalisent, dans ce contexte, sur le financement du Mittelstand. Le banquier JASCHINSKI, lorsqu’il passe en revue le système bancaire allemand, constate ainsi que si les moyennes entreprises trouvent les crédits nécessaires auprès de leurs solides partenaires de toujours que sont les Sparkassen, les grandes sociétés, internationales, que compte le Mittelstand n’ont pas de part...

  9. Financing increasing flood risk: evidence from millions of buildings

    Science.gov (United States)

    Jongman, B.; Koks, E. E.; Husby, T. G.; Ward, P. J.

    2014-01-01

    The effectiveness of disaster risk management and financing mechanisms depends on the accurate assessment of current and future hazard exposure. The increasing availability of detailed data offers policy makers and the insurance sector new opportunities to understand trends in risk, and to make informed decisions on the ways to deal with these trends. In this paper we show how comprehensive property level information can be used for the assessment of exposure to flooding on a national scale, and how this information can contribute to discussions on possible risk financing practices. The case-study used is the Netherlands, which is one of the countries most exposed to flooding globally, and which is currently undergoing a debate on strategies for the compensation of potential losses. Our results show that flood exposure has increased rapidly between 1960 and 2012, and that the growth of the building stock and its economic value in flood prone areas has been higher than in not flood prone areas. We also find that property values in flood prone areas are lower than those in not flood prone areas. We argue that the increase in the share of economic value located in potential flood prone areas can have a negative effect on the feasibility of private insurance schemes in the Netherlands. The methodologies and results presented in this study are relevant for many regions around the world where the effects of rising flood exposure create a challenge for risk financing.

  10. Increasing flood exposure in the Netherlands: implications for risk financing

    Science.gov (United States)

    Jongman, B.; Koks, E. E.; Husby, T. G.; Ward, P. J.

    2014-05-01

    The effectiveness of disaster risk management and financing mechanisms depends on an accurate assessment of current and future hazard exposure. The increasing availability of detailed data offers policy makers and the insurance sector new opportunities to understand trends in risk, and to make informed decisions on ways to deal with these trends. In this paper we show how comprehensive property level information can be used for the assessment of exposure to flooding on a national scale, and how this information provides valuable input to discussions on possible risk financing practices. The case study used is the Netherlands, which is one of the countries most exposed to flooding globally, and which is currently undergoing a debate on strategies for the compensation of potential losses. Our results show that flood exposure has increased rapidly between 1960 and 2012, and that the growth of the building stock and its economic value in flood-prone areas has been higher than in non-flood-prone areas. We also find that property values in flood-prone areas are lower than those in non-flood-prone areas. We argue that the increase in the share of economic value located in potential flood-prone areas can have a negative effect on the feasibility of private insurance schemes in the Netherlands. The methodologies and results presented in this study are relevant for many regions around the world where the effects of rising flood exposure create a challenge for risk financing.

  11. Finance

    OpenAIRE

    Spremann, Klaus

    2007-01-01

    Bisher veröffentlicht unter dem Titel: "Modern Finance" Das Buch beinhaltet ebenso einige Portraits: Die didaktische Erfahrung lehrt, dass man sich wissenschaftliche Ergebnisse und Ansätze besser merken kann, wenn eine Assoziation zu jener Person bildlich konkret wird, der wir den betreffenden Denkansatz verdanken. Aus Fragen der Finanzierung und der Investitionsentscheidungen von Unternehmen ist in der Verschmelzung mit der Analyse von Kapitalmärkten ein grosses Gebiet entstanden, da...

  12. Risk Management: Coordinating Corporate Investment and Financing Policies

    OpenAIRE

    Kenneth A. Froot; David S. Scharfstein; Jeremy C. Stein

    1992-01-01

    This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent that it helps ensure that a corporation has sufficient internal funds available to take advantage of attractive investment opportunities. We then argue that this simple observation has wide ranging implica...

  13. Power generation: country risk and other financing issues

    International Nuclear Information System (INIS)

    Cassou, M.

    2000-01-01

    Larger banks are very familiar with power generation financing. However, financing nuclear power plants remains a very peculiar field where nothing is possible without an agreement between the country of the buyer (sovereign guarantee) and the country of the supplier (intervention of the Export Credit Agency). The banks involved in such financing will commit themselves for a very long period of time which will exceed the financial markets' standard capabilities. Therefore it is only the intervention of the Export Credit Agencies which will allow the implementation of the required financing. It is, in fact, impossible to by-pass the country risks for these operations. Who, in 1986, during the signing ceremony of the Daya Bay contract, in the Great Hall of the People in Beijing, would have imagined that, three years later, the tanks would be rolling in on the adjacent Tien An Men Square, to confront the students and that one of the consequences would be the re-scheduling of the credits granted to Bank of China? Nobody. The Power Generation, above all the nuclear one, is a long term process and, as ever, all the parameters are not known from the very beginning. This situation provides an ideal setting for a good combination of joys and shudders. (author)

  14. Finance

    OpenAIRE

    2013-01-01

    Régulièrement au cœur de l'actualité, les trois agences de notation (Standard & Poor's, Moody's et Fitch) règnent sur le monde de la finance internationale. Mais quelles sont-elles et à qui appartiennent-elles véritablement ? Détenues par de puissants fonds d'investissements, elles ont progressivement renforcé leurs rôles et pouvoirs. L'auteur interpelle le citoyen sur un système dans lequel les fonds d'investissements profitent des agences de notation (et de leur rôle de « gardien des marché...

  15. Finance

    OpenAIRE

    2008-01-01

    Les investisseurs financiers et a fortiori les hedge fonds sont accusés de tous les maux. Ces « sauterelles » tomberaient sur les entreprises allemandes pour s’enrichir en les dépeçant. Un journaliste économique du quotidien des affaires Frankfurter Allgemeine Zeitung publie là un portrait objectif et factuel de ces « nouvelles stars » de la finance mondiale. Un portrait de branche, doublé d’une analyse de l’impact sur le « capitalisme rhénan » de la montée en puissance de ces nouveaux acteur...

  16. Increasing stress on disaster risk finance due to large floods

    Science.gov (United States)

    Jongman, Brenden; Hochrainer-Stigler, Stefan; Feyen, Luc; Aerts, Jeroen; Mechler, Reinhard; Botzen, Wouter; Bouwer, Laurens; Pflug, Georg; Rojas, Rodrigo; Ward, Philip

    2014-05-01

    Recent major flood disasters have shown that single extreme events can affect multiple countries simultaneously, which puts high pressure on trans-national risk reduction and risk transfer mechanisms. To date, little is known about such flood hazard interdependencies across regions, and the corresponding joint risks at regional to continental scales. Reliable information on correlated loss probabilities is crucial for developing robust insurance schemes and public adaptation funds, and for enhancing our understanding of climate change impacts. Here we show that extreme discharges are strongly correlated across European river basins and that these correlations can, or should, be used in national to continental scale risk assessment. We present probabilistic trends in continental flood risk, and demonstrate that currently observed extreme flood losses could more than double in frequency by 2050 under future climate change and socioeconomic development. The results demonstrate that accounting for tail dependencies leads to higher estimates of extreme losses than estimates based on the traditional assumption of independence between basins. We suggest that risk management for these increasing losses is largely feasible, and we demonstrate that risk can be shared by expanding risk transfer financing, reduced by investing in flood protection, or absorbed by enhanced solidarity between countries. We conclude that these measures have vastly different efficiency, equity and acceptability implications, which need to be taken into account in broader consultation, for which our analysis provides a basis.

  17. THE EFFECT OF FUNDING AND RISK ON FINANCING DECISION Empirical Study of Islamic Banks in Indonesia

    Directory of Open Access Journals (Sweden)

    Sutrisno Sutrisno

    2016-07-01

    Full Text Available The purpose of this study was to analyze the effect of funding decisions and risk to financing decisions on Islamic banking in Indonesia. Funding decisions consists of variable wadia demand deposits (GWD, mudaraba saving deposit (TAB, and mudaraba time deposits (DEP. Risk is proxied by capital risk (CAR, liquidity risk (RR and FDR, and financing risk (NPF. While the financing decisions consists of murabaha financing, mudaraba financing, and Musharaka financing. Samples were taken from all Islamic banks operating in Indonesia by 11 Islamic banks, and quarterly data using multiple regression analysis. The results showed that DEP and TAB significant and positive impact on all of financing, while GWD significant and positive impact on murabahafinancing is however negatively affect to mudaraba and musharaka financing. CAR and RR a significant and negative effect on all of financing. NPF non significant effect on all financing decisions, while FDR significant and negative effect on mudaraba and musharaka financing, but no significant effect on murabaha financing

  18. Using Probabilistic Models to Appraise and Decide on Sovereign Disaster Risk Financing and Insurance

    OpenAIRE

    Ley-Borrás, Roberto; Fox, Benjamin D.

    2015-01-01

    This paper presents an overview of the structure of probabilistic catastrophe risk models, discusses their importance for appraising sovereign disaster risk financing and insurance instruments and strategy, and puts forward a model and a process for improving decision making on the linked disaster risk management strategy and sovereign disaster risk financing and insurance strategy. The pa...

  19. Energy finance to 2010: risks and opportunities for the industry and investors

    International Nuclear Information System (INIS)

    Nawaz, Sameer.

    1997-01-01

    Energy Finance to 2010, published by the Financial Times, covers all aspects of world wide energy finance. Topics reviewed in detail include an introduction to energy finance, energy infrastructure, private sector involvement, risk and precautions, the role of multilateral agencies, company investment strategies, and future trends and issues. (UK)

  20. Financing offshore projects: The banker's approach to risk

    International Nuclear Information System (INIS)

    Beldam, R.A.

    1994-01-01

    The author has attempted to consider why companies chose to share risks with banks and looked in particular at the unique risk sharing aspect of project financing and how this may be reflected in the loan documentation. He also has considered the current market place and examined some trends for the future. The future challenge in the North Sea is going to be to use existing and new technology to reduce capital and operating costs, balanced with optimal recovery and safety. From a bank perspective, this type of work is extremely satisfying, if challenging, and the author has no doubt banks will continue to play their part in the future of offshore development wherever it occurs around the world

  1. 75 FR 16821 - Housing Finance Agency Risk-Sharing Program

    Science.gov (United States)

    2010-04-02

    ...The proposed information collection requirement described below has been submitted to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. The Department is soliciting public comments on the subject proposal. Section 542(c) of the Risk Sharing Program authorizes qualified Housing Finance Agencies (HFAs) to underwrite and process loans. HUD provides full mortgage insurance on affordable multifamily housing project processed by HFAs under this program. Qualified HFAs are vested with the maximum amount of processing responsibilities. By entering into Risk-Sharing Agreement with HUD, HFAs contract to reimburse HUD for a portion of the loss from any defaults that occur while HUD insurance is in force.

  2. The Design and Risk Management of Structured Finance Vehicles

    Directory of Open Access Journals (Sweden)

    Sanjiv Das

    2016-10-01

    Full Text Available Special investment vehicles (SIVs, extremely popular financial structures for the creation of highly-rated tranched securities, experienced spectacular demise in the 2007-2008 financial crisis. These financial vehicles epitomize the shadow banking sector, characterized by high leverage, undiversified asset pools, and long-dated assets supported by short-term debt, thus bearing material rollover risk on their liabilities which led to defeasance. This paper models these vehicles, and shows that imposing leverage risk control triggers can be optimal for all capital providers, though they may not always be appropriate. The efficacy of these risk controls varies depending on anticipated asset volatility and fire-sale discounts on defeasance. Despite risk management controls, we show that a high failure rate is inherent in the design of these vehicles, and may be mitigated to some extent by including contingent capital provisions in the ex-ante covenants. Post the recent subprime financial crisis, we inform the creation of safer SIVs in structured finance, and propose avenues of mitigating risks faced by senior debt through deleveraging policies in the form of leverage risk controls and contingent capital.

  3. La technique de la titrisation : un outil pertinent de financement des industries minières ?

    OpenAIRE

    Yves Jégourel

    2015-01-01

    La stratégie d’intégration verticale des producteurs miniers nécessite de trouver les conditions de son financement. De nombreux schémas sont pour cela envisageables et la technique de la titrisation, bien que largement stigmatisée depuis la crise financière de 2008, doit être considérée. Plusieurs conditions doivent cependant être réunies et il est peu probable que la titrisation hors-bilan s’affirme, sous sa forme actuelle, comme un des modes importants de financement des capacités de produ...

  4. DSM [demand-side management] financing: Risks and incentives

    International Nuclear Information System (INIS)

    Dayton, D.S.

    1992-01-01

    Opportunities to make investments in demand side management (DSM) are widespread, especially among large, complex, energy-intensive customers. Acceptable economics are found for energy efficiency improvements, new construction or renovation, replacement of failing or obsolete equipment, and retrofit of existing facilities with more efficient equipment and operations. Market imperfections and technical limitations intrude on the DSM investment process. These intrusions are examined from a financial viewpoint by considering the return on investment and risks faced by the three potential investors in DSM opportunities: the customer, the utility, and the third party contractor or financier. These risks are illustrated by examining the cash flow of a typical project depicting a comprehensive energy efficiency installation in a medium to large industrial or institutional facility. The spread between the customer's risk/return ratio and that of the other two investors is shown to be surprisingly large. A utility role in marketing and financing, as opposed to direct subsidizing of customers or direct purchase of DSM resources from third parties, is explored as an efficient response to these realities. 2 figs., 3 tabs

  5. Research into specific risk assessment in project financing

    Directory of Open Access Journals (Sweden)

    Ivana Bestvina Bukvić

    2013-12-01

    Full Text Available An assessment of investment justification in terms of risk enables the decision maker (investor to select, among available alternatives, the one with the most favourable correlation between the expected profit and assumed risk. At the micro level, the uncertainty of business success is extremely high in production activities, which is an additional incentive for taking a comprehensive approach to the issue of investment decision-making and the development of risk assessment techniques applicable in this particular segment of industry. Given the complexity of the manufacturing process, the length of the production cycle, market conditions, and entity-specific risks (which are difficult to measure, projects in manufacturing industry require a detailed and comprehensive assessment of specific risk factors and their cost-effectiveness. Ne - vertheless, since specific risks can be diversified, investment proposal assessments in practice usually do not cover their quantification and analysis. However, the majority of business entities do not have enough active projects in various industries to be able to fully diversify their business and thus minimize the level of specific risks. The impact of specific factors becomes one of the most important elements for business success. This paper analyses how far risk assessment methods regarding specific risks are used in practice. Furthermore, it analyses the significance of specific risks for total investment risk. This study gives new insi - ghts into the significance of specific risks to the overall investment assessment and the need for permanent development of traditionally used investment assessment models.

  6. Beyond sectors, before the world : Finance, security and risk

    NARCIS (Netherlands)

    Kessler, Oliver

    While security and finance are certainly different social spheres, the fact that we can detect similar shifts in both points to the existence of something that precedes these 'realities'. If finance and security are said to be different, intertwined and related, the question then arises as to what

  7. Mathematical finance theory review and exercises from binomial model to risk measures

    CERN Document Server

    Gianin, Emanuela Rosazza

    2013-01-01

    The book collects over 120 exercises on different subjects of Mathematical Finance, including Option Pricing, Risk Theory, and Interest Rate Models. Many of the exercises are solved, while others are only proposed. Every chapter contains an introductory section illustrating the main theoretical results necessary to solve the exercises. The book is intended as an exercise textbook to accompany graduate courses in mathematical finance offered at many universities as part of degree programs in Applied and Industrial Mathematics, Mathematical Engineering, and Quantitative Finance.

  8. Risk reduction of international mining projects by means of investor consortia and diversification of external financing

    International Nuclear Information System (INIS)

    Kirchner, C.

    1982-01-01

    Investors and creditors of international mining projects bear specific risks which may be reduced by means of forming investor and financing consortia. Risk is defined for each actor separately. Project risk and investor risk respectively credit risk are useful categories in order to analyze risk reduction. In each case formation of consortia has a positive influence on the economic viability of the project, and thus reduces the project risk. Furthermore, formation of consortia leads to better compliance of the host country of the mining project with the project and financing agreements. Thus, investor and credit risk may be reduced. (orig.) [de

  9. 78 FR 52962 - 60-Day Notice of Proposed Information Collection: Housing Finance Agency Risk-Sharing Program

    Science.gov (United States)

    2013-08-27

    ... Information Collection: Housing Finance Agency Risk-Sharing Program AGENCY: Office of the Assistant Secretary... Finance Agency Risk- Sharing Program. OMB Approval Number: 2502-0500. Type of Request (i.e. new, revision... Secretary to implement risk sharing with State and local housing finance agencies (HFAs). Under this program...

  10. 78 FR 65696 - 30-Day Notice of Proposed Information Collection: Housing Finance Agency Risk-Sharing Program

    Science.gov (United States)

    2013-11-01

    ... Information Collection: Housing Finance Agency Risk-Sharing Program AGENCY: Office of the Chief Information... Information Collection: Housing Finance Agency Risk- Sharing Program. OMB Approval Number: 2502-0500. Type of... housing finance agencies (HFAs). Under this program, HUD provides full mortgage insurance on multifamily...

  11. 78 FR 64145 - 30-Day Notice of Proposed Information Collection: Housing Finance Agency Risk-Sharing Program

    Science.gov (United States)

    2013-10-25

    ... Information Collection: Housing Finance Agency Risk-Sharing Program AGENCY: Office of the Chief Information... Title of Information Collection: Housing Finance Agency Risk- Sharing Program. OMB Approval Number: 2502... sharing with State and local housing finance agencies (HFAs). Under this program, HUD provides full...

  12. Other Defense Organizations and Defense Finance and Accounting Service Controls Over High-Risk Transactions Were Not Effective

    Science.gov (United States)

    2016-03-28

    Defense Organizations and Defense Finance and Accounting Service Controls Over High-Risk Transactions Were Not Effective M A R C H 2 8 , 2 0 1 6...Defense Organizations and Defense Finance and Accounting Service Controls Over High-Risk Transactions Were Not Effective Visit us at www.dodig.mil... FINANCE AND ACCOUNTING SERVICE DIRECTOR, DEFENSE HEALTH AGENCY SUBJECT: Other Defense Organizations and Defense Finance and Accounting Service

  13. Financing, risk covering and sharing; Financement, couverture et partage des risques

    Energy Technology Data Exchange (ETDEWEB)

    Gouze, J.R. [Sinerg, Societe d`Investissement en Energie, 92 - Boulogne Billancourt (France)

    1996-07-01

    The risks and constraints of a cogeneration project are studied, and it is shown that investments in cogeneration are restrained by the technical complexity, the high financial costs and the industrial and economical risks. These risks are identified in the various phases of the project (design, realization and operation). An innovative investment solution, known as third-party-investment which offers the client all the technical and financial charges and the operating assistance, is presented. Technical and industrial risks are covered by assistance, insurance, supply contracts and covering contracts

  14. Financial services and disaster risk finance; Examples from the community level

    NARCIS (Netherlands)

    Warner, K.; Bouwer, L.M.; Ammann, W.

    2007-01-01

    Increased attention has recently been given to the possible role of financial services in the management of natural disaster risk. Local communities have been at the forefront of developing innovative disaster risk finance strategies and implementing risk-oriented incentive programs. In view of

  15. Radical uncertainty, non-predictability, antifragility and risk-sharing Islamic finance

    Directory of Open Access Journals (Sweden)

    Umar Rafi

    2016-12-01

    Full Text Available Under conditions of radical uncertainty, risk sharing renders financial systems anti-fragile. Our goal in this paper is to show that risk-sharing Islamic finance (RSIF shares the characteristics defined by Taleb for an anti-fragile system, by mapping some characteristics of anti-fragility onto those of risk-sharing Islamic finance. A key insight around which such a connection can be established is by relating the principle of “no risk-no gain”from Islamic finance to the concept of skin-in-the-game from anti-fragility theory. The relationship is then extended to other characteristics of the two frameworks, to show that RSIF overlaps with anti-fragility over many dimensions. The broader case for an antifragile system includes another important characteristic, namely “soul in the game” and concern for social justice. It is the authors’ hope that emerging research on anti-fragility, combined with the emerging research on RSIF, can have a lasting impact on the field of finance by laying the foundations for a compelling case that it is time for humanity to replace the dominant debt-based risk transfer/risk shifting financial system with a system in which everyone shares the risks faced by society. JEL: D81, D89, E44, F34, G32

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

    Directory of Open Access Journals (Sweden)

    S. Naumenkova

    2016-10-01

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

  17. On risk measures and decisions in insurance and finance

    NARCIS (Netherlands)

    Goovaerts, M.J.; Kaas, R.; Laeven, R.J.A.

    2009-01-01

    In this paper, we argue that a distinction exists between risk measures and decision principles. Though both are functionals assigning a real number to a random variable, we think there is a hierarchy between the two concepts. Risk measures operate on the first "level", quantifying the risk in the

  18. Risk pricing practices in finance, insurance and construction

    OpenAIRE

    Laryea, Samuel

    2008-01-01

    A review of current risk pricing practices in the financial, insurance and construction sectors is conducted through a comprehensive literature review. The purpose was to inform a study on risk and price in the tendering processes of contractors: specifically, how contractors take account of risk when they are calculating their bids for construction work. The reference to mainstream literature was in view of construction management research as a field of application rather than a fundamental ...

  19. Project financing renewable energy schemes

    International Nuclear Information System (INIS)

    Brandler, A.

    1993-01-01

    The viability of many Renewable Energy projects is critically dependent upon the ability of these projects to secure the necessary financing on acceptable terms. The principal objective of the study was to provide an overview to project developers of project financing techniques and the conditions under which project finance for Renewable Energy schemes could be raised, focussing on the potential sources of finance, the typical project financing structures that could be utilised for Renewable Energy schemes and the risk/return and security requirements of lenders, investors and other potential sources of financing. A second objective is to describe the appropriate strategy and tactics for developers to adopt in approaching the financing markets for such projects. (author)

  20. Decision Model on Financing a Project Using Knowledge about Risk Areas

    OpenAIRE

    Ioana POPOVICI; Emil SCARLAT; Francesco RIZZO

    2011-01-01

    The research presents an alternative to the classical method of measuring financial risk in funding a project. The goal of the model described in the paper implies identifying "risky areas" within the financial balance of the project. The model analysis the financial risk behavior studied along four scenarios by varying only the cost of financing source used according to the specific type of funding. The model introduces the time factor into the analysis of financial risk due to the specific ...

  1. Project financing

    International Nuclear Information System (INIS)

    Cowan, A.

    1998-01-01

    Project financing was defined ('where a lender to a specific project has recourse only to the cash flow and assets of that project for repayment and security respectively') and its attributes were described. Project financing was said to be particularly well suited to power, pipeline, mining, telecommunications, petro-chemicals, road construction, and oil and gas projects, i.e. large infrastructure projects that are difficult to fund on-balance sheet, where the risk profile of a project does not fit the corporation's risk appetite, or where higher leverage is required. Sources of project financing were identified. The need to analyze and mitigate risks, and being aware that lenders always take a conservative view and gravitate towards the lowest common denominator, were considered the key to success in obtaining project financing funds. TransAlta Corporation's project financing experiences were used to illustrate the potential of this source of financing

  2. Risk finance for catastrophe losses with Pareto-calibrated Lévy-stable severities.

    Science.gov (United States)

    Powers, Michael R; Powers, Thomas Y; Gao, Siwei

    2012-11-01

    For catastrophe losses, the conventional risk finance paradigm of enterprise risk management identifies transfer, as opposed to pooling or avoidance, as the preferred solution. However, this analysis does not necessarily account for differences between light- and heavy-tailed characteristics of loss portfolios. Of particular concern are the decreasing benefits of diversification (through pooling) as the tails of severity distributions become heavier. In the present article, we study a loss portfolio characterized by nonstochastic frequency and a class of Lévy-stable severity distributions calibrated to match the parameters of the Pareto II distribution. We then propose a conservative risk finance paradigm that can be used to prepare the firm for worst-case scenarios with regard to both (1) the firm's intrinsic sensitivity to risk and (2) the heaviness of the severity's tail. © 2012 Society for Risk Analysis.

  3. An Exploratory Study of the Effects of Project Finance on Project Risk Management : How the Distinguishing Attributes of Project Finance affects the Prevailing Risk Factor?

    OpenAIRE

    Chan, Ka Fai

    2011-01-01

    Project finance is a financing arrangement for projects, and it is characterised by the creation of a legally independent project company financed with non- or limited recourse loans. It is observed that the popularity of project finance is increasing in the recent decades, despite of the impact of Asian financial crisis. Especially in emerging markets, project finance is very common among the public-private partnership projects. It is possible that project finance yields some benefits in pro...

  4. Consumer Finance

    OpenAIRE

    Peter Tufano

    2009-01-01

    Although consumer finance is a substantial element of the economy, it has had a smaller footprint within financial economics. In this review, I suggest a functional definition of the subfield of consumer finance, focusing on four key functions: payments, risk management, moving funds from today to tomorrow (saving/investing), and from tomorrow to today (borrowing). I provide data showing the economic importance of consumer finance in the American economy. I propose a historical explanation fo...

  5. Finance and Management Services

    Science.gov (United States)

    Substance Misuse and Addiction Prevention Finance & Management Services Health Care Services Juvenile health care provider about vitamin D and the risks and benefits of supplementation. Finance and Management Services The Division of Finance and Management Services (FMS) provides financial, administrative

  6. Transfer of financial risk and alternative financing solutions.

    Science.gov (United States)

    Levitt, Jeffrey C

    2004-01-01

    The high cost of health care in the United States has created a number of alarming economic and social problems. It has contributed to a greater number of underinsured and uninsured individuals living in the United States, and forced people to either ration or not purchase the care they need. Accumulated medical debt is grossly disproportionate to the US median AGI, and accounted for at least 25 percent of all personal bankruptcies. For patients, a guaranteed loan program specifically for medical procedures and treatments with below market interest rates would help alleviate bankruptcies related to medical debt by lowering payments and extending the loan maturities. A guaranteed loan program would also improve the debt charge-off rate for medical providers that carry patient receivables and reduce the risk of their balance sheets. This might hold or reduce the rate at which health care inflation grows. The health care loan program could model the current student loan programs and produce significant economic and societal benefits.

  7. Privatization: The Use of Risk, Economic and Finance Models to Ensure Its Success

    International Nuclear Information System (INIS)

    Jaksch, John A.; Weimar, Mark R.; Young, Joan K.; Taylor, William J.; Furlong, Peter T.; Feldman, Roger D.; Diprinzio, Ray

    2001-01-01

    The article describes the use of risk, economic and financial models as they were used to help DOE in their decision-making processes on TWRS Privatization. The article describes how the models were used to allocate risk between the contractor and DOE, evaluate whether DOE should accept certain risk allocations, how the economic and financial models were used to evaluate whether the government was receiving the best bid price and whether any money was being saved by using privatization, and evaluated alternative financing schemes. The paper also describes how the financial model was used to evaluate and negotiate the pricing structure which became a part of the contract.

  8. 工程项目的融资风险管理研究%Financing risk management research project

    Institute of Scientific and Technical Information of China (English)

    王永嘉; 陈璐

    2014-01-01

    The project financing risk management is a very important aspect of project management,in order to strengthen the management of the project financing risk,the paper detailed the financing risk management process describes the project,and the risk financing process analyzed simultaneously to find the financing process problems,and for the emergence of the problem,a project to promote the development of the main financing risk management measures,thus contributing to strengthen risk management and financing of the project.%工程项目的融资风险管理是工程项目管理的一个非常重要的方面,为了加强对工程项目融资风险的管理,本文详细的介绍工程项目的融资风险管理过程,并对融资过程中的风险进行了分析,同时找出了融资过程中出现的问题,并针对出现的问题,提出了促进工程项目融资风险管理发展的主要对策。

  9. Public policy and risk financing strategies for global catastrophe risk management - the role of global risk initiatives

    Science.gov (United States)

    McSharry, Patrick; Mitchell, Andrew; Anderson, Rebecca

    2010-05-01

    Decision-makers in both public and private organisations depend on accurate data and scientific understanding to adequately address climate change and the impact of extreme events. The financial impacts of catastrophes on populations and infrastructure can be offset through effective risk transfer mechanisms, structured to reflect the specific perils and levels of exposure to be covered. Optimal strategies depend on the likely socio-econonomic impact, the institutional framework, the overall objectives of the covers placed and the level of both the frequency and severity of loss potential expected. The diversity of approaches across different countries has been documented by the Spanish "Consorcio de Compensación de Seguros". We discuss why international public/private partnerships are necessary for addressing the risk of natural catastrophes. International initiatives such as the Global Earthquake Model (GEM) and the World Forum of Catastrophe Programmes (WFCP) can provide effective guidelines for constructing natural catastrophe schemes. The World Bank has been instrumental in the creation of many of the existing schemes such as the Turkish Catastrophe Insurance Pool, the Caribbean Catastrophe Risk Insurance Facility and the Mongolian Index-Based Livestock Insurance Program. We review existing schemes and report on best practice in relation to providing protection against natural catastrophe perils. The suitability of catastrophe modelling approaches to support schemes across the world are discussed and we identify opportunities to improve risk assessment for such schemes through transparent frameworks for quantifying, pricing, sharing and financing catastrophe risk on a local and global basis.

  10. Multi-factor models and signal processing techniques application to quantitative finance

    CERN Document Server

    Darolles, Serges; Jay, Emmanuelle

    2013-01-01

    With recent outbreaks of multiple large-scale financial crises, amplified by interconnected risk sources, a new paradigm of fund management has emerged. This new paradigm leverages "embedded" quantitative processes and methods to provide more transparent, adaptive, reliable and easily implemented "risk assessment-based" practices.This book surveys the most widely used factor models employed within the field of financial asset pricing. Through the concrete application of evaluating risks in the hedge fund industry, the authors demonstrate that signal processing techniques are an intere

  11. Project finance risk evaluation of the Electric power industry of Serbia

    International Nuclear Information System (INIS)

    Makajic Nikolic, Dragana; Jednak, Sandra; Benkovic, Sladana; Poznanic, Vladimir

    2011-01-01

    From the aspect of the development of a country, the energy sector represents a domain of strategic interest. Generation and use of energy resources most often belongs to the public sector, and are most often under the influence of the government in most countries. This paper analyzes the risks that are characteristic to the business of the public enterprise, Electric Power Industry of Serbia (EPS). EPS has started its restructuring and is adjusting to changes and challenges imposed by the launched reforms in the energy sector. However, due to certain limitations, it is still not possible to implement its complete restructuring and modernization. The paper aims to point at the risks a potential strategic partner faces. The risks have been identified as commercial, financial and political, classification immanent for project finance, and their evaluation was done using Failure Mode and Effects Analysis (FMEA). Risk analysis was performed based on current conditions for two potential scenarios that predict different types of changes in the analyzed period. The results of the analysis show that the potential strategic partner should pay special attention to price risks, estimation, investments, project activity neglect, quasi-risks and debt collection. - Highlights: → Paper analyze all risks characteristic for business running of the public enterprise EPS. → Potential strategic partner faces with the commercial, financial and political risks. → Risk analysis was done using FMEA. → Results are indicating high risk of investing in EPS. → The highest risks are commercial risks, especially price risks.

  12. Project Financing Strategy and Risk Control%项目融资策略及风险防范探讨

    Institute of Scientific and Technical Information of China (English)

    张军

    2013-01-01

      文章对项目融资模式的各种风险进行分析,并提出相应的风险防范对策。为此,在项目融资过程中,要根据项目战略决定其融资策略,继而选择适合自己的最佳资本结构和融资方式,防范项目风险。%This paper analyzes the various risks of project financing mode, And proposes the corresponding risk prevention measures. Therefore, in the process of financing, according to firms' own development strategy to determine their financing strategy, th us choose the appropriate optimal capital structure and financing mode, to prevent the project risk.

  13. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

  14. The contribution of industry to complementary financing of nuclear liability risk

    International Nuclear Information System (INIS)

    Delpirou, D.

    1993-01-01

    The members of OPEN (Association of Nuclear Energy Producers) and UNIPEDE (International Union of Producers and Distributors of Electrical Energy) consider that the creation of a pooling system intended to have industry provide complementary financing of nuclear liability risk cannot be taken for granted at the current stage of discussions. If such a system was set-up, it should respect the following principles: free organization of pools by operators and voluntary association of members; creation of pools on a regional basis; setting of a reasonable maximum contribution for each nuclear installation; system of post event contributions; flexible and economic management of funds

  15. The 'bankability' of the new waste technologies: an econometric method for risk sharing in private finance waste contracts.

    Science.gov (United States)

    Black, I; Seaton, R; Chackiath, S; Wagland, S T; Pollard, S J T; Longhurst, P J

    2011-12-01

    The identification of risk and its appropriate allocation to partners in project consortia is essential for minimizing overall project risks, ensuring timely delivery and maximizing benefit for money invested. Risk management guidance available from government bodies, especially in the UK, does not specify methodologies for quantitative risk assessment, nor does it offer a procedure for allocating risk among project partners. Here, a methodology to quantify project risk and potential approaches to allocating risk and their implications are discussed. Construction and operation of a waste management facility through a public-private finance contract are discussed. Public-private partnership contracts are special purpose vehicle (SPV) financing methods promoted by the UK government to boost private sector investment in facilities for public service enhancement. Our findings question the appropriateness of using standard deviation as a measure for project risk and confirm the concept of portfolio theory, suggesting the pooling of risk can reduce total risk and its impact.

  16. State of the art in benefit-risk analysis: economics and marketing-finance.

    Science.gov (United States)

    Kalogeras, N; Odekerken-Schröder, G; Pennings, J M E; Gunnlaugsdóttir, H; Holm, F; Leino, O; Luteijn, J M; Magnússon, S H; Pohjola, M V; Tijhuis, M J; Tuomisto, J T; Ueland, Ø; White, B C; Verhagen, H

    2012-01-01

    All market participants (e.g., investors, producers, consumers) accept a certain level of risk as necessary to achieve certain benefits. There are many types of risk including price, production, financial, institutional, and individual human risks. All these risks should be effectively managed in order to derive the utmost of benefits and avoid disruption and/or catastrophic economic consequences for the food industry. The identification, analysis, determination, and understanding of the benefit-risk trade-offs of market participants in the food markets may help policy makers, financial analysts and marketers to make well-informed and effective corporate investment strategies in order to deal with highly uncertain and risky situations. In this paper, we discuss the role that benefits and risks play in the formation of the decision-making process of market-participants, who are engaged in the upstream and downstream stages of the food supply chain. In addition, we review the most common approaches (expected utility model and psychometrics) for measuring benefit-risk trade-offs in the economics and marketing-finance literature, and different factors that may affect the economic behaviour in the light of benefit-risk analyses. Building on the findings of our review, we introduce a conceptual framework to study the benefit-risk behaviour of market participants. Specifically, we suggest the decoupling of benefits and risks into the separate components of utilitarian benefits, hedonic benefits, and risk attitude and risk perception, respectively. Predicting and explaining how market participants in the food industry form their overall attitude in light of benefit-risk trade-offs may be critical for policy-makers and managers who need to understand the drivers of the economic behaviour of market participants with respect to production, marketing and consumption of food products. Copyright © 2011 Elsevier Ltd. All rights reserved.

  17. Analysis of The Influence of Liquidity, Credit and Operational Risk, in Indonesian Islamic Bank’s Financing for The Period 2007-2013

    Directory of Open Access Journals (Sweden)

    Ousmane Diallo

    2015-12-01

    Full Text Available The purpose of this paper is to analyze the influence of credit, liquidity and operational risks in six Indonesian’s islamic banking financing products namely mudharabah, musyarakah, murabahah, istishna, ijarah and qardh, in order to try to discover whether or not Indonesian islamic banking is based on the “risk-sharing” system. This paper relies on a fixed effect model test based on the panel data analysis method, focusing on the period from 2007 to 2013. The research is an exploratory and descriptive study of all the Indonesian islamic banks that were operating in 2013. The results of this study show that the Islamic banking system in Indonesia truly has banking products based on “risk-sharing.” We found out that credit, operational and liquidity risks as a whole, have significant influence on mudarabah, musyarakah, murabahah, istishna, ijarah and qardh based financing. There is a correlation between the credit risk and mudarabah based financing, and no causal relationship between the credit risk and musharaka, murabahah, ijarah, istishna and qardh based financing. There is also correlation between the operational risk and mudarabah and murabahah based financing, and no causal relationship between the operational risk and musharaka, istishna, ijarah and qardh based financing. There is correlation between the liquidity risk and istishna based financing, and no causal relationship between the liquidity risk and musharaka, mudarabah, murabahah, ijarah and qardh based financing. A major implication of this study is the fact that there is no causal relationship between the credit risk and musharakah based financing, which is the mode of financing where the islamic bank shares the risk with its clients, but there is an influence of credit risk toward mudarabah mode financing, a financing mode where the Islamic bank bears all the risk. These findings can lead us to conclude that the Indonesian Islamic banking sector is based on the “risk

  18. Increasing stress on disaster-risk finance due to large floods

    Science.gov (United States)

    Jongman, Brenden; Hochrainer-Stigler, Stefan; Feyen, Luc; Aerts, Jeroen C. J. H.; Mechler, Reinhard; Botzen, W. J. Wouter; Bouwer, Laurens M.; Pflug, Georg; Rojas, Rodrigo; Ward, Philip J.

    2014-04-01

    Recent major flood disasters have shown that single extreme events can affect multiple countries simultaneously, which puts high pressure on trans-national risk reduction and risk transfer mechanisms. So far, little is known about such flood hazard interdependencies across regions and the corresponding joint risks at regional to continental scales. Reliable information on correlated loss probabilities is crucial for developing robust insurance schemes and public adaptation funds, and for enhancing our understanding of climate change impacts. Here we show that extreme discharges are strongly correlated across European river basins. We present probabilistic trends in continental flood risk, and demonstrate that observed extreme flood losses could more than double in frequency by 2050 under future climate change and socio-economic development. We suggest that risk management for these increasing losses is largely feasible, and we demonstrate that risk can be shared by expanding risk transfer financing, reduced by investing in flood protection, or absorbed by enhanced solidarity between countries. We conclude that these measures have vastly different efficiency, equity and acceptability implications, which need to be taken into account in broader consultation, for which our analysis provides a basis.

  19. Financing agribusiness: Insurance coverage as protection against credit risk of warehouse receipt collateral

    Directory of Open Access Journals (Sweden)

    Jovičić Daliborka

    2017-01-01

    Full Text Available Financing agribusiness by warehouse receipts allows the agricultural producers to obtain working capital on the basis of agricultural products stored in licensed warehouses, as collateral. The implementation of the system of licensed warehouses and issuance of warehouse receipts as collateral for obtaining a bank loan is supported by the European Bank for Reconstruction and Development and it has had positive results in the neighbouring countries. The precondition for financing this project was to establish a Compensation Fund for providing insurance coverage for licensed warehouses against professional liability. However, in the lack of an adequate legal framework, the operational risk is possible to occur. Bearing in mind that Serbia has a tradition in insurance industry and a number of operating insurance companies, the issue is that of the economic benefit and the method of insuring against this risk. The paper will present a detailed analysis of the operation of the Fund, capital requirement, solvency margin and a critical review of the Law on Public Warehouses which regulates the rights and obligations of the Compensation Fund in the case of loss occurrence.

  20. Qualitative techniques for managing operational risk

    OpenAIRE

    Delfiner, Miguel; Pailhé, Cristina

    2009-01-01

    Qualitative techniques are essential tools for identifying and assessing operational risk (OR). Their relevance in assessing OR can be understood due to the lack of a quantitative static model capable of capturing the dynamic operational risk profile which is shaped by managerial decisions. An operational risk profile obtained solely from historical loss data could further change due to corrective actions implemented by the bank after the occurrence of those events. This document introduces s...

  1. Financing and insurance problems

    International Nuclear Information System (INIS)

    Laurenge, M.-T.

    1975-01-01

    The author analyses the papers presented at the Paris Conference on the maturity of nuclear energy. It is evident that financing possibilities will be a determinant factor in the rate of development of nuclear power during the years to come. After having evaluated the capital requirements necessitated for the development of nuclear programmes, the parties intervening have examined the means at the disposal of electricity manufacturers to meet these needs (self-financing, recourse to external financing, regrouping, on an international scale of the electricity manufacturers of the setting up of high capacity plants). As concerns the insurance problems, they are becoming more and more involved as nuclear applications, are further diversified and intensified. The parties intervening have discussed new tarification techniques likely to be applied and pointed out the possibilities offered by regrouping or pooling of insurers (Market Pool) which allow for a maximum of risks to be covered without exceeding the means proper to each company concerned [fr

  2. Forecast Based Financing for Managing Weather and Climate Risks to Reduce Potential Disaster Impacts

    Science.gov (United States)

    Arrighi, J.

    2017-12-01

    There is a critical window of time to reduce potential impacts of a disaster after a forecast for heightened risk is issued and before an extreme event occurs. The concept of Forecast-based Financing focuses on this window of opportunity. Through advanced preparation during system set-up, tailored methodologies are used to 1) analyze a range of potential extreme event forecasts, 2) identify emergency preparedness measures that can be taken when factoring in forecast lead time and inherent uncertainty and 3) develop standard operating procedures that are agreed on and tied to guaranteed funding sources to facilitate emergency measures led by the Red Cross or government actors when preparedness measures are triggered. This presentation will focus on a broad overview of the current state of theory and approaches used in developing a forecast-based financing systems - with a specific focus on hydrologic events, case studies of success and challenges in various contexts where this approach is being piloted, as well as what is on the horizon to be further explored and developed from a research perspective as the application of this approach continues to expand.

  3. The Risk of Imbalances in the Financing of Social Protection in the Context of Demographic Ageing

    Directory of Open Access Journals (Sweden)

    Vergil Voineagu

    2008-01-01

    Full Text Available In the next decades, developed countries will experience dramatic changes in their demographic trends. The retirement of the wide baby-boom generations, the increase in life expectancy and the decline in fertility ratios are likely to modify the size and the age-structure of their populations. The expected population ageing in European countries will burden the pension systems, especially wherever the pay-as-you-go pillar is predominant. Recently, migration has received a widespread attention as a solution to expected population decline and ageing in these countries. The flow of (young migrants to developed countries is perceived as a means to alleviate the financial burden of pension systems. The aim of this contribution is to clarify the issue of aging on labour and capital markets in a macroeconomic perspective. A special attention is given to the risk of imbalances in the financing of social protection in the context of demographic ageing.

  4. Financing Vidalia

    International Nuclear Information System (INIS)

    Lagassa, G.

    1991-01-01

    This article examines the innovative techniques the participants in the Vidalia, Mississippi hydropower project used to overcome the numerous obstacles to the financing of the project. The topics of the article are early obstacles, funding and permitting, hydrology questions, matching income to debt, unorthodox provisions and a tough closing

  5. Computational Finance

    DEFF Research Database (Denmark)

    Rasmussen, Lykke

    One of the major challenges in todays post-crisis finance environment is calculating the sensitivities of complex products for hedging and risk management. Historically, these derivatives have been determined using bump-and-revalue, but due to the increasing magnitude of these computations does...

  6. INVESTMENT FINANCING THROUGH THE "PROJECT FINANCE"

    OpenAIRE

    Molina Arenaza, Hércules; Del Carpio Gallegos, Javier

    2014-01-01

    This article analizes and compares the various aspects related to the "Project Finance" technique using projects financing in the Capital Market, both in developed countries and in developing countries. Likewise, the application's technique is illustrated by Antamina mining enterprise. El artículo analiza y compara los diferentes aspectos relacionados con la técnica del Project finance usado en el financiamiento de proyectos en el mercado de capitales, tanto en los países desarrollados com...

  7. Risk assessment techniques for civil aviation security

    Energy Technology Data Exchange (ETDEWEB)

    Tamasi, Galileo, E-mail: g.tamasi@enac.rupa.i [Ente Nazionale per l' Aviazione Civile-Direzione Progetti, Studi e Ricerche, Via di Villa Ricotti, 42, 00161 Roma (Italy); Demichela, Micaela, E-mail: micaela.demichela@polito.i [SAfeR-Centro Studi su Sicurezza, Affidabilita e Rischi, Dipartimento di Scienza dei Materiali e Ingegneria Chimica, Politecnico di Torino, Corso Duca degli Abruzzi, 24, 10129 Torino (Italy)

    2011-08-15

    Following the 9/11 terrorists attacks in New York a strong economical effort was made to improve and adapt aviation security, both in infrastructures as in airplanes. National and international guidelines were promptly developed with the objective of creating a security management system able to supervise the identification of risks and the definition and optimization of control measures. Risk assessment techniques are thus crucial in the above process, since an incorrect risk identification and quantification can strongly affect both the security level as the investments needed to reach it. The paper proposes a set of methodologies to qualitatively and quantitatively assess the risk in the security of civil aviation and the risk assessment process based on the threats, criticality and vulnerabilities concepts, highlighting their correlation in determining the level of risk. RAMS techniques are applied to the airport security system in order to analyze the protection equipment for critical facilities located in air-side, allowing also the estimation of the importance of the security improving measures vs. their effectiveness.

  8. Risk assessment techniques for civil aviation security

    International Nuclear Information System (INIS)

    Tamasi, Galileo; Demichela, Micaela

    2011-01-01

    Following the 9/11 terrorists attacks in New York a strong economical effort was made to improve and adapt aviation security, both in infrastructures as in airplanes. National and international guidelines were promptly developed with the objective of creating a security management system able to supervise the identification of risks and the definition and optimization of control measures. Risk assessment techniques are thus crucial in the above process, since an incorrect risk identification and quantification can strongly affect both the security level as the investments needed to reach it. The paper proposes a set of methodologies to qualitatively and quantitatively assess the risk in the security of civil aviation and the risk assessment process based on the threats, criticality and vulnerabilities concepts, highlighting their correlation in determining the level of risk. RAMS techniques are applied to the airport security system in order to analyze the protection equipment for critical facilities located in air-side, allowing also the estimation of the importance of the security improving measures vs. their effectiveness.

  9. Risk Assessment of Logistics Finance Based on AHP%基于AHP的物流金融风险评估

    Institute of Scientific and Technical Information of China (English)

    代剑环; 闫英; 付林

    2016-01-01

    根据物流金融风险影响因素的特点,从银行角度,运用层次分析法,构建物流金融风险评估体系与模型,对物流金融的风险来源进行归纳与总结,找出其中的关键因素,剖析影响因素及原因,为银行在开展物流金融业务的过程中识别、评价和规避风险提供依据,并为银行决策提供理论支持。%The paper established a risk assessment system and model of logistics finance,from the angle of the bank,utili-zing analytic hierarchy process according to the factors influnencing the risk of logistics finance,concluded the source of logistics finance risk,found out the major factors,analyzed the correlative elements and causes,providing justification for the bank to iden-tify,estimate as well as avoid risks in the process of providing logistics-financing business,and offering theoretical support for banking decision.

  10. Environmental policies and risk finance in the green sector: Cross-country evidence

    International Nuclear Information System (INIS)

    Criscuolo, Chiara; Menon, Carlo

    2015-01-01

    This paper provides a detailed description of venture capital investment in the green sector across 29 countries over the period 2005–2010, and identifies the role that policies might play in explaining observed cross-country differences. The analysis is based on a deal-level database of businesses seeking financing, combined with indicators of renewable policies and government R&D expenditures. The econometric analysis relates the number of deals and their volumes in a country to deployment and supply policies using count data and limited dependent variable (Tobit) models. The results suggest that both supply side policies and environmental deployment policies, designed with a long-term perspective of creating a market for environmental technologies, are associated with higher levels of venture capital relative to more short-term fiscal policies. When focusing on policies related to renewable energy generation, the results confirm the positive association of generous feed-in tariffs (FITs) with venture capital investment. However, in the solar sector excessively generous FITs tend to discourage investment, perhaps reflecting a lack of credibility over the longer term. Thus, both sets of results point to long-term policy stability, sustainability and credibility as important policy features to ensure Venture capital backing of innovative and risky ventures in a country's green sector. -- Highlights: •Risk-finance in the green sector is likely to face more challenges than in other hi-tech sectors. •Supply and deployment policies are associated with more investments relative to fiscal policies. •FITs have a positive effect, but in the solar sector very generous FITs discourage investments

  11. Behavioral finance: Finance with normal people

    Directory of Open Access Journals (Sweden)

    Meir Statman

    2014-06-01

    Behavioral finance substitutes normal people for the rational people in standard finance. It substitutes behavioral portfolio theory for mean-variance portfolio theory, and behavioral asset pricing model for the CAPM and other models where expected returns are determined only by risk. Behavioral finance also distinguishes rational markets from hard-to-beat markets in the discussion of efficient markets, a distinction that is often blurred in standard finance, and it examines why so many investors believe that it is easy to beat the market. Moreover, behavioral finance expands the domain of finance beyond portfolios, asset pricing, and market efficiency and is set to continue that expansion while adhering to the scientific rigor introduced by standard finance.

  12. The Determinants of Debt Financing

    OpenAIRE

    Zhao, Chenkai

    2013-01-01

    Debt financing is an important part in capital structure. Over the fifty years, most scholars and researchers focus primarily on the balance between debt financing and equity financing. And only few research involve in types of debt financing, as well as the determinant of debt financing. This study is aim to analyse the determinate of debt financing, which examine that the influence by eight different elements. This dissertation examined by quantitative techniques with 591 UK listed comp...

  13. Credit Risk Analysis of Local Government Financing Platform – An empirical study based on KMV model

    Directory of Open Access Journals (Sweden)

    Zhou Tingting

    2015-01-01

    Full Text Available The local government financing platform is set up by local government through state-owned assets, real estate and equity capital. The functions of these companies are financing, construction, operation, the repaying debts. The local government financing platform can broaden the financing channels of local government in a great extent; alleviate the pressure of capital requirement. But at the same time, with the gradual expansion of the scale of debt, a series of problems has arisen: the amount of financing platform companies is huge, debt repayment depends too much on real estate price, the integration of government administration with enterprise, capital injection, and accounts of these companies are not well exposed. Once these problems outbreak, it may cause a series of financial crises, thereby threaten the entire banking industry even the healthy development of the national economy.

  14. What is project finance?

    OpenAIRE

    João M. Pinto

    2017-01-01

    Project finance is the process of financing a specific economic unit that the sponsors create, in which creditors share much of the venture’s business risk and funding is obtained strictly for the project itself. Project finance creates value by reducing the costs of funding, maintaining the sponsors financial flexibility, increasing the leverage ratios, avoiding contamination risk, reducing corporate taxes, improving risk management, and reducing the costs associated with market ...

  15. Quantitative modeling of operational risk in finance and banking using possibility theory

    CERN Document Server

    Chaudhuri, Arindam

    2016-01-01

    This book offers a comprehensive guide to the modelling of operational risk using possibility theory. It provides a set of methods for measuring operational risks under a certain degree of vagueness and impreciseness, as encountered in real-life data. It shows how possibility theory and indeterminate uncertainty-encompassing degrees of belief can be applied in analysing the risk function, and describes the parametric g-and-h distribution associated with extreme value theory as an interesting candidate in this regard. The book offers a complete assessment of fuzzy methods for determining both value at risk (VaR) and subjective value at risk (SVaR), together with a stability estimation of VaR and SVaR. Based on the simulation studies and case studies reported on here, the possibilistic quantification of risk performs consistently better than the probabilistic model. Risk is evaluated by integrating two fuzzy techniques: the fuzzy analytic hierarchy process and the fuzzy extension of techniques for order prefere...

  16. Mainstreaming Disaster Risk Management for Finance: Application of Real Options Method for Disaster Risk Sensitive Project

    Directory of Open Access Journals (Sweden)

    KUSDHIANTO SETIAWAN

    Full Text Available This paper discusses the application of real options analysis for a project that is in the process of construction and was affected by a natural disaster. The use of the analytical method has become a way of thinking in making decisions that should be taught to business school students. The case in this paper is based on an MBA thesis at the University of Gadjah Mada that was intended as a showcase for application of real options to address real business problems. It shows one of the strategies in mainstreaming disaster risk management in the business school that also answers the needs of businesses in the disaster-prone country.

  17. NPS transportation innovative finance options

    Science.gov (United States)

    2013-05-01

    This paper provides a summary of innovative transportation finance techniques and discusses their applicability to the National Park Service (NPS). The primary finding of this analysis is that while NPS is engaging in innovative finance techniques su...

  18. Household Finance

    OpenAIRE

    Campbell, John

    2006-01-01

    The welfare benefits of financial markets depend in large part on how effectively households use these markets. The study of household finance is challenging because household behavior is difficult to measure accurately, and because households face constraints that are not captured by textbook models, including fixed costs, uninsurable income risk, borrowing constraints, and contracts that are non-neutral with respect to inflation. Evidence on participation, diversification, and the exercise ...

  19. Statistics for Finance

    DEFF Research Database (Denmark)

    Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard

    Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical...... and mathematical techniques, including linear and nonlinear time series analysis, stochastic calculus models, stochastic differential equations, Itō’s formula, the Black–Scholes model, the generalized method-of-moments, and the Kalman filter. They explain how these tools are used to price financial derivatives...

  20. Evolution of a seismic risk assessment technique

    International Nuclear Information System (INIS)

    Wells, J.E.; Cummings, G.E.

    1985-01-01

    To assist the NRC in its licensing evaluation role the Seismic Safety Margins Research Program (SSMRP) was started at LLNL in 1978. Its goal was to develop tools and data bases to evaluate the probability of earthquake caused radioactive releases from commercial nuclear power plants. The methodology was finalized in 1982 and a seismic risk assessment of the Zion Nuclear Power Plant was finished in 1983. Work continues on the study of the LaSalle Boiling Water Reactor. This paper will discuss some of the effects of the assumptions made during development of the systems analysis techniques used in SSMRP in light of the results obtained on studies to date. 5 refs

  1. Financing options for small hydro projects

    International Nuclear Information System (INIS)

    Shepherd, J.C.

    1993-01-01

    Examples and techniques used to enhance the ability to finance small hydro projects, or to finance them in non-standard ways, were discussed. It was suggested that factors that motivate investors, namely the maximization of the rate of return on capital, and minimization of risk, should be the primary concern for any would-be developer. A responsible, conservative approach to financial projections was recommended as the best to impress potential investors

  2. Risk measurement for oil and gas exploration: the marriage of geological and financial techniques

    Energy Technology Data Exchange (ETDEWEB)

    Stauffer, T.

    2002-09-01

    A method is presented for fully risking projects, such as exploration ventures or the acquisition of undeveloped reserves. The expected value of an exploration project overstates the 'value', because it does not reflect the uncertainty in the project, as measured by its variance or standard deviation. if the expected value is calculable, then the risk-adjusted value (RAV) can also be calculated. The RAV depends additionally upon the size of the exploration budget, compared with the project, and also upon the 'price of risk'. That price is incorporated from the finance literature. The technique permits answering three related questions: 1) the risk-adjusted rate of return for a given project; 2) the risk-adjusted value of that project; or 3) the risk premium appropriate for a particular project, given the size of the firm's exploration budget. (author)

  3. Financing energy projects in Africa

    International Nuclear Information System (INIS)

    Godier, Kevin; Marks, Jon

    1999-12-01

    Contains Executive Summary and Chapters on: Overview of financing trends in Africa; Multilateral support - Bedrock of Africa's first generation energy projects; ECA insurance and financing; Bilateral development finance; Offshore commercial bank lending; Local commercial bank finance; Capital markets; Legal ramifications ; Risk factors; Conclusions. (Author)

  4. FINANCING RENEWABLE ENERGY SOURCES INVESTMENT IN POLAND

    Directory of Open Access Journals (Sweden)

    Jerzy Piotr Gwizdała

    2017-09-01

    Full Text Available In Poland, as in other European Union countries, the project finance structure is used to finance investments in the field of energy. This method investment financing is often used in the world. The upward trend inhibition in recent periods has been due to the global financial crisis and financial instability in the euro zone. On account of the necessity to develop the energy infrastructure associated with renewable sources, the considerable strengthening in the use of project finance techniques can be expected. The particular progression may be observed in the case of public-private partnership (ppp, where public investments are carried out by private companies. Companies, in case of investment realization in the field of ppp, almost always use project finance, because it is a beneficial way to separate the risks associated with an investment from the balance sheet of the compa-ny.

  5. Finance et risque aux Etats-Unis : vers une nouvelle frontière ? Finance and Risk in the USA: A New Frontier?

    Directory of Open Access Journals (Sweden)

    Christine Zumello

    2010-03-01

    Full Text Available Cet article aborde la question de l’évaluation et de l’anticipation du risque sur les marchés financiers aux États-Unis. Les différents types de risque sont analysés ainsi que les principales méthodes utilisées pour les évaluer. La crise des subprimes qui a marqué la fin du second mandat de G.W. Bush a semblé déboucher sur une crise systémique. Parmi les différentes strates de risque, le plus grave est celui qui porte le système financier et économique au naufrage. Les conditions de la remise en cause du système suite à des prises de risque ou une absence de contrôle rigoureux du risque posent la question de l’équilibre entre la sphère politique et la sphère financière.This article raises the question of the evaluation and anticipation of risk on financial markets in the United States. The various types of risk are analysed as well as the main methods used to measure risk. The subprime crisis which dominated the end of the second G.W. Bush presidential term seemed to bring the whole financial and economic system to the brink of collapse. The central notion of the measure and control of risk hinges on the role of the political sphere versus the financial sphere.

  6. Financing energy projects: experience of the International Finance Corporation

    International Nuclear Information System (INIS)

    Bond, Gary; Carter, Laurence

    1995-01-01

    This paper provides an overview of the recent trend towards private ownership and financing of power projects in the developing countries, focusing on the role played by both private and public agencies in meeting the large financing challenges. The paper draws upon the operational experience of the International Finance Corporation, which has been involved in the financing of more than 30 private power projects in the developing countries over the past three decades. Among the issues that affect implementation of private power projects is the balancing of risk and reward to equity investors and to commercial lenders. The paper discusses the principal sources of risk and the strategies used to manage them. A related issue is the competition for capital on the international markets, and the techniques that are being devised to bring more finance to the power sector. Finally, the paper considers the role of government in bringing private investors to the power sector, and the approaches being adopted to balance the needs of investors with the needs of the public. (author)

  7. Satellite Monitoring for Early Warning and Triggering Disaster Risk Financing in Uganda

    Science.gov (United States)

    Nakalembe, C. L.; Owor, M.

    2016-12-01

    Natural disasters typically occur with little warning and can have grave and long-lasting negative consequences especially for populations fully dependent on rainfed agriculture. Disaster risk financing (DRF) aims to scale up alternative livelihoods such as Labour Intensive Public Works (LIPW) when a disaster hits to minimize the likely impacts on communities. In data-rich regions triggering DRF or crop insurances payouts can be easily implemented e.g in the case of agriculture, yield losses due to drought can be measured directly. This is constrained in Uganda, because seasonal/annual production data are scarce due to the subsistence and smallholder nature of agriculture in addition to low capacity for data collection and analysis in the country. Satellite remote sensing based indices, in particular the Normalized Difference Vegetation Index (NDVI), provides an objective and dependable solution to this challenge. Using MODIS satellite imagery provided through the GLAM East-Africa portal (Global Agricultural Monitoring system adapted for East-Africa) for obtaining NDVI time-series in near real-time, the Office of the Prime Minister of Uganda (OPM) is designing an operational crop conditions monitoring system in support of its recently initiated DRF Project, under the Third Northern Uganda Social Action Fund (NUSAF 2). The basis for triggering the DRF mechanism under this project is the deviation from the long-term NDVI (NDVI Anomaly data) within the growing season beyond a defined threshold. The NDVI data that are preprocessed in the GLAM system offer spatially explicit information on vegetation and crop conditions forming an adequate base for assessing generalized growing season conditions and enabling the quick implementation of DRF using transparent and objective criteria. The system and criteria serve also as an early-warning mechanism as the NDVI anomaly approaches the triggering threshold allowing time for planning and implementing LIPW projects.

  8. FINANCING OF INTERNATIONAL TRANSACTIONS

    Directory of Open Access Journals (Sweden)

    RADU NICOLAE BĂLUNĂ

    2013-02-01

    Full Text Available Financing (funding is essentially the purchase of funds necessary for a business. This can be done from internal sources (company’s own funds or external (borrowed funds. The high value of goods traded in international trade makes revenues generated from internal resources not sufficient to settle the value of the goods. Thus, it is frequent to resort to borrowed funds. In International Business Transactions, external financing is done both by classical techniques of credit (credit supplier and buyer credit and modern techniques of financing (factoring, forfeiting, leasing all trade tailored. In terms of the length of financing, accounting funding is short-term (1-12 months and long-term financing (over a year. In principle, export and import operations prevailing short-term financing techniques, while international investment and industrial cooperation actions are specific long-term funding

  9. De-risking concentrated solar power in emerging markets: The role of policies and international finance institutions

    International Nuclear Information System (INIS)

    Frisari, Gianleo; Stadelmann, Martin

    2015-01-01

    Concentrated solar power (CSP) is a promising technology for low-carbon energy systems, as combined with thermal storage it can store solar energy as heat, and deliver power more flexibly and when most needed by the grid. However, its high cost prevents its rapid deployment and affects its affordability in emerging economies. International financial institutions (IFIs) have emerged as key players to enable CSP in emerging economies, especially when cooperating with national policymakers. Through the analysis of two CSP plants in India and Morocco where IFIs provided the lion's share of finance, this paper aims to assess the effectiveness of their support and estimate the impact of IFIs financing on electricity production costs and mobilization of private investments. The two case studies show that public financial institutions can play a leading role in reducing the cost of CSP support on public budgets by providing concessional loans in countries where public and/or private finance would be too expensive, or extending maturities where commercial investors are present but poorly suited for project finance. Finally, we show that, combined with competitive tariff setting mechanism (tenders and auctions), public financial support can also be a cost-effective tool to engage private investors in CSP. -- Highlights: •We analyze the financial model of two large-scale concentrated solar power (CSP) plants in two emerging markets (India and Morocco). •We focus on the role of policies and public finance in reducing investment risks and generation costs. •Development banks' concessional loans can reduce the weight of CSP support on public budgets. •Even when non-concessional, development banks' loans can reduce investment costs by extending debt maturities. •Competitive tariff setting mechanisms can ensure cost-effectiveness of public financial support

  10. Financing and risk management of energy and mineral products in Nigeria

    International Nuclear Information System (INIS)

    Adepoyigi, T.

    1997-01-01

    Nigeria currently produces about 2 million barrels of oil per day and has proven reserves of about 21 billion barrels of oil and 150 trillion cubic feet (tcf) of gas. It is the world's 9 th largest producer of oil, OPEC's 5 th largest producer and Africa's largest producer. Nigeria also has considerable gas resources which are currently unexploited. Due to insignificant domestic demand and a current lack of export opportunities for unprocessed gas, Nigeria's total gas production is approximately 1.0 tcf per year, 85% of which is associated with crude oil production. In order to derive economic benefit from the untapped gas resources, the Federal Government, through special fiscal incentives and joint sponsorships, is actively encouraging the development of gas projects, such as the Oso NGL project (MPN/NNPC). the Escravos Gas Utilisation Project (Chevron/NNPC) and the Nigeria Liquefied Natural Gas (NLNG) project (Shell/Elf/AGIP/NNPC). These and other projects in the energy and mineral industry are primarily being financed with equity and external borrowings (debt). However, the large amount of capital required to finance a major energy or mineral project can strain the ability of many organizations to borrow money and fund the equity contributions needed as well as strain the lending levels for many banks in Nigeria. Since the available local financing is not adequate, large projects development are therefore financed from external sources

  11. Project Finance: Basic Components

    OpenAIRE

    Alfieri Li Ojeda, Jaime

    2015-01-01

    The natural speed of the contemporary world demands large investment projects which require specialized financial techniques such as Project Finance, defined as a fund to finance investment projects of great magnitude. Every Project Finance involves a wide range of elements such as promoters, government, contractors andsuppliers, among others, that will ensure project success. La rapidez del mundo contemporáneo exige que los grandes proyectos de inversión requieran de técnicas financieras ...

  12. A new market risk model for cogeneration project financing---combined heat and power development without a power purchase agreement

    Science.gov (United States)

    Lockwood, Timothy A.

    Federal legislative changes in 2006 no longer entitle cogeneration project financings by law to receive the benefit of a power purchase agreement underwritten by an investment-grade investor-owned utility. Consequently, this research explored the need for a new market-risk model for future cogeneration and combined heat and power (CHP) project financing. CHP project investment represents a potentially enormous energy efficiency benefit through its application by reducing fossil fuel use up to 55% when compared to traditional energy generation, and concurrently eliminates constituent air emissions up to 50%, including global warming gases. As a supplemental approach to a comprehensive technical analysis, a quantitative multivariate modeling was also used to test the statistical validity and reliability of host facility energy demand and CHP supply ratios in predicting the economic performance of CHP project financing. The resulting analytical models, although not statistically reliable at this time, suggest a radically simplified CHP design method for future profitable CHP investments using four easily attainable energy ratios. This design method shows that financially successful CHP adoption occurs when the average system heat-to-power-ratio supply is less than or equal to the average host-convertible-energy-ratio, and when the average nominally-rated capacity is less than average host facility-load-factor demands. New CHP investments can play a role in solving the world-wide problem of accommodating growing energy demand while preserving our precious and irreplaceable air quality for future generations.

  13. Impact of Publicly Financed Health Insurance Schemes on Healthcare Utilization and Financial Risk Protection in India: A Systematic Review.

    Science.gov (United States)

    Prinja, Shankar; Chauhan, Akashdeep Singh; Karan, Anup; Kaur, Gunjeet; Kumar, Rajesh

    2017-01-01

    Several publicly financed health insurance schemes have been launched in India with the aim of providing universalizing health coverage (UHC). In this paper, we report the impact of publicly financed health insurance schemes on health service utilization, out-of-pocket (OOP) expenditure, financial risk protection and health status. Empirical research studies focussing on the impact or evaluation of publicly financed health insurance schemes in India were searched on PubMed, Google scholar, Ovid, Scopus, Embase and relevant websites. The studies were selected based on two stage screening PRISMA guidelines in which two researchers independently assessed the suitability and quality of the studies. The studies included in the review were divided into two groups i.e., with and without a comparison group. To assess the impact on utilization, OOP expenditure and health indicators, only the studies with a comparison group were reviewed. Out of 1265 articles screened after initial search, 43 studies were found eligible and reviewed in full text, finally yielding 14 studies which had a comparator group in their evaluation design. All the studies (n-7) focussing on utilization showed a positive effect in terms of increase in the consumption of health services with introduction of health insurance. About 70% studies (n-5) studies with a strong design and assessing financial risk protection showed no impact in reduction of OOP expenditures, while remaining 30% of evaluations (n-2), which particularly evaluated state sponsored health insurance schemes, reported a decline in OOP expenditure among the enrolled households. One study which evaluated impact on health outcome showed reduction in mortality among enrolled as compared to non-enrolled households, from conditions covered by the insurance scheme. While utilization of healthcare did improve among those enrolled in the scheme, there is no clear evidence yet to suggest that these have resulted in reduced OOP expenditures or

  14. Virtual and augmented reality in finance: State visibility of events and risk

    OpenAIRE

    Soha Maad; Samir Garbaya; James B. Mccarthy; Meurig Beynon; Saida Bouakaz; Rajagopal Nagarajan

    2010-01-01

    This chapter reflected on the potential of Virtual Reality and Augmented Reality (VR / AR) technologies in supporting the dynamics of global financial systems and in addressing the grand challenges posed by unexpected events and crisis. The chapter briefly overviewed traditional VR/AR uses and described three early attempts to use 3D/ VR / AR technologies in Finance. In light of the recent financial crisis, there is a potential added valued in harnessing the use of VR/AR technologies to conve...

  15. Introduction to the mathematics of finance from risk management to options pricing

    CERN Document Server

    Roman, Steven

    2004-01-01

    The Mathematics of Finance has become a hot topic in applied mathematics ever since the discovery of the Black-Scholes option pricing formulas in 1973. Unfortunately, there are very few undergraduate textbooks in this area. This book is specifically written for upper division undergraduate or beginning graduate students in mathematics, finance or economics. With the exception of an optional chapter on the Capital Asset Pricing Model, the book concentrates on discrete derivative pricing models, culminating in a careful and complete derivation of the Black-Scholes option pricing formulas as a limiting case of the Cox-Ross-Rubinstein discrete model. The final chapter is devoted to American options. The mathematics is not watered down but is appropriate for the intended audience. No measure theory is used and only a small amount of linear algebra is required. All necessary probability theory is developed in several chapters throughout the book, on a "need-to-know" basis. No background in finance is required, sinc...

  16. Monetary policy as a source of risk in international business financings and investments

    Directory of Open Access Journals (Sweden)

    Paun Cristian

    2017-07-01

    Full Text Available This paper aims at explaining the volatility of two main macroeconomic variables (interest rate and exchange rate that impact the cost of international capital and, consequently, the international financing decision. Firstly, the main economic theories are called to illustrate the relevant determinants of these variables from the perspective of demand and supply of capital sides. The state intervention through monetary policy is introduced to emphasize the alteration of these prices (the price of capital, the price of foreign currencies. The paper is presenting the role of these prices in international financing decision (based on the theoretical model used to estimate cost of international capital, their impact on the foreign direct investment decision and on the international portfolio investment decision. Finally, the paper describe the economic consequences of the monetary public intervention on the financing and investment decision in direct connection with the business cycle theory. The paper associates the monetary policy to the business cycles. The paper comments the unsound solutions proposed against the economic crises and that continued to harm negatively these prices generating the seeds for next international economic recession. The paper is a theoretical one, containing some very interesting research hypothesis and opening the paths for presumable further empirical researches.

  17. Credit networks and systemic risk of Chinese local financing platforms: Too central or too big to fail?. -based on different credit correlations using hierarchical methods

    Science.gov (United States)

    He, Fang; Chen, Xi

    2016-11-01

    The accelerating accumulation and risk concentration of Chinese local financing platforms debts have attracted wide attention throughout the world. Due to the network of financial exposures among institutions, the failure of several platforms or regions of systemic importance will probably trigger systemic risk and destabilize the financial system. However, the complex network of credit relationships in Chinese local financing platforms at the state level remains unknown. To fill this gap, we presented the first complex networks and hierarchical cluster analysis of the credit market of Chinese local financing platforms using the ;bottom up; method from firm-level data. Based on balance-sheet channel, we analyzed the topology and taxonomy by applying the analysis paradigm of subdominant ultra-metric space to an empirical data in 2013. It is remarked that we chose to extract the network of co-financed financing platforms in order to evaluate the effect of risk contagion from platforms to bank system. We used the new credit similarity measure by combining the factor of connectivity and size, to extract minimal spanning trees (MSTs) and hierarchical trees (HTs). We found that: (1) the degree distributions of credit correlation backbone structure of Chinese local financing platforms are fat tailed, and the structure is unstable with respect to targeted failures; (2) the backbone is highly hierarchical, and largely explained by the geographic region; (3) the credit correlation backbone structure based on connectivity and size is significantly heterogeneous; (4) key platforms and regions of systemic importance, and contagion path of systemic risk are obtained, which are contributed to preventing systemic risk and regional risk of Chinese local financing platforms and preserving financial stability under the framework of macro prudential supervision. Our approach of credit similarity measure provides a means of recognizing ;systemically important; institutions and regions

  18. Essays in Household Finance

    DEFF Research Database (Denmark)

    Hanspal, Tobin

    This Ph.D. thesis, entitled Essays in Household Finance, analyzes the determinants and implications of investment biases, personal experiences in financial markets, and financing disruptions on households, individual investors, and entrepreneurs and small business owners. The first essay...... on risk taking is the potential bias resulting from inertia and inattention, which has been shown to be endemic in household finance. If individuals are inert or inattentive, it is difficult to establish whether changes in risk taking are caused by personal experiences or whether the change in risk taking...

  19. “The 3 rd International Conference on Islamic Banking and Finance: Risk Management, Regulation and Supervision” Jakarta, Indonesia, 22-24 February 2010.

    OpenAIRE

    Only, Report

    2010-01-01

    The conference “3rd International Conference on Islamic Banking and Finance: Risk Management, Regulation and Supervision” was jointly organized by IRTI and Center of Islamic Economics and Business (PEBS) University of Indonesia and cohosted by Bank Indonesia. It started with a welcoming ceremony and dinner on 22nd of February. The ceremony was addressed by H. E. Sri Mulyani Indrawarti, then Minister of Finance, Republic of Indonesia (currently Executive Director at World Bank). In her speech ...

  20. Financing Canadian international operations

    International Nuclear Information System (INIS)

    Beagle, G.

    1996-01-01

    A primer on financing international operations by Canadian corporations was provided. Factors affecting the availability to project finance (location, political risk), the various forms of financing (debt, equity, and combinations), the main sources of government backed financing to corporations (the International Finance Corporation) (IFC), the European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), the Overseas Property Insurance Corporation (OPIC), government or agency guarantees, political risk coverage, the use of offshore financial centres, and the where, when and how these various organizations operate, were reviewed. Examples of all of the above, taken from the experiences of Canadian Occidental Petroleum of Calgary in the U.S., in South America, in the Middle and Far East, and in Kazakhstan, were used as illustrations. figs

  1. The power of supply chain finance : how companies can apply collaborative finance models in their supply chain to mitigate risks and reduce costs

    NARCIS (Netherlands)

    Michiel Steeman

    2014-01-01

    Supply chain finance krijgt steeds meer aandacht bij bedrijven als een middel om hun supply chain strategie te ondersteunen. Het gaat hierbij niet alleen om het reduceren van kosten maar ook om het mitigeren van de risico’s in de keten. Wij verwachten dan ook dat vooral bij grote bedrijven de

  2. State of the art in benefit–risk analysis: Economics and Marketing-Finance

    NARCIS (Netherlands)

    Kalogeras, N.; Odekerken-Schröder, G.; Pennings, J.M.E.; Gunnlaugsdóttir, H.; Holm, F.; Leino, O.; Luteijn, J.M.; Magnússon, S.H.; Pohjola, M.V.; Tijhuis, M.J.; Tuomisto, J.T.; Ueland, O.; White, B.C.; Verhagen, H.

    2012-01-01

    All market participants (e.g., investors, producers, consumers) accept a certain level of risk as necessary to achieve certain benefits. There are many types of risk including price, production, financial, institutional, and individual human risks. All these risks should be effectively managed in

  3. Risk assessment: tools, techniques, and their applications

    National Research Council Canada - National Science Library

    Ostrom, Lee T; Wilhelmsen, Cheryl A

    2012-01-01

    .... The central task of the risk assessor is predicting the success of a project. This includes isolating the entire spectrum of adverse events that can derail a project or threaten the health and safety of individuals, organizations, and the environment...

  4. Risk assessment techniques for industrial installations

    International Nuclear Information System (INIS)

    Croitoru, C.; Dumitrescu, M.; Preda, I.; Stefanescu, I.; Titescu, G.

    1995-01-01

    This paper presents a risk analysis which concerns the following stages: identification of the initiation events, evaluation of the occurrence frequency of different accident sequences, assessment of human, economical, and environmental consequences, risk assessment and management. The study of the accident sequences subsequent to an initiation event was achieved by the event tree method. Also, there were developed methods based on mathematical models of installations which take into account reliability data, data concerning the exploitation history, and data referring to the human factor effects in the installation operation. These methods were used for the determination of occurrence frequencies of hydrogen sulfide emission accidents in the heavy water production installations

  5. 中国互联网金融风险与监管研究%The Study of the Risk of Chinese Internet Finance and Regulation

    Institute of Scientific and Technical Information of China (English)

    芦峰

    2017-01-01

    Internet finance has made rapid progress in rencent years in China because it could display the principle of pervasive finance.However,the risk of internet finance is gradually becoming much higher than ever.Therefore,according to the concept of the risk of internet finance,this paper analyzes the legal risk,the payment risk of the third party,the risk of capital and technology of Peer-to-Peer online lending platform,the risk of long tail,and the risk of information and scientific technology.Eventually,it is suggested that we should prevent the risk of internet finance from the following aspects such as perfecting the regulatory law,prohibiting the systemic risk,enchancing the coordination of cross-market financial innovation and establishing the protecting mechanism of consumer's rights.%互联网金融由于能体现普惠金融的原则,故近年来在我国获得爆发式发展,但其风险也日益凸显.互联网金融在发展的过程中存在着法律风险、第三方支付风险、P2P网贷平台存在资金与技术风险、长尾风险、信息与科技风险等.因此,应该从完善监管法规、防范系统性风险、加强跨市场的金融创新协调与建立消费者权益保护机制等方面防范互联网金融风险.

  6. Risk based technique for improving technical specifications

    International Nuclear Information System (INIS)

    Kim, I. S.; Jae, M. S.; Kim, B. S.; Hwang, S. W.; Kang, K. M.; Park, S. S.; Yu, Y. S.

    2001-03-01

    The objective of this study is to develop the systematic guidance for reviewing the documents associated with the changes of technical specifications. The work done in this fiscal year is the following : surveys in TS requirements, TS improvements and TS regulations in foreign countries as well as Korea, surveys on the state-of-the-art of RITSs and their use in Korea, development of a decision-making framework for both the licensee and the regulation agency, description of risk measures, assessment methodology on STI/AOT, and adverse effects caused by periodic maintenance, which are explained in appendix. The results of this study might contribute to enhancing the quality of the current technical specifications and contribute to preparing the risk informed regulation program using the decision-making framework developed in this study

  7. Risk and mitigation in the privately financed hydropower project Birecik, Turkey; Privat finanzierte Wasserkraft, Birecik, Tuerkei - Risiken und Risikoverteilung

    Energy Technology Data Exchange (ETDEWEB)

    Koselleck, F.; Ishay, D. [PH Ventures GmbH, Neu-Isenburg (Germany)

    2003-07-01

    The 627 MW Hydroelectric Power Plant Birecik, Turkey, is the largest privately financed hydropower project realized wordwide under a BOT (Build Operate Transfer) scheme. The total investment volume adds up to almost 1 Bll Euro. Ther financial structure of the project mostly relies on export credits, which have been arranged under an international consortium of 50 banks. A complex contractual structure between the government, the investors and the contractors succeeded in establishing a fair risk mitigation mechanism, which was a central factor for the overall success of the project. [German] Das 672 MW Wasserkraftwerk Birecik, Tuerkei, ist mit einem Investitionsvolumen von rund Euro 1 Mrd. das bisher weltweit groesste Wasserkraftprojekt, das nach dem BOT-Modell realisiert wurde. Die auf Exportkredite basierende Finanzierung wurde ueber ein internationales Konsortium von 50 Banken dargestellt. Eine komplexe Vertragsstruktur zwischen dem Staat, den Investoren und den Auftragsnehmern fuehrte zu einem ausgeglichenen Risikoverteilungsmechanismus, der ausschlaggebend fuer den Erfolg des Projektes war. (orig.)

  8. Rent pricing decision support mathematical model for finance leases under effective risks

    Directory of Open Access Journals (Sweden)

    Rabbani Masoud

    2015-01-01

    Full Text Available Nowadays, leasing has become an increasingly important and popular method for equipment acquisition. But, because of the rent pricing difficulties and some risks that affect the lessor and lessee's decision making, there are many people that still tend to buy equipment instead of lease it. In this paper we explore how risk can affect the leasing issue support mathematical model. For this purpose, we consider three types of risk; Credit risk, Transaction risk and Risk based pricing. In particular, our focus was on how to make decision about rent pricing in a leasing problem with different customers, various quality levels and different pricing methods. Finally, the mathematical model has been solved by Genetic Algorithm that is a search heuristic to optimize the problem. This algorithm was coded in MATLAB® R2012a to provide the best set of results.

  9. POST BEHAVIORAL FINANCE ADOLESCENCE

    Directory of Open Access Journals (Sweden)

    ADRIAN MITROI

    2016-12-01

    Full Text Available The study of behavioral finance combines the investigation and expertise from research and practice into smart portfolios of individual investors’ portfolios. Understanding cognitive errors and misleading emotions drive investors to their long-term goals of financial prosperity and capital preservation. 10 years ago, Behavioral Finance was still considered an incipient, adolescent science. First Nobel Prize in Economics awarded to the study of Behavioral Economics in 2002 established the field as a new, respected study of economics. 2013 Nobel Prize was awarded to three economists, one of them considered the one of the founders of the Behavioral Finance. As such, by now we are entering the coming of age of behavioral finance. It is now recognized as a science of understanding investors behaviors and their biased patterns. It applies quantitative finance and provides practical models grounded on robust understanding of investors behavior toward financial risk. Financial Personality influences investment decisions. Behavioral portfolio construction methods combine classic finance with rigorously quantified psychological metrics and improves models for financial advice to enhance investors chances in reaching their lifetime financial goals. Behavioral finance helps understanding psychological profile dissimilarities of individuals and how these differences manifest in investment decision process. This new science has become now a must topic in modern finance.

  10. Corporate finance

    OpenAIRE

    P. Quiry; Y. Le Fur; A. Salvi; M. Dallocchio; P. Vernimmen

    2011-01-01

    Corporate Finance: Theory and Practice, 3rd Edition, the website www.vernimmen.com and the Vernimmen.com newsletter are all written and created by an author team who are both investment bankers/corporate financiers and academics. This book covers the theory and practice of Corporate Finance from a truly European perspective. It shows how to use financial theory to solve practical problems and is written for students of corporate finance and financial analysis and practising corporate financie...

  11. Project financing

    International Nuclear Information System (INIS)

    Alvarez, M.U.

    1990-01-01

    This paper presents the basic concepts and components of the project financing of large industrial facilities. Diagrams of a simple partnership structure and a simple leveraged lease structure are included. Finally, a Hypothetical Project is described with basic issues identified for discussion purposes. The topics of the paper include non-recourse financing, principal advantages and objectives, disadvantages, project financing participants and agreements, feasibility studies, organization of the project company, principal agreements in a project financing, insurance, and an examination of a hypothetical project

  12. Export development financing

    International Nuclear Information System (INIS)

    Balint, J.

    1995-01-01

    The main activities of the Export Development Corporation (EDC) were described, as well as some of the changes currently being implemented. EDC is Canada's official export credit agency, providing risk management services such as insurance, loans, guarantees, equity and leasing. EDC's project finance initiative started in 1991, and focused mainly on the up-front process. It has established itself as a recognized leader in project financing. It has over 15 years experience in a variety of sectors and countries. Energy projects financed to date include hydro projects in India, Argentina and Pakistan, and thermal projects in Thailand, China, Indonesia and Egypt. Lending criteria used to select projects were outlined, along with the risks endemic to project financing

  13. Risk-assessment techniques and the reactor licensing process

    International Nuclear Information System (INIS)

    Levine, S.

    1979-01-01

    A brief description of the Reactor Safety Study (WASH-1400), concentrating on the engineering aspects of the contribution to reactor accident risks is followed by some comments on how we have applied the insights and techniques developed in this study to prepare a program to improve the safety of nuclear power plants. Some new work we are just beginning on the application of risk-assessment techniques to stablize the reactor licensing process is also discussed

  14. 2nd International Congress on Actuarial Science and Quantitative Finance

    CERN Document Server

    Garrido, José; Jeanblanc, Monique

    2017-01-01

    Developed from the Second International Congress on Actuarial Science and Quantitative Finance, this volume showcases the latest progress in all theoretical and empirical aspects of actuarial science and quantitative finance. Held at the Universidad de Cartagena in Cartegena, Colombia in June 2016, the conference emphasized relations between industry and academia and provided a platform for practitioners to discuss problems arising from the financial and insurance industries in the Andean and Caribbean regions. Based on invited lectures as well as carefully selected papers, these proceedings address topics such as statistical techniques in finance and actuarial science, portfolio management, risk theory, derivative valuation and economics of insurance.

  15. Behavioral finance

    Directory of Open Access Journals (Sweden)

    Kapor Predrag

    2014-01-01

    Full Text Available This paper discuss some general principles of behavioral finance Behavioral finance is the dynamic and promising field of research that mergers concepts from financial economics and cognitive psychology in attempt to better understand systematic biases in decision-making process of financial agents. While the standard academic finance emphasizes theories such as modern portfolio theory and the efficient market hypothesis, the behavioral finance investigates the psychological and sociological issues that impact the decision-making process of individuals, groups and organizations. Most of the research behind behavioral finance has been empirical in nature, concentrating on what people do and why. The research has shown that people do not always act rationally, nor they fully utilise all information available to them.

  16. Application of risk assessment techniques to 'major hazard' pipelines

    Energy Technology Data Exchange (ETDEWEB)

    Cox, R A

    1982-12-01

    A risk analysis for a hazardous-material pipeline (carrying LPG, ammonia, or high-pressure gas) is presented. The analysis gives results in a form that will assist the decisionmaker in pipeline planning and route selection. The large inventory of hazardous materials in such pipelines means that risks exist even though the accident record of pipeline transportation compares favorably with that for competing modes of transport. Risk analysis techniques - commonly used in the civil aviation, nuclear, and process industries - can be equally well applied to pipelines and can produce results that not only give a measure of the risk but also indicate the principal sources of risk and possible areas for improvement. A number of pipeline risk analyses have demonstrated the viability of the technique and its usefulness as an aid to practical engineering in design, planning, and maintenance/repair phases.

  17. Crowdfunding Financing Development Model And Risk Research%互联网众筹融资发展模式及风险研究

    Institute of Scientific and Technical Information of China (English)

    丁智宇

    2016-01-01

    With the proposed"Internet+"action plan on the financing model, the rise of the Internet in this way crowdfunding financing has become a new way of financing. Crowdfunding financing business as a new financing model, its various aspects in China is still in its infancy. In this paper, the classification of different types of pub⁃lic financing during the characteristics, advantages and disadvantages, combined with von Neumann and Morgen⁃stern expected utility theory, qualitative analysis combined with quantitative research crowdfunding risks associ⁃ated with financing currently in China. Finally, the relevant regulatory proposals.%伴随着“互联网+”行动计划的提出,在融资模式上,众筹融资已经成为一种新兴的融资方式。众筹融资作为一种全新的商业融资模式,其各个方面在中国还处在起步阶段。文章分类研究了不同种类的众筹融资的特点以及优缺点,结合冯·纽曼和摩根斯坦期望效用理论(VNM理论),定量结合定性分析研究众筹融资目前在中国的相关风险。目前众筹融资应该实行差异化监管为主,把握好不同模式的侧重点;行业自律与行业监管双管齐下;加强保护投资者利益,提高投资者的风险意识。

  18. Information,Informal finance,and SME financing

    Institute of Scientific and Technical Information of China (English)

    LIN Justin Yifu; SUN Xifang

    2006-01-01

    Informal finance exists extensively and has been playing an important role in small-and medium-sized enterprise (SME) financing in developing economies,This paper tries to rationalize the extensiveness of informal finance.SME financing suffers more serious information asymmetry to the extent that most SMEs are more opaque and can only provide less collateral.Informal lenders have an advantage over formal financial institutions in collecting "soft information" about SME borrowers.This paper establishes a model including formal and informal lenders and high-and low-risk borrowers with or without sufficient collateral and shows that the credit market in which informal finance is eliminated will allocate funds in some inefficient way,and the efficiency of allocating credit funds can be improved once informal finance is allowed to coexist with formal finance.

  19. Personal finance and life insurance under separation of risk aversion and elasticity of substitution

    DEFF Research Database (Denmark)

    Jensen, Ninna Reitzel; Steffensen, Mogens

    2015-01-01

    aversion from elasticity of inter-temporal substitution, we introduce certainty equivalents. We propose a time-inconsistent global optimization problem, and we present a verification theorem for an equilibrium control. In the special case without mortality risk, we discover that our optimization approach...... is equivalent to recursive utility optimization with Epstein–Zin preferences in the sense that the two approaches lead to the same result. We find this interesting since our optimization problem has an intuitive interpretation as a global maximization of certainty equivalents and since recursive utility......, in contrast to our approach, gives rise to severe differentiability problems. Also, our optimization approach can there be seen as a generalization of recursive utility optimization with Epstein–Zin preferences to include mortality risk and life insurance....

  20. A Roadmap of Risk Diagnostic Methods: Developing an Integrated View of Risk Identification and Analysis Techniques

    National Research Council Canada - National Science Library

    Williams, Ray; Ambrose, Kate; Bentrem, Laura

    2004-01-01

    ...), which is envisioned to be a comprehensive reference tool for risk identification and analysis (RI AND A) techniques. Program Managers (PMs) responsible for developing or acquiring software-intensive systems typically identify risks in different ways...

  1. International energy financing

    International Nuclear Information System (INIS)

    Vedavalli, Rangaswamy

    1994-01-01

    Some of the innovative financing options being considered by developing countries and economies in transition as ways of mobilizing international energy financing are discussed. Build-Own-Operate (BOO) and Transfer (BOOT) is the most commonly adopted approach. This involves limited resource financing of a project on the basis of the associated cash flow and risks and not on the credit of the project owners. The World Bank has set up the Multilateral Investment Guarantee Agency to provide, on a fee basis, guarantees against certain non-commercial forms of risk in order to promote international capital flow to developing countries. In 1989, the World Bank introduced the Expanded Co-financing Operations (ECO) programme as an instrument to catalyze the flow of private finance into developing countries and to improve their access to international financial markets. Other financial instruments currently being established include: leasing of equipment or whole plants by foreign investors; private ownership or operation of generation and distribution facilities; exchange of specific export goods for energy imports; developing instruments to finance local costs; revenue bonds; tax-exempt bonds; sale of electricity futures to those seeking more stable, longer term electricity price contracts. (UK)

  2. Identifying and Reconciling Risk Across Sectors: The implications of differing views of risk in climate policy, environmental conservation, and the finance sector

    Science.gov (United States)

    Johns, T.; Henderson, I.; Thoumi, G.

    2014-12-01

    The presence and valuation of risk are commonalities that link the diverse fields of climate change science and policy, environmental conservation, and the financial/investment sector. However, the definition and perception of risks vary widely across these critically linked fields. The "Stranded Asset" concept developed by organizations like the Carbon Tracker Initiative begins to elucidate the links between climate change risk and financial risk. Stranded assets are those that may lose some or all value from climate disruption, changes in demand-side dynamics and/or a more stringent regulatory environment. In order to shift financial flows toward climate change mitigation, emissions-heavy activities that present finance and investment opportunities must also be assessed for their GHG-asset risk attributes in terms of their contribution and vulnerability to climate disruption, as well as other environmental externalities. Until the concept of GHG-asset risk in investment is reconciled with the risks of climate change and environmental conservation, it will not be possible to shift business and financial practices, and unlock private sector resources to address the climate change and conservation challenge. UNEP-FI is researching the application of the concept of Value-atRisk (VaR) to explore links between the financial sector and deforestation/REDD+. The research will test the hypothesis that climate risk is a financial risk, and propose tools to identify and quantify risks associated with unsustainable land-use investments. The tools developed in this research will help investors, managers and governments assess their exposures to the material REDD-related risks in their portfolios. This will inform the development of 'zero net deforestation' investment indices to allow investors to lower the 'deforestation' exposure of 'benchmark' financial indices used by many of the largest money managers. A VaR analysis will be performed, combining the notion of externality

  3. Financing Asset Sales and Business Cycles

    OpenAIRE

    Arnold, Marc; Hackbarth, Dirk; Puhan, Tatjana-Xenia

    2013-01-01

    This paper analyzes the decision of firms to sell assets to fund investments (financing asset sales). For a sample of U.S. manufacturing firms during the 1971-2010 period, we document new stylized facts about financing asset sales that cannot be explained by traditional motives for selling assets, such as financial distress or financing constraints. Using a structural model of financing, investment, and macroeconomic risk, we show that financing asset sales attenuate the debt overhang problem...

  4. Financing Innovation

    OpenAIRE

    William R. Kerr; Ramana Nanda

    2014-01-01

    We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This research strand has been very active over the past five years, generating important new findings, questioning some long-held beliefs, and creating its own puzzles. Our review outlines the growing body of work that documents a role for debt financing related to innovation. We highlight the new literature on learning and experimentation across multi-stage innovation projects and h...

  5. 绿色建筑项目融资风险分担机制研究%The Study of Green Building Project Financing Risk Distribution

    Institute of Scientific and Technical Information of China (English)

    马晓国; 熊向阳; 曲昳; 张福生

    2014-01-01

    绿色建筑项目融资的风险合理分担是项目融资的实现有限追索的内在要求,有助于激发绿色建筑各个参与方的积极性促使绿色建筑项目融资的成功。并对确保资金安全,促进绿色建筑健康发展起重要作用。从绿色建筑项目融资的特点出发,分析其项目融资的风险类别和利益相关者,探讨如何将绿色建筑项目融资的风险分配给最适合承担该风险的参与方的项目融资风险分担机制及最优分配原则。根据绿色建筑项目融资的风险度量与数据灰的特性,利用灰色系统分析法,建立灰色线性模型,利用GM(1,1)时间相应式得到该项目风险分配的预测值,可按灰色0-1规划求解。用于绿色建筑各参与方的项目融资风险分配更能反映实际情况。按照最优分配风险原则,为各类风险确定最优承担者。%The realization sharing risk of green building project financing is the inherent requirement of limited recourse, helps to stimulate the enthusiasm of the participants to green building green building project financing success. To ensure the safety of fund, promote green architecture plays an important role in the healthy development. From the characteristics of project financing, analysis of project financing risk categories and stakeholders , discusses the risk allocation. How to allocation risk of green building project financing to give the best fit to bear the risks of participating parties sharing mechanism and the optimal principles of project financing. According to the measurement and data gray characteristics of green building project financing risk. Using the method of gray system, to establish the gray linear model, using GM(1,1) time corresponding type predicted the risk al-location value, according to gray 0-1 programming. For the project financing risk allocation of green building better reflect the actual situation. Accordance to the optimal allocation

  6. Emerging trends in health care finance.

    Science.gov (United States)

    Sterns, J B

    1994-01-01

    Access to capital will become more difficult. Capital access is dependent on ability to repay debt, which, in turn, is dependent on internally generated cash flows. Under any health care reform proposal, revenue inflows will be slowed. The use of corporate finance techniques to limit financial risk and lower cost will be a permanent response to fundamental changes to the health care system. These changes will result in greater balance sheet management, centralized capital allocation, and alternative sources of capital.

  7. Risk-based maintenance-Techniques and applications

    International Nuclear Information System (INIS)

    Arunraj, N.S.; Maiti, J.

    2007-01-01

    Plant and equipment, however well designed, will not remain safe or reliable if it is not maintained. The general objective of the maintenance process is to make use of the knowledge of failures and accidents to achieve the possible safety with the lowest possible cost. The concept of risk-based maintenance was developed to inspect the high-risk components usually with greater frequency and thoroughness and to maintain in a greater manner, to achieve tolerable risk criteria. Risk-based maintenance methodology provides a tool for maintenance planning and decision making to reduce the probability of failure of equipment and the consequences of failure. In this paper, the risk analysis and risk-based maintenance methodologies were identified and classified into suitable classes. The factors affecting the quality of risk analysis were identified and analyzed. The applications, input data and output data were studied to understand their functioning and efficiency. The review showed that there is no unique way to perform risk analysis and risk-based maintenance. The use of suitable techniques and methodologies, careful investigation during the risk analysis phase, and its detailed and structured results are necessary to make proper risk-based maintenance decisions

  8. Risk assessment techniques with applicability in marine engineering

    Science.gov (United States)

    Rudenko, E.; Panaitescu, F. V.; Panaitescu, M.

    2015-11-01

    Nowadays risk management is a carefully planned process. The task of risk management is organically woven into the general problem of increasing the efficiency of business. Passive attitude to risk and awareness of its existence are replaced by active management techniques. Risk assessment is one of the most important stages of risk management, since for risk management it is necessary first to analyze and evaluate risk. There are many definitions of this notion but in general case risk assessment refers to the systematic process of identifying the factors and types of risk and their quantitative assessment, i.e. risk analysis methodology combines mutually complementary quantitative and qualitative approaches. Purpose of the work: In this paper we will consider as risk assessment technique Fault Tree analysis (FTA). The objectives are: understand purpose of FTA, understand and apply rules of Boolean algebra, analyse a simple system using FTA, FTA advantages and disadvantages. Research and methodology: The main purpose is to help identify potential causes of system failures before the failures actually occur. We can evaluate the probability of the Top event.The steps of this analize are: the system's examination from Top to Down, the use of symbols to represent events, the use of mathematical tools for critical areas, the use of Fault tree logic diagrams to identify the cause of the Top event. Results: In the finally of study it will be obtained: critical areas, Fault tree logical diagrams and the probability of the Top event. These results can be used for the risk assessment analyses.

  9. 城市轨道交通项目融资风险动态评价%The Dynamic Evaluation of Urban Rail Transit Project Financing Risk

    Institute of Scientific and Technical Information of China (English)

    刘维庆; 邓少波; 顼志芬

    2016-01-01

    项目融资在解决城市轨道交通建设中所需资金问题的同时也面临高风险,为减少和避免投资者的损失,应对城市轨道交通项目融资风险进行准确客观的评价.本文对城市轨道交通项目融资过程中各阶段的风险因素进行识别,基于可拓理论,建立城市轨道交通项目融资风险评价模型,通过关联度的计算结果确定风险等级,进而反映各阶段风险因素的动态变化.结合案例分析,提出相应的风险管理措施.%Project financing in solving urban rail transit development facing money problems at the same time also faces high risks,in order to reduce and avoid the loss of investors,we should make accurate and objective evaluation for the urban rail transit project financing risk.This paper based on extension theory,from the dynamic perspective of urban rail transit project financing risk establishes a dynamic evaluation model which considers all phases in the process of urban rail transit project financing risk factors,and reflect the status and influence degree of various kinds of risk factors.

  10. 房地产项目融资风险评价分析%Analysis of Real Estate Project Financing Risk Evaluation

    Institute of Scientific and Technical Information of China (English)

    王军; 杨光

    2016-01-01

    项目融资作为一种重要的国际金融工具应用于商业房地产领域,是一种全新的探索.随着我国经济体质改革的不断发展和深入,我国房地产行业不断发展,已经逐渐成为我国经济发展的重要支柱之一,也越来越受到国内外的关注.目前,我国房地产项目融资方式众多,但仍然存在许多融资风险问题.这些风险可能最后导致整个项目的失败,给我国经济带来很大损失.房地产项目融资风险大且复杂,但是可以通过对房地产项目融资风险进行总结,并建立模糊评价模型进行风险分析.运用模糊综合评价方法对商业房地产项目融资风险进行评价是一个多目标、多层次、结构复杂和因素众多的大系统,能够对房地产项目融资风险做一个很好的诠释和解析,作为房地产项目选择融资方案的重要依据,可为房地产项目融资减少不必要的损失.%The project financing was a kind of important international financial tools,used in commercial real estate field,and was a kind of brand-new exploration.With the continuous development and deepening of economic restructuring,the develop-ment of China's real estate industry gradually became an important pillar of China's economic development,and was paid close attention by domestic and foreign personnel.Currently,there were many financing ways of the real estate project,but there were still many problems in financing risks which finally led to the entire project failure and brought great loss to China's economy.The real estate project financing risks were large and complex,but the fuzzy evaluation model could be established to analyze the risks through the summary on the financing risk of real estate project.The use of It was a large system of a multi-objective,multi-level,complex structure and factors to use fuzzy comprehensive evaluation method to evaluate the financing risk of commercial real estate project,and the system could do a very

  11. Micro Finance in Nigeria: Problems and Prospects | Nwanyanwu ...

    African Journals Online (AJOL)

    finance industry are inadequate finance, high risk, heavy transaction cost, mounting loan ... management of funds meant for credit disbursement, the capital base of micro finance institutions should be strengthened in order to mobilize domestic ...

  12. Risks in teaching manipulation techniques in master programmes.

    Science.gov (United States)

    Pool, Jan; Cagnie, Barbara; Pool-Goudzwaard, Annelies

    2016-09-01

    High Velocity Techniques (HVT) in the (high) cervical spine are part of the standard curricula of manual therapy educational programmes. Little is known about the risk or the presence of adverse events during skills training sessions. This article describes two cases of students with both being at risk for an adverse event; one with a congenital artery aberration and one with cancer in the high cervical region. Teachers and educational programme developers should take risk management into account when teaching HVT. Copyright © 2016 Elsevier Ltd. All rights reserved.

  13. (Reinsurance captives, efficiency and moral hazard. An attractive manner of risk financing and risk management for companies in certain circumstances

    Directory of Open Access Journals (Sweden)

    Wim Weterings

    2014-03-01

    Full Text Available In this study the contribution is intended to provide more clarity and to demonstrate that under certain circumstances an insurance captive can have important efficiency effects and, among other things, a positive effect on moral hazard and adverse selection. For the purpose of acquiring more information on insurance captives and their operation, literature research was augmented by interviews conducted with the director of an insurance captive of a Dutch multinational, as well as with representatives from AON and Marsh, two major insurance brokers/consultancy firms in risk management that are often involved in the establishment and management of a captive

  14. Project financing of biomass conversion plants. Analysis and limitation of bank-specific risks; Projektfinanzierung von Biogasanlagen. Analyse und Begrenzung der bankspezifischen Risiken

    Energy Technology Data Exchange (ETDEWEB)

    Wolf, Eileen

    2011-07-01

    In view of the climate change, limited availability of fossil fuels and increasing energy prices, the power generation from renewable energy sources increasingly is promoted by the state. In this case, bio energy plays a special role. The implementation of bio energy projects usually occurs in the context of project financing. Under this aspect, the author of the book under consideration reports on an analysis and limitation of bank-specific risks.

  15. Relations between radiation risks and radiation protection measuring techniques

    International Nuclear Information System (INIS)

    Herrmann, K.; Kraus, W.

    Relations between radiation risks and radiation protection measuring techniques are considered as components of the radiation risk. The influence of the exposure risk on type and extent of radiation protection measurements is discussed with regard to different measuring tasks. Based upon measuring results concerning the frequency of certain external and internal occupational exposures in the GDR, it has been shown that only a small fraction of the monitored persons are subjected to a high exposure risk. As a consequence the following recommendations are presented: occupationally exposed persons with small exposure risk should be monitored using only a long-term desimeter (for instance a thermoluminescence desimeter). In the case of internal exposure, the surface and air contamination levels should be controlled so strictly that routine measurements of internal contamination need not be performed

  16. Risks in teaching manipulation techniques in master programmes

    NARCIS (Netherlands)

    Pool, Jan J.M.; Cagnie, B.; Pool-Goudzwaard, A.L.

    2016-01-01

    High Velocity Techniques (HVT) in the (high) cervical spine are part of the standard curricula of manual therapy educational programmes. Little is known about the risk or the presence of adverse events during skills training sessions. This article describes two cases of students with both being at

  17. Quantitative Finance

    Science.gov (United States)

    James, Jessica

    2017-01-01

    Quantitative finance is a field that has risen to prominence over the last few decades. It encompasses the complex models and calculations that value financial contracts, particularly those which reference events in the future, and apply probabilities to these events. While adding greatly to the flexibility of the market available to corporations and investors, it has also been blamed for worsening the impact of financial crises. But what exactly does quantitative finance encompass, and where did these ideas and models originate? We show that the mathematics behind finance and behind games of chance have tracked each other closely over the centuries and that many well-known physicists and mathematicians have contributed to the field.

  18. Risk Management Techniques and Practice Workshop Workshop Report

    Energy Technology Data Exchange (ETDEWEB)

    Quinn, T; Zosel, M

    2008-12-02

    At the request of the Department of Energy (DOE) Office of Science (SC), Lawrence Livermore National Laboratory (LLNL) hosted a two-day Risk Management Techniques and Practice (RMTAP) workshop held September 18-19 at the Hotel Nikko in San Francisco. The purpose of the workshop, which was sponsored by the SC/Advanced Scientific Computing Research (ASCR) program and the National Nuclear Security Administration (NNSA)/Advanced Simulation and Computing (ASC) program, was to assess current and emerging techniques, practices, and lessons learned for effectively identifying, understanding, managing, and mitigating the risks associated with acquiring leading-edge computing systems at high-performance computing centers (HPCCs). Representatives from fifteen high-performance computing (HPC) organizations, four HPC vendor partners, and three government agencies attended the workshop. The overall workshop findings were: (1) Standard risk management techniques and tools are in the aggregate applicable to projects at HPCCs and are commonly employed by the HPC community; (2) HPC projects have characteristics that necessitate a tailoring of the standard risk management practices; (3) All HPCC acquisition projects can benefit by employing risk management, but the specific choice of risk management processes and tools is less important to the success of the project; (4) The special relationship between the HPCCs and HPC vendors must be reflected in the risk management strategy; (5) Best practices findings include developing a prioritized risk register with special attention to the top risks, establishing a practice of regular meetings and status updates with the platform partner, supporting regular and open reviews that engage the interests and expertise of a wide range of staff and stakeholders, and documenting and sharing the acquisition/build/deployment experience; and (6) Top risk categories include system scaling issues, request for proposal/contract and acceptance testing, and

  19. Frontiers in Pension Finance

    NARCIS (Netherlands)

    Broeders, D.W.G.A.; Eijffinger, S.C.W.; Houben, A.

    2008-01-01

    How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines

  20. Guidebook to Geothermal Finance

    Energy Technology Data Exchange (ETDEWEB)

    Salmon, J. P.; Meurice, J.; Wobus, N.; Stern, F.; Duaime, M.

    2011-03-01

    This guidebook is intended to facilitate further investment in conventional geothermal projects in the United States. It includes a brief primer on geothermal technology and the most relevant policies related to geothermal project development. The trends in geothermal project finance are the focus of this tool, relying heavily on interviews with leaders in the field of geothermal project finance. Using the information provided, developers and investors may innovate in new ways, developing partnerships that match investors' risk tolerance with the capital requirements of geothermal projects in this dynamic and evolving marketplace.

  1. Sustainable finance

    NARCIS (Netherlands)

    Boersma-de Jong, Margreet F.

    2012-01-01

    Presentation for Springschool of Strategy, University of Groningen, 10 October 2012. The role of CSR is to stimulate ethical behaviour, and as a result, mutual trust in society. Advantage of CSR for the company and the evolution of CSR. From CSR to Sustainable Finance: how does CSR influence

  2. HEALTH & FINANCE

    African Journals Online (AJOL)

    HEALTH & FINANCE. Patrick Thokwa Masobe. Patrick Thokwa Masobe completed his undergraduate studies at Grinnel/. University in the USA, and a Master. Degreefrom the University of London in. 1995. He is wrrently employed by the national Department of Health, where he led the task team charged with making.

  3. Improving default risk prediction using Bayesian model uncertainty techniques.

    Science.gov (United States)

    Kazemi, Reza; Mosleh, Ali

    2012-11-01

    Credit risk is the potential exposure of a creditor to an obligor's failure or refusal to repay the debt in principal or interest. The potential of exposure is measured in terms of probability of default. Many models have been developed to estimate credit risk, with rating agencies dating back to the 19th century. They provide their assessment of probability of default and transition probabilities of various firms in their annual reports. Regulatory capital requirements for credit risk outlined by the Basel Committee on Banking Supervision have made it essential for banks and financial institutions to develop sophisticated models in an attempt to measure credit risk with higher accuracy. The Bayesian framework proposed in this article uses the techniques developed in physical sciences and engineering for dealing with model uncertainty and expert accuracy to obtain improved estimates of credit risk and associated uncertainties. The approach uses estimates from one or more rating agencies and incorporates their historical accuracy (past performance data) in estimating future default risk and transition probabilities. Several examples demonstrate that the proposed methodology can assess default probability with accuracy exceeding the estimations of all the individual models. Moreover, the methodology accounts for potentially significant departures from "nominal predictions" due to "upsetting events" such as the 2008 global banking crisis. © 2012 Society for Risk Analysis.

  4. Provision of capital for shutdown, dismantling and disposal. Cost risks and proposals for reform for a responsibility related financing

    International Nuclear Information System (INIS)

    Kuechler, Swantje; Meyer, Bettina; Wronski, Rupert

    2014-01-01

    In Germany the latest discussion on the cost of nuclear phase-out, dismantling and waste disposal has shown that the provision of capital by the concerned companies for these challenges and the actual regulations are not sufficient for a long-term financing security. The study presents a reform concept including the need of improved transparency on the provision of capital, a differentiated financial statement, the introduction of a stock under public law for insolvency protection including a financing responsibility for the companies and subsequent payments in case of cost increase, and an increase of protection in case of insolvency.

  5. Evolution of surgical techniques for a progressive risk reduction.

    Science.gov (United States)

    Amato, Bruno; Santoro, Mario; Izzo, Raffaele; Servillo, Giuseppe; Compagna, Rita; Di Domenico, Lorenza; Di Nardo, Veronica; Giugliano, Giuseppe

    2017-07-18

    Advanced age is a strong predictor of high perioperative mortality in surgical patients and patients aged 75 years and older have an elevated surgical risk, much higher than that of younger patients. Progressive advances in surgical techniques now make it possible to treat high-risk surgical patients with minimally invasive procedures. Endovascular techniques have revolutionized the treatment of several vascular diseases, in particular carotid stenosis, aortic pathologies, and severely incapacitating intermittent claudication or critical limb ischemia. The main advantages of the endovascular approach are the low complication rate, high rate of technical success and a good clinical outcome. Biliary stenting has improved the clinical status of severely ill patients with bile duct stricture before major surgery, and represents a good palliative therapy in the case of malignant biliary obstruction.

  6. Exploring the private finance initiative as a route to finance for renewable energy projects

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2000-07-01

    This report reviews the private financing of public sector Renewable Energy projects through the Private Finance Initiative (PFI), and the relevance of such a technique to the renewables industry generally. (author)

  7. Financing a nuclear programme

    International Nuclear Information System (INIS)

    Cameron, R.

    2010-10-01

    Nuclear power plant construction projects have many characteristics in common with other types of large infrastructure investment, both within the power generation sector and elsewhere. However, nuclear power itself has special features that can make nuclear financing particularly challenging. These features include the high capital cost, the relatively long period required to recoup investments, the often controversial nature of nuclear projects. The need for clear solutions and financing schemes for radioactive waste management and decommissioning and the need for nuclear power plants to operate at high capacity factors, preferably under base load conditions. During the previous major expansion of nuclear power in the 1970 and 1980, many nuclear projects suffered very large construction delays and cost overruns. The legacy of such problems increases the risks perceived by potential investors. A recent study undertaken jointly by the Iea and the Nea showed that the competitiveness of nuclear power strongly depends on the cost of financing due to the high share of fixed capital costs in the total lifetime costs of nuclear power. A key issue in this context is the long-term predictability of carbon pricing arrangements, which, for the time being and despite positive evolutions in this respect, most notably in Europe, does not yet exist. This paper will consider how the risks can be mitigated and examine in detail various models for corporate finance and the role of government assistance in providing a suitable financial basis. (Author)

  8. Nuclear Physicists in Finance

    Science.gov (United States)

    Mattoni, Carlo

    2017-01-01

    The financial services industry presents an interesting alternative career path for nuclear physicists. Careers in finance typically offer intellectual challenge, a fast pace, high caliber colleagues, merit-based compensation with substantial upside, and an opportunity to deploy skills learned as a physicist. Physicists are employed at a wide range of financial institutions on both the ``buy side'' (hedge fund managers, private equity managers, mutual fund managers, etc.) and the ``sell side'' (investment banks and brokerages). Historically, physicists in finance were primarily ``quants'' tasked with applying stochastic calculus to determine the price of financial derivatives. With the maturation of the field of derivative pricing, physicists in finance today find work in a variety of roles ranging from quantification and management of risk to investment analysis to development of sophisticated software used to price, trade, and risk manage securities. Only a small subset of today's finance careers for physicists require the use of advanced math and practically none provide an opportunity to tinker with an apparatus, yet most nevertheless draw on important skills honed during the training of a nuclear physicist. Intellectually rigorous critical thinking, sophisticated problem solving, an attention to minute detail and an ability to create and test hypotheses based on incomplete information are key to both disciplines.

  9. Supply chain finance

    Directory of Open Access Journals (Sweden)

    Kasavica Petar

    2014-01-01

    Full Text Available The concept of supply chain finance is a response to global illiquidity, intensified through the global economic crisis and globalization of commercial and financial flows. The growing illiquidity undermines credit ratings of economic entities, thereby reducing the potential for achieving the projected goals (profitability and portfolio quality. In order to overcome this, banks have introduced certain products flexible to the requirements of specific transactions. The concerned products redirect the focus from a client's credit rating and risk to the credit rating and risk of a business partner (buyer, resulting in benefits for all transaction participants ('win-win-win'. Moreover, the activities are targeted at transaction analysis, i.e. the isolation and protection of the cash flow as the source of financial instrument's repayment. On the other hand, there has been an increasing number of transactions based on the risk of the commercial bank of the client's business partner, or on the risk of collateral (inventory. The focus is actually placed on the financing of adequate supply chain stages, given that counterparty relationship management has been proven to be crucial for efficient management of one's own business. The tensions existing in the relations between partners (increasingly long payment deadlines are in the basis of the supply chain finance concept. Decisions made by banks are based on the entire supply chain (wide information basis, thereby shifting the focus from the product (as was the case before the crisis to the client's needs. Thus, decisions become increasingly comprehensive, quicker, and more precise, and portfolios less risky. Through the individual portfolio of banks, the market of national economies also becomes safer and more liquid. These are rather profitable transactions, because, due to the risk transfer, financing is enabled to companies to whom classic crediting in most cases is not available.

  10. 基于风险矩阵的BOT-TOT-PPP项目融资风险评估%The Risk Assessment of BOT-TOT-PPP Project Financing Based on Risk Matrix

    Institute of Scientific and Technical Information of China (English)

    李力

    2012-01-01

    风险评估在BOT-TOT-PPP项目中至关重要。本文通过大量案例调研指出,现阶段BOT-TOT-PPP项目融资的风险因素来源于项目外部的政治、经济、文化、社会(环保)以及内部的合同制订、工程技术能力、管理能力和投融资能力方面。风险矩阵和Borda序值对风险的量化评估表明,此类项目现阶段的关键风险集中在政府项目融资管理的专业化水平较低、合同双方对关键指标的确定不合理、投融资管理和工程实施存在问题等方面。%Risk assessment is paramount in BOT-TOT-PPP project.It is indicated through a great deal of cases that risk factors of BOT-TOT-PPP project financing currently derive from politics,economy,culture,society(environmental protection) beyond project,and contract establishment,engineering technology ability,management ability,investment financing ability within project.Quantitative evaluation of risk matrix and Borda counting on risk shows that today major risk of such project concentrates on low management level of governmental project financing,irrational key index in mutual contract,problems involved in financing management and engineering implementation.

  11. Project finance of hydroelectric power plants in Brazil; 'Project finance' de usinas hidroeletricas no Brasil

    Energy Technology Data Exchange (ETDEWEB)

    Ribeiro Filho, Valfredo de Assis; Ramos, Maria Olivia de Souza [Universidade Salvador (UNIFACS), BA (Brazil)

    2008-07-01

    The aim of this paper is to discuss the modality of project finance of financing of enterprises, which is the main modality of structuring of hydroelectric projects in Brazil. In the discussion will be highlighted the importance of contracts EPC (Engineering, Search and Construction) in the structuring of project finances. This financing model has particular characteristics related to risk sharing and financial flexibility that enable the financing of projects with long-term capital, however, due to participation of various actors and the nature of the structure of project finance, the negotiation and drafting of contracts are always very complex.

  12. Applied quantitative finance

    CERN Document Server

    Chen, Cathy; Overbeck, Ludger

    2017-01-01

    This volume provides practical solutions and introduces recent theoretical developments in risk management, pricing of credit derivatives, quantification of volatility and copula modeling. This third edition is devoted to modern risk analysis based on quantitative methods and textual analytics to meet the current challenges in banking and finance. It includes 14 new contributions and presents a comprehensive, state-of-the-art treatment of cutting-edge methods and topics, such as collateralized debt obligations, the high-frequency analysis of market liquidity, and realized volatility. The book is divided into three parts: Part 1 revisits important market risk issues, while Part 2 introduces novel concepts in credit risk and its management along with updated quantitative methods. The third part discusses the dynamics of risk management and includes risk analysis of energy markets and for cryptocurrencies. Digital assets, such as blockchain-based currencies, have become popular b ut are theoretically challenging...

  13. Enhancing the effectiveness of IST through risk-based techniques

    Energy Technology Data Exchange (ETDEWEB)

    Floyd, S.D.

    1996-12-01

    Current IST requirements were developed mainly through deterministic-based methods. While this approach has resulted in an adequate level of safety and reliability for pumps and valves, insights from probabilistic safety assessments suggest a better safety focus can be achieved at lower costs. That is, some high safety impact pumps and valves are currently not tested under the IST program and should be added, while low safety impact valves could be tested at significantly greater intervals than allowed by the current IST program. The nuclear utility industry, through the Nuclear Energy Institute (NEI), has developed a draft guideline for applying risk-based techniques to focus testing on those pumps and valves with a high safety impact while reducing test frequencies on low safety impact pumps and valves. The guideline is being validated through an industry pilot application program that is being reviewed by the U.S. Nuclear Regulatory Commission. NEI and the ASME maintain a dialogue on the two groups` activities related to risk-based IST. The presenter will provide an overview of the NEI guideline, discuss the methodological approach for applying risk-based technology to IST and provide the status of the industry pilot plant effort.

  14. Unlocking Land Values to Finance Urban Infrastructure : Land-Based Financing Options for Cities

    OpenAIRE

    George E. Peterson

    2008-01-01

    Raising capital to finance urban infrastructure is a challenge. One solution is to 'unlock' urban land values - such as by selling public lands to capture the gains in value created by investment in infrastructure projects. Land-based financing techniques are playing an increasingly important role in financing urban infrastructure in developing countries. They complement other capital fina...

  15. Project Financing

    OpenAIRE

    S. GATTI

    2005-01-01

    Στην εισαγωγή της παρούσας εργασίας δίνεται ο ορισμός του project financing, τα ιστορικά στοιχεία και οι τάσεις αγοράς του. Στο πρώτο κεφάλαιο αναφέρεται γιατί οι εταιρείες προτιμούν την χρηματοδότηση με project financing. Γίνεται λόγος για τα πλεονεκτήματά του έναντι της άμεσης χρηματοδότησης, καθώς και για τα μειονεκτήματα του project financing. Στο δεύτερο κεφάλαιο παρουσιάζονται τα χρηματοοικονομικά στοιχεία και ο ρόλος του χρηματοοικονομικού συμβούλου. Στην τρίτη ενότητα γίνεται η αναγνώ...

  16. Project finance for alternative energy

    International Nuclear Information System (INIS)

    Mills, S.J.

    1993-01-01

    This paper is intended to provide general advice to sponsors of renewable energy projects who expect to raise project-based financing from commercial banks to fund the development of their projects. It will set out, for the benefit of such sponsors, how bankers typically approach the analysis of these undertakings and in particular the risk areas on which they concentrate. By doing so it should assist sponsors to maximise their prospects of raising bank finance. (author)

  17. Long Term Financing of Infrastructure

    OpenAIRE

    Sinha, Sidharth

    2014-01-01

    Infrastructure projects, given their long life, require long term financing. The main sources of long term financings are insurance and pension funds who seek long term investments with low credit risk. However, in India household financial savings are mainly invested in bank deposits. Insurance and pension funds account for only a small percentage of household financial savings. In addition most infrastructure projects do not qualify for investment by insurance and pension funds because of t...

  18. Division of Finance Homepage

    Science.gov (United States)

    Top Department of Administration logo Alaska Department of Administration Division of Finance Search Search the Division of Finance site DOF State of Alaska Finance Home Content Area Accounting Charge Cards You are here Administration / Finance Division of Finance Updates IRIS Expenditure Object Codes

  19. Energy storage financing :

    Energy Technology Data Exchange (ETDEWEB)

    Baxter, Richard

    2016-08-01

    Project financing is emerging as the linchpin for the future health, direction, and momentum of the energy storage industry. Market leaders have so far relied on selffunding or captive lending arrangements to fund projects. New lenders are proceeding hesitantly as they lack a full understanding of the technology, business, and credit risks involved in this rapidly changing market. The U.S. Department of Energy is poised to play a critical role in expanding access to capital by reducing the barriers to entry for new lenders, and providing trusted analytical benchmarks to better judge and price the risk in systematic ways.

  20. Cyanotoxins: Which detection technique for an optimum risk assessment?

    Science.gov (United States)

    Gaget, Virginie; Lau, Melody; Sendall, Barbara; Froscio, Suzanne; Humpage, Andrew R

    2017-07-01

    The presence of toxigenic cyanobacteria (blue-green algae) in drinking water reservoirs poses a risk to human and animal health worldwide. Guidelines and health alert levels have been issued in the Australian Drinking Water Guidelines for three major toxins, which are therefore the subject of routine monitoring: microcystin, cylindrospermopsin and saxitoxin. While it is agreed that these toxic compounds should be monitored closely, the routine surveillance of these bioactive chemicals can be done in various ways and deciding which technique to use can therefore be challenging. This study compared several assays available for the detection of these toxins and their producers in environmental samples: microscopy (for identification and enumeration of cyanobacteria), ELISA (Enzyme-Linked ImmunoSorbant Assay), PPIA (Protein phosphatase inhibition assay), PSI (Protein synthesis inhibition), chemical analysis and PCR (Polymerase Chain Reaction). Results showed that there was generally a good correlation between the presence of potentially toxigenic cyanobacteria and the detection of the toxin by ELISA. Nevertheless data suggest that cell numbers and toxin concentrations measured in bioassays do not necessarily correlate and that enumeration of potentially toxic cyanobacteria by microscopy, while commonly used for monitoring and risk assessment, is not the best indicator of real toxin exposure. The concentrations of saxitoxins quantified by ELISA were significantly different than those measured by LC-MS, while results were comparable in both assays for microcystin and cylindrospermopsin. The evaluation of these analytical methods led to the conclusion that there is no "gold standard" technique for the detection of the aforementioned cyanotoxins but that the choice of detection assay depends on cost, practicality, reliability and comparability of results and essentially on the question to be answered, notably on toxin exposure potential. Copyright © 2017 Elsevier Ltd. All

  1. Risk and reliability analyses (LURI) and expert judgement techniques

    International Nuclear Information System (INIS)

    Pyy, P.; Pulkkinen, U.

    1998-01-01

    Probabilistic safety analysis (PSA) is currently used as a regulatory licensing tool in risk informed and plant performance based regulation. More often also utility safety improvements are based on PSA calculations as one criterion. PSA attempts to comprehensively identify all important risk contributors, compare them with each other, assess the safety level and suggest improvements based on its findings. The strength of PSA is that it is capable to provide decision makers with numerical estimates of risks. This makes decision making easier than the comparison of purely qualitative results. PSA is the only comprehensive tool that compactly attempts to include all the important risk contributors in its scope. Despite the demonstrated strengths of PSA, there are some features that have reduced its uses. For example, the PSA scope has been limited to the power operation and process internal events (transients and LOCAs). Only lately, areas such as shutdown, external events and severe accidents have been included in PSA models in many countries. Problems related to modelling are, e.g., that rather static fault and event tree models are commonly used in PSA to model dynamic event sequences. Even if a valid model may be generated, there may not be any other data sources to be used than expert judgement. Furthermore, there are a variety of different techniques for human reliability assessment (HRA) giving varying results. In the project Reliability and Risk Analyses (LURI) these limitations and shortcomings have been studied. In the decision making area, case studies on the application of decision analysis and a doctoral thesis have been published. Further, practical aid has been given to utilities and regulatory decision making. Model uncertainty effect on PSA results has been demonstrated by two case studies. Human reliability has been studied both in the integrated safety analysis study and in the study of maintenance originated NPP component faults based on the

  2. Creative Bus Financing.

    Science.gov (United States)

    Malone, Wade

    1982-01-01

    Alternative ways of financing school bus purchases include financing privately through contractors or commercial banks, financing through sources such as insurance companies and pension funds, leasing the buses, or contracting for transportation services. (Author/MLF)

  3. Influence of the Risk-Contributing Factors on the Financing of the Investment Project for Building of Intelligent Buildings

    Directory of Open Access Journals (Sweden)

    Voytolovskiy Nikolay

    2017-01-01

    Full Text Available This article provides the generic classification of risks of the investment projects for the construction of intelligent buildings which differ by the detachment of the subjective perception of risk by the investor. Risk and uncertainty were justified as system characteristics of the investment projects for the construction of intelligent buildings. Characteristics of the development was given in the context of project management. Methodical schemes of the development of the investment project risks were specified on the basis of interconnection of risk and project effectiveness. Risk management procedure at realization of the developer project was developed.

  4. Comparison of Cardiovascular Risk Screening Methods and Mortality Data among Hungarian Primary Care Population: Preliminary Results of the First Government-Financed Managed Care Program.

    Science.gov (United States)

    Móczár, Csaba; Rurik, Imre

    2015-09-01

    Besides participation in the primary prevention, screening as secondary prevention is an important requirement for primary care services. The effect of this work is influenced by the characteristics of individual primary care practices and doctors' screening habits, as well as by the regulation of screening processes and available financial resources. Between 1999 and 2009, a managed care program was introduced and carried out in Hungary, financed by the government. This financial support and motivation gave the opportunity to increase the number of screenings. 4,462 patients of 40 primary care practices were screened on the basis of SCORE risk assessment. The results of the screening were compared on the basis of two groups of patients, namely: those who had been pre-screened (pre-screening method) for known risk factors in their medical history (smoking, BMI, age, family cardiovascular history), and those randomly screened. The authors also compared the mortality data of participating primary care practices with the regional and national data. The average score was significantly higher in the pre-screened group of patients, regardless of whether the risk factors were considered one by one or in combination. Mortality was significantly lower in the participating primary practices than had been expected on the basis of the national mortality data. This government-financed program was a big step forward to establish a proper screening method within Hungarian primary care. Performing cardiovascular screening of a selected target group is presumably more appropriate than screening within a randomly selected population. Both methods resulted in a visible improvement in regional mortality data, though it is very likely that with pre-screening a more cost-effective selection for screening may be obtained.

  5. Finance Companies and Small Business Borrowers: An Empirical Investigation

    OpenAIRE

    Haynes, George; Watts, Myles

    1996-01-01

    Finance companies have been perceived as isolated and insignificant lenders, attracting high risk borrowers and charging these borrowers relatively high prices. Using the 1988 National Survey of Small Business Finance, this study examines the relationship between finance companies and other lenders, describes the characteristics of borrowers attracted to finance companies and assesses whether finance companies charge higher loan prices and impose more stringent collateral requirements on thei...

  6. Tools for computational finance

    CERN Document Server

    Seydel, Rüdiger U

    2017-01-01

    Computational and numerical methods are used in a number of ways across the field of finance. It is the aim of this book to explain how such methods work in financial engineering. By concentrating on the field of option pricing, a core task of financial engineering and risk analysis, this book explores a wide range of computational tools in a coherent and focused manner and will be of use to anyone working in computational finance. Starting with an introductory chapter that presents the financial and stochastic background, the book goes on to detail computational methods using both stochastic and deterministic approaches. Now in its sixth edition, Tools for Computational Finance has been significantly revised and contains:    Several new parts such as a section on extended applications of tree methods, including multidimensional trees, trinomial trees, and the handling of dividends; Additional material in the field of generating normal variates with acceptance-rejection methods, and on Monte Carlo methods...

  7. New directions in electric power financing

    International Nuclear Information System (INIS)

    Jechoutek, K.G.; Lamech, Ranjit

    1995-01-01

    This paper argues that it is necessary to raise the eyes from the current focus on independent power projects, buttressed by guarantees, to the longer horizon of electric power financing in open markets. Transitional strategies will need to move beyond the commonly seen IPP activity that occurs without fundamental sector reform, and demand-side incentives that introduce further market distortions. These efforts will have to focus on macroeconomic stabilization, removal of price distortions, as well as sector and corporate reform. Mobilization of domestic capital will be essential for sustainable sector financing. Although guarantees to encourage power sector investment can be designed to selectively cover risks, their elimination through fundamental sector reform should be the ultimate goal. Over the longer-term traditional corporate finance should become a more common financing strategy than project finance. Innovations in performance risk management and consumer credit will be crucial to the financing of energy efficiency. (author)

  8. Influence of the Risk-Contributing Factors on the Financing of the Investment Project for Building of Intelligent Buildings

    OpenAIRE

    Voytolovskiy Nikolay; Trebukhin Anatoliy; Shoshinov Vitaly

    2017-01-01

    This article provides the generic classification of risks of the investment projects for the construction of intelligent buildings which differ by the detachment of the subjective perception of risk by the investor. Risk and uncertainty were justified as system characteristics of the investment projects for the construction of intelligent buildings. Characteristics of the development was given in the context of project management. Methodical schemes of the development of the investment projec...

  9. Context-sensitive Information security Risk identification and evaluation techniques

    NARCIS (Netherlands)

    Ionita, Dan

    2014-01-01

    The objective of my research is to improve and support the process of Information security Risk Assessment by designing a scalable Risk argumentation framework for socio-digital-technical Risk. Due to the various types of IT systems, diversity of architectures and dynamic nature of Risk, there is no

  10. Overcoming the initial investment hurdle for advanced biofuels. An analysis of biofuel-related risks and their impact on project financing. Report of ELOBIO subtask 7

    International Nuclear Information System (INIS)

    Bole, T.; Londo, M.; Van Stralen, J.; Uslu, A.

    2010-04-01

    The ELOBIO research project aims to develop policies that will help achieve a higher share of biofuels in total transport fuel in a low-disturbing and sustainable way. Workpackage 7 of the ELOBIO project aims at addressing the objective of providing a reliable estimate of the potential and costs of biofuels, given the application of low-disturbing policy measures. More specifically, we seek to evaluate the impact of these biofuel policy measures on the investment climate for second-generation technologies. To this end, we try to answer several sub-questions in a following logical sequence: (1) What are the different factors that contribute to investment risk in biofuels and what are their relative contributions to overall biofuel project risk as perceived by finance providers?; (2) How do these risks translate into cost of capital for different biofuel technologies?; (3) How does cost of capital influence market penetration rates for the different technologies?; and (4) What is the best policy (or policy mix) to overcome the initial investment hurdle for advanced biofuels, thus lowering their cost of capital and achieve wider market deployment?.

  11. Nr 251 - Report on the behalf of the Commission of finances, general economy and budget control on the finance bill project for 2013. Appendix Nr 13: ecology, sustainable development and planning, risk prevention, management and steering of policies of ecology, energy, sustainable development and sea

    International Nuclear Information System (INIS)

    Eckert, Christian; Mariton, Herve

    2012-01-01

    After having indicated some key figures (public finances and budgets awarded to different involved institutions and agencies), this report comments and discusses the various challenges and financial aspects regarding risk prevention: evolution of endowments in 2013, action in the field of prevention of technological risks and pollutions, issue of nuclear safety after the Fukushima accident (actions undertaken by the ASN, IRSN and ANDRA), assessment of the implementation of the PPRN (plan of prevention of natural risks) and management of flood risks, management of the after-mine period. The second part discusses the management and steering of policies of ecology, energy, sustainable development and sea in a context of decreased endowments

  12. Nuclear fuel financing

    International Nuclear Information System (INIS)

    Lurf, G.

    1975-01-01

    Fuel financing is only at its beginning. A logical way of developing financing model is a step by step method starting with the financing of pre-payments. The second step will be financing of natural uranium and enrichment services to the point where the finished fuel elements are delivered to the reactor operator. The third step should be the financing of fuel elements during the time the elements are inserted in the reactor. (orig.) [de

  13. "Money in Finance"

    OpenAIRE

    L. Randall Wray

    2011-01-01

    This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private institutions and provider of finance is also discussed, and related topics such as liquidity and saving are explored. We conclude with a look at some of the new innovations in finance, and at the global financial...

  14. 78 FR 52982 - Experian, Experian US Headquarters: Corporate Departments (Finance, HRMD, Contracts, Corporate...

    Science.gov (United States)

    2013-08-27

    ...,506R] Experian, Experian US Headquarters: Corporate Departments (Finance, HRMD, Contracts, Corporate... Headquarters: Corporate Departments (finance, HRMD, Contracts, Corporate Marketing, Global Corporate Systems... (finance, HRMD, Contracts, Corporate Marketing, Global Corporate Systems, Legal & Regulatory, Risk...

  15. Development of Improved Caprock Integrity and Risk Assessment Techniques

    Energy Technology Data Exchange (ETDEWEB)

    Bruno, Michael [Geomechanics Technologies, Incorporated, Monrovia, CA (United States)

    2014-09-30

    GeoMechanics Technologies has completed a geomechanical caprock integrity analysis and risk assessment study funded through the US Department of Energy. The project included: a detailed review of historical caprock integrity problems experienced in the natural gas storage industry; a theoretical description and documentation of caprock integrity issues; advanced coupled transport flow modelling and geomechanical simulation of three large-scale potential geologic sequestration sites to estimate geomechanical effects from CO₂ injection; development of a quantitative risk and decision analysis tool to assess caprock integrity risks; and, ultimately the development of recommendations and guidelines for caprock characterization and CO₂ injection operating practices. Historical data from gas storage operations and CO₂ sequestration projects suggest that leakage and containment incident risks are on the order of 10-1 to 10-2, which is higher risk than some previous studies have suggested for CO₂. Geomechanical analysis, as described herein, can be applied to quantify risks and to provide operating guidelines to reduce risks. The risk assessment tool developed for this project has been applied to five areas: The Wilmington Graben offshore Southern California, Kevin Dome in Montana, the Louden Field in Illinois, the Sleipner CO₂ sequestration operation in the North Sea, and the In Salah CO₂ sequestration operation in North Africa. Of these five, the Wilmington Graben area represents the highest relative risk while the Kevin Dome area represents the lowest relative risk.

  16. Three essays in pension finance

    NARCIS (Netherlands)

    Shi, Z.

    2009-01-01

    This thesis focuses on the three major participants in pension finance, namely, pension funds, individuals, and sponsoring companies. In the light of the fragile financial market performance, prudential regulatory rules, including Value-at-Risk (VaR) constraints, are imposed widely all over the

  17. Optimal Financing with CDS Markets

    NARCIS (Netherlands)

    Matta, R.

    2013-01-01

    One could argue that CDSs improve risk sharing, hence credit supply and financing terms for firms. Accordingly, one would expect risky borrowers to benefit the most from CDS insurance. This is in contrast, however, with recent empirical evidence (Ashcraft and Santos (2009) and Hirtle (2009)). This

  18. International oil and gas finance review 1997

    International Nuclear Information System (INIS)

    Anon.

    1997-01-01

    This first edition covers financing projects in the developing world, mergers and acquisitions; mitigating cross-border risk; basic risk in energy markets; real-time oil and gas pricing issues; oil and gas equity; risk management; project finance. The yearbook also features more regional specific topics such as: gas transportation in the Mercosur; 25 years of growth in the UAE; natural gas in Mexico; LNG in the Far East; legal issues surrounding the Russian oil and gas industry; LNG projects in the Middle East; the North Sea; and financing the oil and gas industry of Southern and South Africa. (UK)

  19. Relations between radiation risks and radiation protection measuring techniques

    International Nuclear Information System (INIS)

    Herrmann, K.; Kraus, W.

    1975-10-01

    'Risk of damage' and 'exposure risk' are considered as components of the radiation risk. The influence of the 'exposure risk' on type and extent of radiation protection measurements is discussed with regard to different measuring tasks. Basing upon measuring results concerning the frequency of certain external and internal occupational exposures in the GDR, it has been shown that only a small fraction of the monitored persons are subjected to a high 'exposure risk'. As a consequence the following recommendations are given for discussion: (a) occupationally exposed persons with small 'exposure risk' should be monitored using only a long-term dosimeter (for instance a thermoluminescence dosimeter), (b) in the case of internal exposure the surface and, if necessary, air contamination should be controlled so strictly that routine measurements of internal contamination need not be performed. (author)

  20. 高校筹资、投资的风险管理及经费来源多元化探究%College Financing and Risk Management of Investment and Sources of Funds Diversified Inquiry

    Institute of Scientific and Technical Information of China (English)

    权姬淑

    2012-01-01

    目前我国高校筹资、投资普遍存在一定的风险,经费来源多元化道路受阻。通过对高校筹资、投资风险因素的分析,提出了强化高校筹资与投资风险管理的具体措施,并在防范风险的基础上,提出了加快实现经费来源多元化的相关措施。%At present universities in China are facing financing, investment risks. Through analyzing the fi nancing, investment risk factors, the article puts forward strengthening college financing and investment risk management measures based on the risk prevention, proposes suggestions on accelerating the implementation of the measures related to multiple financial sources.

  1. Innovative human health and ecological risk assessment techniques at Hanford

    International Nuclear Information System (INIS)

    Clarke, S.; Jones, K.; Goller, E.

    1993-01-01

    The open-quotes Hanford Site Baseline Risk Assessment Methodologyclose quotes (HSBRAM) was developed to enhance the preparation of risk assessments supporting the Hanford site cleanup mission. This methodology satisfies a Hanford federal facility agreement and consent order (tri-party agreement) milestone and is used to evaluate the risk to human health and the environment under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and the Resource Conservation and Recovery Act (RCRA). The methodology was prepared by the Hanford Risk Assessment Committee (RAC) consisting of tri-party representatives: the U.S. Department of Energy, the State of Washington Department of Ecology, and the U.S. Environmental Protection Agency (EPA), with associated contractors. The risk assessment guidance provided by EPA is sufficiently general to permit tailoring of specific parameters to meet the risk assessment needs of individual sites. The RAC utilized EPA's Risk Assessment Guidance for Superfund, (RAGS) as the cornerstone of the HSBRAM. The RAC added necessary Hanford-specific elements to construct a complete risk assessment guidance for utilization as an independent document. The HSBRAM is a living document because the RAC charter emphasizes the importance of continued methodology reevaluation. The HSBRAM also provides guidelines for the application of EPA's open-quotes Framework for Ecological Risk Assessmentclose quotes to Hanford-specific environmental baseline risk assessments by including endangered and threatened species in addition to sensitive habitats potentially associated with the Hanford site and guidance for selection of ecotoxicological data. Separate negotiations for the selection of risk parameters for each operable unit were avoided by defining parameters in the HSBRAM. There are 78 past-practice operable units at Hanford requiring risk assessments

  2. Renewable energy finance and project ownership. The impact of alternative development structures on the cost of wind power

    International Nuclear Information System (INIS)

    Wiser, R.H.

    1997-01-01

    This paper uses traditional financial cash flow techniques to examine the impact of different ownership and financing structures on the cost of renewable energy, specifically wind power. Most large, non-hydroelectric, renewable energy projects are developed, owned and financed by private non-utility generators. Recently, however, US utilities have begun to consider owning and financing their own wind power facilities rather than purchasing power from independent renewable energy suppliers. Utilities in other countries have also expressed interest in direct renewable energy investments. A primary justification for utility ownership of wind turbine power plants is that utility self-financing and ownership is cheaper than purchasing wind energy from non-utility renewable energy suppliers. The results presented in this paper support that justification, although some of the estimated cost savings associated with utility ownership are a result of suboptimal utility analysis procedures and implicit risk shifting. Financing terms and variables are shown to significantly impact wind power costs. (author)

  3. Finance and climate, which stakes?

    International Nuclear Information System (INIS)

    Pauthier, Alice

    2016-03-01

    As the financing emerged during the Paris COP21 and in IPCC reports as a need as well as a mean to act against climate change, the author first discusses the issue of the cost of adaptation and of its financing. She also discusses whether mitigation costs would result in destabilising financial flows. She comments the possible stronger decline of investments in fossil energies, and addresses the problem of fund raising for adaptation and mitigation. She discusses the possibility of a pricing action (notably regarding CO_2) to constrain economic actors, and the necessity of a re-assessment of the carbon risk

  4. Project finance for renewable energy

    International Nuclear Information System (INIS)

    Mills, S.J.; Taylor, M.

    1994-01-01

    This paper is intended to provide general advice to sponsors of renewable energy projects who expect to raise project-based financing from commercial banks to fund the development of their projects. It sets out, for the benefit of such sponsors, how bankers typically approach the analysis of these undertakings and in particular the risk areas on which they concentrate. By doing so it should assist sponsors to maximize their prospects of raising bank finance. The watchword for sponsors approaching banks must be ''Be Prepared'' . (author)

  5. Derivatives in energy project finance

    International Nuclear Information System (INIS)

    Spencer, Lloyd

    1999-01-01

    This chapter focuses on risk management of merchant power generation projects and describes project finance as balancing risk and reward over time. The historical background to risk management is traced, and the case for derivatives in energy project finance is put forward with the hedging of forward output, and forwards and power purchase agreements discussed. Current and prospective usage, and the implementation issues of market liquidity, margin calls, letters of credit, derivative counterparty credit risk, and accounting policy are considered. A detailed example of a gas-fired plant in the US is presented with details given of the distribution of project earnings before tax. Oil field operating cashflows are examined, with reserved flow models, leverage effects, and price hedging addressed

  6. Mathematical and statistical methods for actuarial sciences and finance

    CERN Document Server

    Sibillo, Marilena

    2014-01-01

    The interaction between mathematicians and statisticians working in the actuarial and financial fields is producing numerous meaningful scientific results. This volume, comprising a series of four-page papers, gathers new ideas relating to mathematical and statistical methods in the actuarial sciences and finance. The book covers a variety of topics of interest from both theoretical and applied perspectives, including: actuarial models; alternative testing approaches; behavioral finance; clustering techniques; coherent and non-coherent risk measures; credit-scoring approaches; data envelopment analysis; dynamic stochastic programming; financial contagion models; financial ratios; intelligent financial trading systems; mixture normality approaches; Monte Carlo-based methodologies; multicriteria methods; nonlinear parameter estimation techniques; nonlinear threshold models; particle swarm optimization; performance measures; portfolio optimization; pricing methods for structured and non-structured derivatives; r...

  7. Private financing and operation of a space station: Investment requirements, risk, government support and other primary business management considerations

    Science.gov (United States)

    Simon, M.

    1982-01-01

    Private investment in a manned space station is considered as an alternative to complete government sponsorship of such a program. The implications of manned space operations are discussed from a business perspective. The most significant problems and risks which would be faced by a private company involved in a space station enterprise are outlined and possible government roles in helping to overcome these difficulties suggested. Economic factors such as inflation and the rate of interest are of primary concern, but less obvious conditions such as antitrust and appropriate regulatory laws, government appropriations for space activities, and national security are also considered.

  8. Windpower project ownership and financing: The cost impacts of alternative development structures

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, R.H. [Lawrence Berkeley National Lab., CA (United States)

    1997-12-31

    This paper uses traditional financial cash-flow techniques to examine the impact of different ownership and financing structures on the cost of wind energy. While most large-scale wind projects are constructed, operated, and financed by non-utility generators (NUGs) via project financing, investor- and publicly-owned utilities have expressed interest in owning and financing their own facilities rather than purchasing wind energy from independent generators. A primary justification for utility ownership is that, because of financing and tax benefits, windpower may be cheaper when developed in this fashion. The results presented in this paper support that justification, though some of the estimated cost savings associated with utility ownership are found to be a result of shortcomings in utility analysis procedures and implicit risk shifting. This paper also discusses the comparative value of the federal production tax credit and renewable energy production incentive; estimates the financing premium paid by NUG wind owners compared to traditional gas-fired generation facilities; and explores the impact of electricity restructuring on financing.

  9. Economic reassessment of energy technologies with risk-management techniques

    International Nuclear Information System (INIS)

    Mohr, Markus; Unger, Hermann

    1999-01-01

    A new approach for the reassessment of modern energy technologies is discussed. This mainly addresses renewable-energy systems, like photovoltaics or wind converters. A new number called the 'Marginal Energy Risk Price (MERP) for Hedging' is introduced. (Author)

  10. Statistics for Finance

    DEFF Research Database (Denmark)

    Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard

    Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...

  11. Opportunities to reduce risk associated with nuclear logging techniques

    International Nuclear Information System (INIS)

    Wraight, P.D.; Robinson, E.; de Fleurieu, R.

    1991-01-01

    Nuclear logging provides petroleum exploration and production companies with data that are critical to their decisions and operations. Because this type data is so important, environmentally conscious well-logging and service companies are constantly reviewing the risks to people and environment associated with nuclear sources with the ALARA (as low as reasonably achievable) principle in mind. Opportunities to additionally reduce risks, which can be accomplished only with the active involvement of oil companies, are proposed in this paper

  12. Usefulness of the risk assessment technique in solving transportation problems

    International Nuclear Information System (INIS)

    Johnson, J.F.; Hall, R.J.

    1976-08-01

    The purpose was to develop and use a model to assess the risk associated with the shipment of nuclear and non-nuclear hazardous energy-related materials. The analysis method comprises the steps of describing the system, identifying the release sequence, evaluating the sequence, and calculating and assessing the risk. Plutonium shipment is used as an example. Uses of this method to improve transportation safety are discussed. 12 fig

  13. Finance/security/life.

    OpenAIRE

    Langley, P.

    2017-01-01

    What is the contemporary relation between finance and security? This essay encourages further research into the securitization of finance by developing the notion of ‘finance/security/life’. A focus on the intersections of finance/security/life will be shown to prompt a broadened range of critical, cross-disciplinary concerns with the various ways in which financial markets are positioned as vital to securing wealth, welfare and wellbeing.

  14. Risk Management in Csr Unit of Shams Hospital Using FMEA Technique -Tabriz

    Directory of Open Access Journals (Sweden)

    Mohammad Saadati

    2015-08-01

    Full Text Available Background and Objectives : Since one of the effective ways to prevent infections is the proper sterilization of instruments, CSR is one of the most important units in hospitals. Thus, risk management has a high priority in CSR. The aim of this study was to identify and prevent potential risks in CSR unit in Shams Hospital using FMEA technique. Material and Methods : This is a descriptive and interventional study. Using FMEA technique, potential risks were identified. Risks were prioritized and corrective interventions were implemented to reduce risks. Results : The current study identified 69 risks that 10 risks were marked as high priority. Corrective activities were suggested by risk management teams which were applied. Conclusion : The results showed that flaws in safety policies, equipment and physical conditions were the most important risk factors. Implementing risk management plan and clear safety policies could be useful. ​

  15. Analysis on Risk Control for Project Financing of Small and Medium -sized Private S&T Enterprises in China%我国民营中小科技企业项目融资风险控制分析

    Institute of Scientific and Technical Information of China (English)

    蔡乐平

    2011-01-01

    In current developed market economy, small and medium - sized private scientific & technical enterprises, like large enterprises, make great contributions to the society and economy and are playing more and more important role. But due to the small size, unreasonable financing structure, nonsymmetrical information and high financing cost, they usually have weak capability of resisting risks and thus have great operation risks, This situation results in difficult financing of small and medium - sized private scientific & technical enterprises, which further increases their risks. This article first makes an analysis on current status of project financing in small and medium - sized private scientific & technical enterprises, then discusses the causes for risks in their project financing according to characteristics of their project financing, and finally puts forward countermeasures and recommendations for their project financing according to actual conditions of our country.%在目前较发达的市场经济中,民营中小科技企业和大企业一样为社会经济作出了巨大贡献,而且越来越发挥着其重要作用.但中小科技企业由于规模比较小、融资结构不合理,再加上信息不对称及融资成本高等问题,因而抗风险能力弱,存在着较大的经营风险,进而导致了中小科技企业融资困难,而融资困难又进一步加剧了其风险.首先对中国民营中小科技企业项目融资的现状进行了分析,然后结合民营中小科技企业项目融资的特点,探讨了民营中小科技企业项目融资中风险的成因,最后结合我国的实际情况,提出了中小民营科技企业项目融资风险的对策建议.

  16. A Hybrid MCDM Technique for Risk Management in Construction Projects

    Directory of Open Access Journals (Sweden)

    Kajal Chatterjee

    2018-02-01

    Full Text Available Multi-stakeholder based construction projects are subject to potential risk factors due to dynamic business environment and stakeholders’ lack of knowledge. When solving project management tasks, it is necessary to quantify the main risk indicators of the projects. Managing these requires suitable risk mitigation strategies to evaluate and analyse their severity. The existence of information asymmetry also causes difficulties with achieving Pareto efficiency. Hence, to ensure balanced satisfaction of all participants, risk evaluation of these projects can be considered as an important part of the multi-criteria decision-making (MCDM process. In real-life problems, evaluation of project risks is often uncertain and even incomplete, and the prevailing methodologies fail to handle such situations. To address the problem, this paper extends the analytical network process (ANP methodology in the D numbers domain to handle three types of ambiguous information’s, viz. complete, uncertain, and incomplete, and assesses the weight of risk criteria. The D numbers based approach overcomes the deficiencies of the exclusiveness hypothesis and completeness constraint of Dempster–Shafer (D–S theory. Here, preference ratings of the decision matrix for each decision-maker are determined using a D numbers extended consistent fuzzy preference relation (D-CFPR. An extended multi-attributive border approximation area comparison (MABAC method in D numbers is then developed to rank and select the best alternative risk response strategy. Finally, an illustrative example from construction sector is presented to check the feasibility of the proposed approach. For checking the reliability of alternative ranking, a comparative analysis is performed with different MCDM approaches in D numbers domain. Based on different criteria weights, a sensitivity analysis of obtained ranking of the hybrid D-ANP-MABAC model is performed to verify the robustness of the proposed

  17. Hybrid Monte Carlo methods in computational finance

    NARCIS (Netherlands)

    Leitao Rodriguez, A.

    2017-01-01

    Monte Carlo methods are highly appreciated and intensively employed in computational finance in the context of financial derivatives valuation or risk management. The method offers valuable advantages like flexibility, easy interpretation and straightforward implementation. Furthermore, the

  18. Financing petroleum agreements

    International Nuclear Information System (INIS)

    Robson, C.J.V.

    1994-01-01

    This chapter describes the typical type of financing agreements which are currently used to finance North Sea petroleum projects whether they are in the cause of development or have been developed and are producing. It deals with the agreements which are entered into to finance borrowings for petroleum projects on a non-resource or limited resource basis. (UK)

  19. Essays in household finance

    NARCIS (Netherlands)

    Djordjevic, Ljubica

    2015-01-01

    Household finance is a young and vibrant research field that continuously attracts public attention. There may be very few matters that people care so much about as their personal finance. Recent rise of academic interest in household finance is to a great extent due to households’ more active role

  20. Validation Techniques of the Intern Models for Credit Risk

    Directory of Open Access Journals (Sweden)

    Bogdan Moinescu

    2006-11-01

    Full Text Available The new own funds adequacy device, officialy named “ International Convergence of Capital Measurement and Capital Standards”, describes the most important benchmark framework for micro-prudential supervision at the moment. The publication of the final text in June 2004, after five years of deliberations, represents the result of multiple analyses and comments provided by all interested parties, banking supervision authorities, associations and credit institutions. Provided the development of complex methodologies of risk measurement and management, on a large scale, by credit institutions, simple and static rules of the first accord have become less and less relevant during the last years. And so, the need of setting up a own funds adequacy framework which is much more risk sensitive and provides incentives to credit institutions on what concerns the improvement of risk measurement and management systems was met by approval of the Basel II Accord, which will, therefore, lead to the strengthening of financial stability. The revisal of the Accord was mainly focused on the increase of risk analysis and internal measurement and the changes made to their estimation allow banks to create their own methodological framework to calculate capital requirements (also considering each credit institution’ risk appetite.

  1. Project finance of hydroelectric power plants in Brazil; 'Project finance' de usinas hidroeletricas no Brasil

    Energy Technology Data Exchange (ETDEWEB)

    Ribeiro Filho, Valfredo de Assis; Ramos, Maria Olivia de Souza [Universidade Salvador (UNIFACS), BA (Brazil)

    2008-07-01

    The aim of this paper is to discuss the modality of project finance of financing of enterprises, which is the main modality of structuring of hydroelectric projects in Brazil. In the discussion will be highlighted the importance of contracts EPC (Engineering, Search and Construction) in the structuring of project finances. This financing model has particular characteristics related to risk sharing and financial flexibility that enable the financing of projects with long-term capital, however, due to participation of various actors and the nature of the structure of project finance, the negotiation and drafting of contracts are always very complex.

  2. Pipeline risk management manual ideas, techniques, and resources

    CERN Document Server

    Muhlbauer, W Kent

    2004-01-01

    Here's the ideal tool if you're looking for a flexible, straightforward analysis system for your everyday design and operations decisions. This new third edition includes sections on stations, geographical information systems, ""absolute"" versus ""relative"" risks, and the latest regulatory developments. From design to day-to-day operations and maintenance, this unique volume covers every facet of pipeline risk management, arguably the most important, definitely the most hotly debated, aspect of pipelining today.Now expanded and updated, this widely accepted standard reference guide

  3. Teaching empirical finance courses: A project on portfolio management

    OpenAIRE

    Morley, Bruce

    2016-01-01

    The aim of this article was to assess the use of a group-based project for an empirical finance type of course. It examines the outline of the project, the methodology the students are encouraged to follow and how the course is assessed. This approach enables the students to apply many of the techniques learnt on this course and other courses such as econometrics, to determine an optimal portfolio of assets given their view on the risks in the economy. The emphasis is on risk management throu...

  4. Adapting risk management and computational intelligence network optimization techniques to improve traffic throughput and tail risk analysis.

    Science.gov (United States)

    2014-04-01

    Risk management techniques are used to analyze fluctuations in uncontrollable variables and keep those fluctuations from impeding : the core function of a system or business. Examples of this are making sure that volatility in copper and aluminum pri...

  5. Design of Process Displays based on Risk Analysis Techniques

    DEFF Research Database (Denmark)

    Paulsen, Jette Lundtang

    -tions. On the basis of her experience with the design of display systems; with risk analysis methods and from 8 years, as an engi-neer-on-shift at a research reactor, the author developed a method to elicit necessary information to the operator. The method, a combination of a Goal-Tree and a Fault-Tree, is described...

  6. Linguistic Intervention Techniques for At-Risk English Language Learners

    Science.gov (United States)

    Schneider, Elke; Evers, Tsila

    2009-01-01

    In U.S. public schools, the population of nonnative speakers of English who are at risk for failing language requirements is growing. This article presents multisensory structured language (MSL) teaching strategies to remediate these students' difficulties in reading, writing, and speaking English. These strategies are underscored by recent…

  7. A new estimation technique of sovereign default risk

    Directory of Open Access Journals (Sweden)

    Mehmet Ali Soytaş

    2016-12-01

    Full Text Available Using the fixed-point theorem, sovereign default models are solved by numerical value function iteration and calibration methods, which due to their computational constraints, greatly limits the models' quantitative performance and foregoes its country-specific quantitative projection ability. By applying the Hotz-Miller estimation technique (Hotz and Miller, 1993- often used in applied microeconometrics literature- to dynamic general equilibrium models of sovereign default, one can estimate the ex-ante default probability of economies, given the structural parameter values obtained from country-specific business-cycle statistics and relevant literature. Thus, with this technique we offer an alternative solution method to dynamic general equilibrium models of sovereign default to improve upon their quantitative inference ability.

  8. TRANSPORTATION BOT SCHEMES FOR PUBLIC AND PRIVATE SECTOR FINANCING SCENARIO ANALYSIS

    OpenAIRE

    WEI, Chien-Hung; CHUNG, Ming-Chih

    2002-01-01

    Transportation Build-Operate-Transfer financing projects have larger payment risks and failure possibilities than other financing projects, and these factors are essential to financing scenarios. The changes of financing scenarios not only affect private sectors' financing process but the conflict between private sectors and banks. This study broadly reviews relevant factors affecting BOT financing strategies, interviews relevant experts and then uses scenario analysis to design a questionnai...

  9. The Value of Renewable Energy as a Hedge Against Fuel Price Risk: Analytic Contributions from Economic and Finance Theory

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark A; Wiser, Ryan

    2008-09-15

    natural gas in the United States over a relatively brief period. Perhaps of most concern is that this dramatic price increase was largely unforeseen. Figure 2 compares the EIA's natural gas wellhead price forecast from each year's Annual Energy Outlook (AEO) going back to 1985 against the average US wellhead price that actually transpired. As shown, our forecasting abilities have proven rather dismal over time, as over-forecasts made in the late 1980's eventually yielded to under-forecasts that have persisted to this day. This historical experience demonstrates that little weight should be placed on any one forecast of future natural gas prices, and that a broad range of future price conditions ought to be considered in planning and investment decisions. Against this backdrop of high, volatile, and unpredictable natural gas prices, increasing the market penetration of renewable generation such as wind, solar, and geothermal power may provide economic benefits to ratepayers by displacing gas-fired generation. These benefits may manifest themselves in several ways. First, the displacement of natural gas-fired generation by increased renewable generation reduces ratepayer exposure to natural gas price risk--i.e., the risk that future gas prices (and by extension future electricity prices) may end up markedly different than expected. Second, this displacement reduces demand for natural gas among gas-fired generators, which, all else equal, will put downward pressure on natural gas prices. Lower natural gas prices in turn benefit both electric ratepayers and other end-users of natural gas. Using analytic approaches that build upon, yet differ from, the past work of others, including Awerbuch (1993, 1994, 2003), Kahn and Stoft (1993), and Humphreys and McClain (1998), this chapter explores each of these two potential 'hedging' benefits of renewable electricity. Though we do not seek to judge whether these two specific benefits outweigh any incremental

  10. Update on procedure-related risks for prenatal diagnosis techniques

    DEFF Research Database (Denmark)

    Tabor, Ann; Alfirevic, Zarko

    2010-01-01

    Introduction: As a consequence of the introduction of effective screening methods, the number of invasive prenatal diagnostic procedures is steadily declining. The aim of this review is to summarize the risks related to these procedures. Material and Methods: Review of the literature. Results: Data...... from randomised controlled trials as well as from systematic reviews and a large national registry study are consistent with a procedure-related miscarriage rate of 0.5-1.0% for amniocentesis as well as for chorionic villus sampling (CVS). In single-center studies performance may be remarkably good due...... not be performed before 15 + 0 weeks' gestation. CVS on the other hand should not be performed before 10 weeks' gestation due to a possible increase in risk of limb reduction defects. Discussion: Experienced operators have a higher success rate and a lower complication rate. The decreasing number of prenatal...

  11. The Risk Research of Folk Financing in Ganzi Tibetan Areas in Sichuan%四川甘孜藏区民间融资的风险性研究

    Institute of Scientific and Technical Information of China (English)

    罗成

    2015-01-01

    The small and medium-sized enterprises in Ganzi Tibetan areas in Sichuan is an important part of the economy of Ganzi autonomy,it directly affects the sustainable and stable development of the state’s economy, and the folk financing is an important approach of funding sources to the state’s small and medium-sized enterpri-ses. With the development of folk financing,a series of folk financing risk problems exposed,and caused a lot of e-conomic risks. The research of this article can help the social and national raise the concern on folk financing,make the folk financing standardization and legalization earlier,then further promote the steady development of social e-conomy.%四川甘孜藏区中小企业是甘孜藏区经济的重要组成部分,它的发展直接影响到了我州经济的稳定持续发展,民间融资是我州中小企业资金来源的重要途径。随着民间融资的日益发展,暴露出了民间融资的一系列风险问题,引发了不少的经济危险。文章的研究,有助于提高社会和国家对民间融资的关注,有利于更早地使得我国民间融资规范化,法律化,进一步推动社会经济的持续稳定发展。

  12. ALTERNATIVE MODELS OF FINANCING REGIONAL DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Cristina, GRADEA

    2013-12-01

    Full Text Available Public financing of infrastructure proved under performing at uneconomic prices, and because of political interference in the management of funds, understanding the problem leading to the adoption of private funding variant, an effective way of private funding being the financing of the project. Project financing is a concept that assessed by means of financing a specific technique. In this context, those granting funds usually through loans typically are only interested in cash flows and project profit, which are a source of funds for repayment of loans; they are less interested in the creditworthiness of those employed in the project (organizations, governments, communities and so on. This approach has led to the emergence of new ways of financing projects, new types of projects, such as regional and rural development.

  13. Sources of finance for power generation: an Asian perspective

    International Nuclear Information System (INIS)

    Haggard, Melville

    1994-01-01

    Data are presented which show there is no standard framework for financing independent power projects (IPPs) and that there is a close correlation between the simplicity of the financing solution and the state of development of the local capital market. Some aspects of the optimization of capital structure for IPP financing are considered. In order to increase access to finance, risks need to be minimized. Three principal areas of risk are identified. These are transparency and political risks, cashflow issues and bidding procedures. Strategies for minimizing these risks are outlined. Finally, fuel supply, technology and plant operation are briefly examined as factors influencing electricity price competitiveness. (1 table, 6 figures) (UK)

  14. Fuzzy Evaluation of Highway Project Financing Risks Based on Entropy%基于熵权的高速公路项目融资风险模糊评价

    Institute of Scientific and Technical Information of China (English)

    黄琼; 杨玉宝

    2015-01-01

    This paper combines fuzzy analytic hierarchy process(FAHP)with entropy weight method to evaluate the highway project financing risks.The combination is objective and reasonable,which enables a comprehensive evaluation of the level of project financing risks for rational investment decisions in advance.Firstly,the risks are divided into two levels which are of 7 first -class indexes and 31 second -class indexes through the practical ex-perience of highway project financing risks both in domestic and foreign countries,then the risk level is divided into five levels.FAHP is used to assess highway project financing risks,and entropy weight method to determine the weight of each index.This combination of subjective and objective methods enhances the reasonableness of the evaluation.Western Yunnan Roads Development Project is then selected as a case to elaborate the using of FAHP and entropy weight method in expressway project financing risk assessment.%本文选取模糊层次分析法和熵权法结合来评价高速公路项目融资风险,该评价方法既客观又合理,能够在事前对项目融资的风险高低做出综合评价以进行合理的投资决策。我们首先通过综合国内外高速公路项目融资实践中遇到的普遍风险,将风险划分为两个层次共7个一级指标和31个二级指标,并将风险等级划分为五个级别,选取模糊层次分析法对高速公路项目融资风险做出评价,中间采用熵权法来确定各级指标权重,将主观与客观相结合,增强评价的合理性。同时选择云南西部道路发展项目作为案例进行分析,更加清晰地阐述了模糊层次分析法和熵权法在高速公路项目融资风险评价中的运用。

  15. Development of the Risk-Based Inspection Techniques and Pilot Plant Activities

    International Nuclear Information System (INIS)

    Phillips, J.H.

    1997-01-01

    Risk-based techniques have been developed for commercial nuclear power plants. System boundaries and success criteria is defined using the probabilistic risk analysis or probabilistic safety analysis developed to meet the individual plant evaluation. Final ranking of components is by a plant expert panel similar to the one developed for maintenance rule. Components are identified as being high risk-significant or low-risk significant. Maintenance and resources are focused on those components that have the highest risk-significance. The techniques have been developed and applied at a number of pilot plants. Results from the first risk-based inspection pilot plant indicates that safety due to pipe failure can be doubled while the inspection reduced to about 80% when compared with current inspection programs. The reduction in inspection reduces the person-rem exposure resulting in further increases in safety. These techniques have been documented in publication by the ASME CRTD

  16. What imaging techniques should be used in primary versus secondary prevention for further risk stratification?

    Science.gov (United States)

    Schiele, François; Navarese, Eliano Pio; Visoná, Adriana; Ray, Kausik

    2017-04-01

    An accurate assessment of the cardiovascular (CV) risk of an individual is key for guiding the appropriate treatment strategy for cardiovascular disease (CVD). Although conventional risk factors for CVD are well established, there can be substantial variation in the extent of atherosclerosis between patients. The use of a variety of imaging modalities can be beneficial in the primary prevention stage and in the classification of an individual's CV risk. Therefore, appropriate implementation of these imaging techniques for risk assessment purposes, in line with clinical guidelines, can influence the outcomes of CVD prevention. The expert working group collaborated to review current invasive and non-invasive imaging techniques available to healthcare practitioners and how they can be used in the measurement of preclinical vascular damage and CV risk assessment. After evaluation of the current guideline recommendations and clinical data available, the expert working group collaborated to produce recommendations regarding the use of imaging in the risk stratification in primary prevention, CV risk in peri-acute coronary syndrome and CV risk assessment in secondary prevention. Overall, a variety of both invasive and non-invasive imaging modalities were highlighted by the expert working group as having the potential to assist in the risk assessments of patients at risk of CVD. These imaging techniques can be utilised in both primary and secondary prevention strategies and have the potential to be important risk modifiers, improving the outcome of CV risk assessment. Copyright © 2017 Elsevier B.V. All rights reserved.

  17. Design of process displays based on risk analysis techniques

    International Nuclear Information System (INIS)

    Lundtang Paulsen, J.

    2004-05-01

    This thesis deals with the problems of designing display systems for process plants. We state the reasons why it is important to discuss information systems for operators in a control room, especially in view of the enormous amount of information available in computer-based supervision systems. The state of the art is discussed: How are supervision systems designed today and why? Which strategies are used? What kind of research is going on? Four different plants and their display systems, designed by the author, are described and discussed. Next we outline different methods for eliciting knowledge of a plant, particularly the risks, which is necessary information for the display designer. A chapter presents an overview of the various types of operation references: constitutive equations, set points, design parameters, component characteristics etc., and their validity in different situations. On the basis of her experience with the design of display systems; with risk analysis methods and from 8 years, as an engineer-on-shift at a research reactor, the author developed a method to elicit necessary information to the operator. The method, a combination of a Goal-Tree and a Fault-Tree, is described in some detail. Finally we address the problem of where to put the dot and the lines: when all information is on the table, how should it be presented most adequately. Included, as an appendix is a paper concerning the analysis of maintenance reports and visualization of their information. The purpose was to develop a software tool for maintenance supervision of components in a nuclear power plant. (au)

  18. LEASE FINANCING: A NEW DUAL APPROACH

    Directory of Open Access Journals (Sweden)

    Cristina-Aurora, BUNEA-BONTAS

    2013-12-01

    Full Text Available Leasing is an important additional financing technique used by many companies, enabling them to use property, plant and equipment without making large initial cash outlays. It also provides flexibility, allowing entities to address obsolescence risks. Under current accounting rules, when referring to the operating leasing in particular, there is a lack of comparability between the financial position and operating results of companies that buy assets and the financial position and operating results of those that lease similar assets. This has led critics to assert that the current accounting does not portray the economics of lease arrangements. In response to this criticism, the IASB and FASB have developed a new approach to lease accounting that would require a lessee to recognise assets and liabilities for the rights and obligations created by leases, this providing greater transparency and comparability for financial statements users. On the other hand, the proposals will affect almost every company and the impact of the proposed changes may be significant, as recognising additional assets and liabilities and finance expense will affect key performance ratios and, consequently, the ability to satisfy debt covenants.

  19. Attracting finance for hydroelectric power

    International Nuclear Information System (INIS)

    Besant-Jones, John

    1996-01-01

    Hydroelectricity will continue to be important for meeting power requirements in developing countries. Much of the funding required for hydroelectric projects must come from non-government source; hydroelectric projects will therefore need to be attractive to private investors. This note explores the risks investors face, how this can be mitigated, and how the World Bank group can offer advice (as well as finance) to member countries to facilitate investment in hydro electric projects. 3 refs., 1 fig

  20. Financing Distributed Generation

    Energy Technology Data Exchange (ETDEWEB)

    Walker, A.

    2001-06-29

    This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market.

  1. Financing Distributed Generation

    International Nuclear Information System (INIS)

    Walker, A.

    2001-01-01

    This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market

  2. Financing Losses from Catastrophic Risks

    Science.gov (United States)

    2008-11-01

    often held in the form of bonds, the interest on which is subject to corporate income tax , which reduces the net earnings to each insurer’s shareholders...course; it is a basic feature of the corporate income tax . But, as explained above, catastrophe insurance is distinguished from other types of

  3. The challenge of financing nuclear power plants

    International Nuclear Information System (INIS)

    Csik, B.J.

    1999-01-01

    To date, more then 500 nuclear power reactors have been successfully financed and built. Experience in recent nuclear projects confirms that nuclear power will not cease to be a viable option due to a worldwide financing constraint. For financing nuclear plants there are special considerations: large investment; long lead and construction times; complex technology; regulatory risk and political risk. The principal preconditions to financing are a national policy supporting nuclear power; creditworthiness; economic competitiveness; project feasibility; assurance of adequate revenues; acceptability of risks; and no open-ended liabilities. Generally, nuclear power plants are financed conventionally through multi-sources, where a package covers the entire cost. The first source, the investor/owner/operator responsible for building and operating the plant, should cover a sizable portion of the overall investment. In addition, bond issues, domestic bank credits etc. and, in case of State-owned or controlled enterprises, donations and credits from public entities or the governmental budget, should complete the financing. A financially sound utility should be able to meet this challenge. For importing technology, bids are invited. Export credits should form the basis of foreign financing, because these have favorable terms and conditions. Suppliers from several countries may join in a consortium subdividing the scope of supply and involve several Export Credit Agencies (ECAs). There are also innovative financing approaches that could be applied to nuclear projects. Evolutionary Reactors with smaller overall investment, shorter construction times, reliance on proven technology, together with predictable regulatory regimes and reliable long-term national policies favorable to nuclear power, should make it easier to meet the future challenges of financing. (author)

  4. The Housing Finance Revolution

    OpenAIRE

    Richard K. Green; Susan M. Wachter

    2007-01-01

    While other countries dismantled their segmented housing finance systems and linked housing finance to capital markets through deregulated depositories, the US linked housing finance to capital markets through depository deregulation and securitization. Elsewhere securitization has not developed. The US provided the underpinnings for its mortgage security infrastructure with the creation of FNMA in 1938 and in order to create liquidity in the mortgage market required the standardization of mo...

  5. Financing nuclear power

    International Nuclear Information System (INIS)

    Sheriffah Noor Khamseah Al-Idid Syed Ahmad Idid

    2009-01-01

    Global energy security and climate change concerns sparked by escalating oil prices, high population growth and the rapid pace of industrialization are fueling the current interest and investments in nuclear power. Globally, a significant number policy makers and energy industry leaders have identified nuclear power as a favorable alternative energy option, and are presently evaluating either a new or an expanded role for nuclear power. The International Atomic Energy Agency (IAEA) has reported that as of October 2008, 14 countries have plans to construct 38 new nuclear reactors and about 100 more nuclear power plants have been written into the development plans of governments for the next three decades. Hence as new build is expected to escalate, issues of financing will become increasingly significant. Energy supply, including nuclear power, considered as a premium by government from the socio-economic and strategic perspective has traditionally been a sector financed and owned by the government. In the case for nuclear power, the conventional methods of financing include financing by the government or energy entity (utility or oil company) providing part of the funds from its own resources with support from the government. As national financing is, as in many cases, insufficient to fully finance the nuclear power plants, additional financing is sourced from international sources of financing including, amongst others, Export Credit Agencies (ECAs) and Multilateral Development Institutions. However, arising from the changing dynamics of economics, financing and business model as well as increasing concerns regarding environmental degradation , transformations in methods of financing this energy sector has been observed. This paper aims to briefly present on financing aspects of nuclear power as well as offer some examples of the changing dynamics of financing nuclear power which is reflected by the evolution of ownership and management of nuclear power plants

  6. Financing Constraints and Entrepreneurship

    OpenAIRE

    William R. Kerr; Ramana Nanda

    2009-01-01

    Financing constraints are one of the biggest concerns impacting potential entrepreneurs around the world. Given the important role that entrepreneurship is believed to play in the process of economic growth, alleviating financing constraints for would-be entrepreneurs is also an important goal for policymakers worldwide. We review two major streams of research examining the relevance of financing constraints for entrepreneurship. We then introduce a framework that provides a unified perspecti...

  7. Recurrent Tricuspid Insufficiency: Is the Surgical Repair Technique a Risk Factor?

    OpenAIRE

    Kara, Ibrahim; Koksal, Cengiz; Cakalagaoglu, Canturk; Sahin, Muslum; Yanartas, Mehmet; Ay, Yasin; Demir, Serdar

    2013-01-01

    This study compares the medium-term results of De Vega, modified De Vega, and ring annuloplasty techniques for the correction of tricuspid insufficiency and investigates the risk factors for recurrent grades 3 and 4 tricuspid insufficiency after repair.

  8. Financing Preference Behaviour for Private Finance Initiative (PFI Projects

    Directory of Open Access Journals (Sweden)

    Yati Md Lasa

    2016-01-01

    Full Text Available Project Financing Initiative (PFI projects require the private sector to invest an enormous amount of capital for the development of public projects. The private sector has to seek cost-effective financing sources for their survival in the long-term concession. Conventional financing uses widely; however, Islamic financing promises better financing through profit and loss sharing. This paper reviews financing preferences for PFI projects and the factors influencing the choice of funding. The results show that religious perspective, quality of services, financing facilities and reputation are the factors that are expected will influence the financing preference behaviour, either Islamic or conventional finance.

  9. 互联网消费金融虚拟信用风险研究%Research on Risk of Virtual Credit of Internet′s Consumer Finance

    Institute of Scientific and Technical Information of China (English)

    肖振宇; 张杰; 谷瀛

    2016-01-01

    互联网虚拟信用具有授信依据信息有限、授信对象地域范围广、授信额度普遍较小、存在技术风险和冒用他人信息风险等特点。为促进互联网虚拟信用的发展,电商应当加强消费者诚信理念宣传,对部分商品可以实行按诚信等级来定价,加强网络安全技术建设和消费者的实名身份认证、培养专业的管理人才,政府需牵头建立统一的电商数据消费者数据收集平台,将消费者违约的数据纳入诚信管理系统。%The rapid development of Internet consumption led to the financial innovation of the Internet:Virtual Credit of In-ternet’s Consumer Finance.As a newly sprouted things,virtual credit of internet has some characteristics:credit on the ba-sis of information is limited,Credit object region is wide,Credit is generally small,it has technology risk and faking infor-mation risk of others.In order to promote the development of the Internet virtual credit,e— business should strengthen the concept of consumer credit ? propaganda,For part of commodity can be according to the grades of the good faith to pricing, strengthen the construction of network security technology and the real—name authentication of consumers,training profes-sional management talents.Government need to take the lead in establishing a unified electricity data data collection platfor, and take the consumer default data into the good faith management system.

  10. Financing Investment: The Cost Trade-Off

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

  11. Finance leadership imperatives in clinical redesign.

    Science.gov (United States)

    Harris, John; Holm, Craig E; Inniger, Meredith C

    2015-03-01

    As physicians embrace their roles in managing healthcare costs and quality, finance leaders should seize the opportunity to engage physicians in clinical care redesign to ensure both high-quality performance and efficient resource use. Finance leaders should strike a balance between risk and reward to achieve a portfolio of clinical initiatives that is organizationally sustainable and responsive to current external drivers of payment changes. Because these initiatives should be driven by physicians, the new skill set of finance leaders should include an emphasis on relationship building to achieve consensus and drive change across an organization.

  12. Applied Computational Intelligence for finance and economics

    OpenAIRE

    Isasi Viñuela, Pedro; Quintana Montero, David; Sáez Achaerandio, Yago; Mochón, Asunción

    2007-01-01

    This article introduces some relevant research works on computational intelligence applied to finance and economics. The objective is to offer an appropriate context and a starting point for those who are new to computational intelligence in finance and economics and to give an overview of the most recent works. A classification with five different main areas is presented. Those areas are related with different applications of the most modern computational intelligence techniques showing a ne...

  13. Issues in energy finance

    Science.gov (United States)

    Khokher, Zeigham Islam

    As opposed to the well developed and understood equity markets, the energy markets are still in their infancy. The explosion of contracts, of both the primary and derivative types, are testament both to the existing size and the untapped growth potential of this exciting industry. However, because of its relative youth many basic issues in the energy markets remain unresolved. This thesis introduces some interesting questions and provides insights into these issues. Thematically, the chapters of this thesis are linked by an emphasis on valuation and risk management decisions. A contribution of this thesis is to show that subtle differences between the endogenous price process in our general equilibrium setting and the exogenous processes considered in earlier papers can generate significant differences in both financial and real option values. In addition to these valuation concerns there has been much debate about the corporate risk management function. Finance theory suggests that a value maximizing corporation should either be indifferent to hedging or, in the presence of certain imperfections, it should completely hedge all exposures. Both these extremes contradict empirical evidence. We show that existing corporate hedging behaviour is best explained in light of both physical market imperfections and directional predictions on future prices. While these speculative motives may arise from corporate hubris or genuine informational advantages, we argue that it would be difficult to implement private information in the absence of noise traders. Related to the risk management decision is the existence of futures risk premia. These premia have been thought to be cause by covariance with priced factors or due to the hedging demands of consumers and producers. This thesis argues that inventories serve as a signal of available quantity, which coupled with consumers fears regarding stockouts can induce a positive relationship between premia and inventories. In

  14. Risk assessment and cost-benefit techniques as management tools for oil spill prevention

    International Nuclear Information System (INIS)

    Diller, S.

    1998-01-01

    In the last 15 years, and especially after remarkable large technological accidents like Bhopal, San Juanico, Tacoa, Piper Alpha, Exxon Valdez, Sea Empress, etc, the risk assessment tools have become a must for design engineers and also have been growing popular since more reliable oil spill accident analysis data has been gathered in the last ten years. On the other hand the large investments that have been necessary to execute in order to adequate and improve old facilities, equipment, etc., and the total loss control enhancements in new projects, have created some concern on how safe is safe and how much money is it necessary to spend in order to be sufficiently preventative without getting into financial trouble and being technologically sound according to the growing global concern about environmental issues. Concepts are presented in risk prevention and oil spill risk assessment, and examples are developed in order to understand the link between different oil spill risk prevention options and the management finance decision making process. (author)

  15. The Economics of Islamic Finance and Securitization

    OpenAIRE

    Andreas Jobst

    2007-01-01

    Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitization seems straightforward. This paper explains the fundamental legal principles of Islamic finance, which includes the presentation of a valuation model that he...

  16. Financing drug discovery for orphan diseases

    OpenAIRE

    Fagnan, David Erik; Gromatzky, Austin A.; Stein, Roger Mark; Fernandez, Jose-Maria; Lo, Andrew W.

    2014-01-01

    Recently proposed ‘megafund’ financing methods for funding translational medicine and drug development require billions of dollars in capital per megafund to de-risk the drug discovery process enough to issue long-term bonds. Here, we demonstrate that the same financing methods can be applied to orphan drug development but, because of the unique nature of orphan diseases and therapeutics (lower development costs, faster FDA approval times, lower failure rates and lower correlation of failures...

  17. Teaching a foreign language using multisensory structured language techniques to at-risk learners: a review.

    Science.gov (United States)

    Sparks, R L; Miller, K S

    2000-01-01

    An overview of multisensory structured language (MSL) techniques used to teach a foreign language to at-risk students is outlined. Research supporting the use of MSL techniques is reviewed. Specific activities using the MSL approach to teach the phonology/orthography, grammar and vocabulary of the foreign language as well as reading and communicative activities in the foreign language are presented.

  18. Managing the total cost of risk exposures through risk mapping techniques

    International Nuclear Information System (INIS)

    Unione, A.J.; Rode, D.M.

    1998-01-01

    In a competitive power market, power producers are exposed to an increasingly broad spectrum of financial risks. The cumulative impact of these financial risks is known collectively as the Total of Cost of Risk. The concept of Total of Cost of Risk presents the business reality of a company's exposure to potentially devastating financial consequences in an integrated and useful way. In this way, a strategy of managing Total Cost of Risk in the most cost effective way can become a means of ensuring long term business health and security. This paper will examine the use of risk mapping as a tool for visually understanding Total Cost of Risk, thus creating an enhanced situational awareness and an integrated basis for risk management decision. The evaluation process, available through the use of risk maps allows the power producers to pro-actively implement prudent business decisions concerning the design, operation and maintenance of power plants. Risk mapping is thus a means for harmonizing operational objectives, such as improved plant reliability, with corporate strategies and goals in terms of an effective risk management program

  19. Financing modes and methods for nuclear power development in developing countries

    International Nuclear Information System (INIS)

    Su Qun

    1999-02-01

    In financing for nuclear power project in developing countries, governmental support is significant in reducing the risk of the project and improving the financing environment. Issues studied and discussed include financing conditions and methods, export credit and supply. An appropriate solution of the financing problem will play an important role in developing nuclear power

  20. Discussion on project financing risk management methods of urban rail traffic%城市轨道交通项目融资风险管理方法探讨

    Institute of Scientific and Technical Information of China (English)

    崔长俊

    2011-01-01

    In the basis of project financing risk identification of urban rail traffic, this paper introduced the evaluation matrix method, analytic hierarchy process, fuzzy comprehensive evaluation method, the estimates and evaluation method of project financing ri%在城市轨道交通项目融资风险辨识的基础上,介绍了评估矩阵法、层次分析法及模糊综合评判法和城市轨道交通项目融资风险的估计和评价方法,并对风险管理有效控制进行了探讨,为城市轨道交通项目融资风险管理提供了一定指导。

  1. Financing - general considerations

    International Nuclear Information System (INIS)

    1977-01-01

    Various aspects of the problems of financing a multinational regional fuel cycle centre (RFCC) are briefly discussed. Some of the points covered are: financing by participants; floating long-term loans on capital markets outside the countries of the participants; and export credits for the purchase of equipment manufactured outside the countries of the participants

  2. Caring finance practices

    NARCIS (Netherlands)

    I.P. van Staveren (Irene)

    2013-01-01

    textabstractThe 2008 financial crisis has demonstrated the failure of both utilitarian and deontological ethics in finance. Alternatives do not need to be created from nothing, because the crisis itself has stimulated the emergence of ethically sound finance practices from within the sector. This

  3. Geothermal Financing Workbook

    Energy Technology Data Exchange (ETDEWEB)

    Battocletti, E.C.

    1998-02-01

    This report was prepared to help small firm search for financing for geothermal energy projects. There are various financial and economics formulas. Costs of some small overseas geothermal power projects are shown. There is much discussion of possible sources of financing, especially for overseas projects. (DJE-2005)

  4. Financing Sustainable Development

    DEFF Research Database (Denmark)

    Fejerskov, Adam Moe; Funder, Mikkel; Engberg-Pedersen, Lars

    . But what are in fact the interests and modes of operation of such actors in the context of development financing, and to what extent do they align with the aims of the SDGs? And how do national governments of developing countries themselves perceive and approach these new sources of financing?...

  5. Financing landfill gas projects

    International Nuclear Information System (INIS)

    Bull, R.

    1992-01-01

    The problems of financing landfill gas projects in the UK in the last few years are discussed. The approach of the author in setting up a company to finance such projects in the power generation field and a separate company to design and supply turnkey packages is reported. (UK)

  6. Financing climate change adaptation

    NARCIS (Netherlands)

    Bouwer, L.M.; Aerts, J.C.J.H.

    2006-01-01

    This paper examines the topic of financing adaptation in future climate change policies. A major question is whether adaptation in developing countries should be financed under the 1992 United Nations Framework Convention on Climate Change (UNFCCC), or whether funding should come from other sources.

  7. Financing medical office buildings.

    Science.gov (United States)

    Blake, J W

    1995-01-01

    This article discusses financing medical office buildings. In particular, financing and ownership options from a not-for-profit health care system perspective are reviewed, including use of tax-exempt debt, taxable debt, limited partnerships, sale, and real estate investment trusts (REITs).

  8. Using Quantitative Data Analysis Techniques for Bankruptcy Risk Estimation for Corporations

    Directory of Open Access Journals (Sweden)

    Ştefan Daniel ARMEANU

    2012-01-01

    Full Text Available Diversification of methods and techniques for quantification and management of risk has led to the development of many mathematical models, a large part of which focused on measuring bankruptcy risk for businesses. In financial analysis there are many indicators which can be used to assess the risk of bankruptcy of enterprises but to make an assessment it is needed to reduce the number of indicators and this can be achieved through principal component, cluster and discriminant analyses techniques. In this context, the article aims to build a scoring function used to identify bankrupt companies, using a sample of companies listed on Bucharest Stock Exchange.

  9. Selected Determinants of Mezzanine Financing in Poland

    Directory of Open Access Journals (Sweden)

    Robert Golej

    2016-01-01

    Full Text Available A very significant form of company activity determining its development and even survival is innovation activity. Raising capital for the implementation of innovation is an important but not the only factor in the introduction of innovation. Characteristics of innovation, and in particular the risk of failure, make for a significant difficulty in obtaining external financing, particularly from third parties, which is an obstacle to their development and implementation. The subject of discussion in the article is the hybrid formula mezzanine type of financing innovative projects implemented both in start-up companies and in already well established companies. The purpose of the article is to discuss the possibilities and to perform an analysis of the practices followed by mezzanine funds in Poland in respect to the innovation activities of Polish companies. Research presented in the article was conducted on the basis of information on investments performed by mezzanine funds in Poland. Of particular importance for the innovativeness of the economy is to have companies from the SME sector, and therefore we also carried out research in this group. Innovations are often initiated in special purpose companies, start-up, etc., that operate in the SME sector. Therefore, the financing of innovation cannot be ignored as a thread of innovation in SMEs. The study involved interviews in several companies in the sector. The study concerned the possibilities of financing innovation involving mezzanine, knowledge of hybrid forms of financing, preparedness for hybrid financing. Studies are not representative, but are rather sounding a view to clarify any further research. Hypothesis: mezzanine financing, utilizing its specific benefits, is increasingly used to finance the gap in the financing of innovation, in particular special purpose companies in the SME sector. So the hypothesis raises two strands of research. The first concerned the financing of innovation

  10. Assessing the Credit Risk of Corporate Bonds Based on Factor Analysis and Logistic Regress Analysis Techniques: Evidence from New Energy Enterprises in China

    Directory of Open Access Journals (Sweden)

    Yuanxin Liu

    2018-05-01

    Full Text Available In recent years, new energy sources have ushered in tremendous opportunities for development. The difficulties to finance new energy enterprises (NEEs can be estimated through issuing corporate bonds. However, there are few scientific and reasonable methods to assess the credit risk of NEE bonds, which is not conducive to the healthy development of NEEs. Based on this, this paper analyzes the advantages and risks of NEEs issuing bonds and the main factors affecting the credit risk of NEE bonds, constructs a hybrid model for assessing the credit risk of NEE bonds based on factor analysis and logistic regress analysis techniques, and verifies the applicability and effectiveness of the model employing relevant data from 46 Chinese NEEs. The results show that the main factors affecting the credit risk of NEE bonds are internal factors involving the company’s profitability, solvency, operational ability, growth potential, asset structure and viability, and external factors including macroeconomic environment and energy policy support. Based on the empirical results and the exact situation of China’s NEE bonds, this article finally puts forward several targeted recommendations.

  11. Present and future nuclear power financing schemes

    International Nuclear Information System (INIS)

    Diel, R.

    1977-01-01

    The financial requirement for nuclear power plants in the Federal Republic of Germany for the period up until 1985 was estimated to run up to some DM 100 billion already in the Nuclear Energy Study published by the Dresdner Bank in 1974. This figure is not changed in any way by the reduction the nuclear power program has suffered in the meantime, because the lower requirement for investment capital is more than offset by the price increases that have occurred meanwhile. A capital requirement in the order of DM 100 billion raises major problems for the power producing industry and the banks which, however, are not going to hamper the further expansion of nuclear power, because new financing schemes have been specially developed for the nuclear field. They include financing by leasing, the use of funds from real estate credit institutions for long term financing, borrowing of long term funds in the Euro market, and financing through subsidiaries of the utilities. The new financing schemes also apply to the large financial requirement associated with the nuclear fuel cycle, waste management in particular. In this sector the utilities agree to bear the economic risk of the companies implementing the respective projects. Accordingly, financing will not entail any major difficulties. Another area of great importance is export financing. The German-Brazilian nuclear agreement is a model of this instrument. (orig.) [de

  12. Finance, growth, and stability : Lessons from the crisis

    NARCIS (Netherlands)

    Beck, T.H.L.

    This article introduces a special issue on lessons from the recent crisis on finance, growth, and stability. The papers in the special issue discuss (i) the benefits and risks of financial innovation and regulatory responses to these risks, (ii) the effect of finance and globalization on the real

  13. Computing for Finance

    CERN Multimedia

    CERN. Geneva

    2007-01-01

    The finance sector is one of the driving forces for the use of distributed or Grid computing for business purposes. The speakers will review the state-of-the-art of high performance computing in the financial sector, and provide insight into how different types of Grid computing – from local clusters to global networks - are being applied to financial applications. They will also describe the use of software and techniques from physics, such as Monte Carlo simulations, in the financial world. There will be four talks of 20min each. The talk abstracts and speaker bios are listed below. This will be followed by a Q&A panel session with the speakers. From 19:00 onwards there will be a networking cocktail for audience and speakers. This is an EGEE / CERN openlab event organized in collaboration with the regional business network rezonance.ch. A webcast of the event will be made available for subsequent viewing, along with powerpoint material presented by the speakers. Attendance is free and open to all. R...

  14. Risk Management Technique for design and operation of facilities and equipment

    Science.gov (United States)

    Fedor, O. H.; Parsons, W. N.; Coutinho, J. De S.

    1975-01-01

    The Risk Management System collects information from engineering, operating, and management personnel to identify potentially hazardous conditions. This information is used in risk analysis, problem resolution, and contingency planning. The resulting hazard accountability system enables management to monitor all identified hazards. Data from this system are examined in project reviews so that management can decide to eliminate or accept these risks. This technique is particularly effective in improving the management of risks in large, complex, high-energy facilities. These improvements are needed for increased cooperation among industry, regulatory agencies, and the public.

  15. The Japanese approach to financing LNG projects

    International Nuclear Information System (INIS)

    Aoki, Wataru

    1995-01-01

    The Japanese approach approach to financing LNG project has been what could be called a combined purchase and finance system which has been arranged mainly at the initiative of japan's Sogo Shosh (general trading companies) with the support of japanese governmental financial agencies and a purchase commitment from japanese utilities. In the QATARGAS project, despite it being the first greenfield LNG project in decade since North West Shelf Australia LNG project, financing for the LNG plant phase has been successfully arranged through Japanese financing. The structuring of the financial facilities for the QATARGAS project seems to have lessons for future development of the next generation of greenfield LNG projects. Discharge of the parties' liability, proper sharing of the risk burden and reconfirmation of the spirit of mutual understanding and trust among the parties concerned are key factors for the success of any new LNG project in the future. (Author)

  16. The Finance Curse

    DEFF Research Database (Denmark)

    Christensen, John; Shaxson, Nick; Wigan, Duncan

    2016-01-01

    The Global Financial Crisis placed the utility of financial services in question. The crash, great recession, wealth transfers from public to private, austerity and growing inequality cast doubt on the idea that finance is a boon to the host economy. This article systematizes these doubts......, economic instability, inequality, conflict, rent-seeking and corruption. The Finance Curse produces similar effects, often for similar reasons. Beyond a point, a growing financial sector can do more harm than good. Unlike the Resource Curse, these harms transcend borders. The concept of a Finance Curse...

  17. Project finance and photovoltaic power plants : a theoretical and practical perspective

    OpenAIRE

    Aasgaard, Anne Kristine

    2010-01-01

    Project finance is a defined structure for developing new activity which involves establishing the project as a separate unit. The review of literature exhibits the distinctive characteristics of project finance and provides a rationale of this form of financing. Project finance entails financial modelling, risk management, legal aspects and the creation of a financial structure. The thesis explores practical use of project finance in a case study of a photovoltaic power plant and presents a ...

  18. Experiences with micro finance in improving rural livelihoods: a case ...

    African Journals Online (AJOL)

    Mo

    finance institutions (MFIs) and services are not a new phenomenon .... borrowers should manage risk effectively! .... credit Savings and Training” component was launched in each of ... profitability and pricing, constraints and risks in business.

  19. Equity in health care financing: The case of Malaysia.

    Science.gov (United States)

    Yu, Chai Ping; Whynes, David K; Sach, Tracey H

    2008-06-09

    Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implications would help policy makers in achieving equitable financing. The primary purpose of this paper was to comprehensively assess the equity of health care financing in Malaysia, which represents a new country context for the quantitative techniques used. The paper evaluated each of the five financing sources (direct taxes, indirect taxes, contributions to Employee Provident Fund and Social Security Organization, private insurance and out-of-pocket payments) independently, and subsequently by combined the financing sources to evaluate the whole financing system. Cross-sectional analyses were performed on the Household Expenditure Survey Malaysia 1998/99, using Stata statistical software package. In order to assess inequality, progressivity of each finance sources and the whole financing system was measured by Kakwani's progressivity index. Results showed that Malaysia's predominantly tax-financed system was slightly progressive with a Kakwani's progressivity index of 0.186. The net progressive effect was produced by four progressive finance sources (in the decreasing order of direct taxes, private insurance premiums, out-of-pocket payments, contributions to EPF and SOCSO) and a regressive finance source (indirect taxes). Malaysia's two tier health system, of a heavily subsidised public sector and a user charged private sector, has produced a progressive health financing system. The case of Malaysia exemplifies that policy makers can gain an in depth understanding of the equity impact, in order to help

  20. Equity in health care financing: The case of Malaysia

    Directory of Open Access Journals (Sweden)

    Sach Tracey H

    2008-06-01

    Full Text Available Abstract Background Equitable financing is a key objective of health care systems. Its importance is evidenced in policy documents, policy statements, the work of health economists and policy analysts. The conventional categorisations of finance sources for health care are taxation, social health insurance, private health insurance and out-of-pocket payments. There are nonetheless increasing variations in the finance sources used to fund health care. An understanding of the equity implications would help policy makers in achieving equitable financing. Objective The primary purpose of this paper was to comprehensively assess the equity of health care financing in Malaysia, which represents a new country context for the quantitative techniques used. The paper evaluated each of the five financing sources (direct taxes, indirect taxes, contributions to Employee Provident Fund and Social Security Organization, private insurance and out-of-pocket payments independently, and subsequently by combined the financing sources to evaluate the whole financing system. Methods Cross-sectional analyses were performed on the Household Expenditure Survey Malaysia 1998/99, using Stata statistical software package. In order to assess inequality, progressivity of each finance sources and the whole financing system was measured by Kakwani's progressivity index. Results Results showed that Malaysia's predominantly tax-financed system was slightly progressive with a Kakwani's progressivity index of 0.186. The net progressive effect was produced by four progressive finance sources (in the decreasing order of direct taxes, private insurance premiums, out-of-pocket payments, contributions to EPF and SOCSO and a regressive finance source (indirect taxes. Conclusion Malaysia's two tier health system, of a heavily subsidised public sector and a user charged private sector, has produced a progressive health financing system. The case of Malaysia exemplifies that policy makers

  1. Stochastic Processes in Finance and Behavioral Finance

    OpenAIRE

    Steinbacher, Matjaz

    2008-01-01

    In the paper, we put some foundations for studying asset pricing and finance as a stochastic and behavioral process. In such process, preferences and psychology of agents represent the most important factor in the decision-making of people. Individuals have their own ways of acquiring the information they need, how to deal with them and how to make predictions and decisions. People usually also do not behave consistent in time, but learn. Therefore, in order to understand the behavior on the ...

  2. Access to finance from different finance provider types

    NARCIS (Netherlands)

    Wulandari, Eliana; Meuwissen, Miranda P.M.; Karmana, Maman H.; Oude Lansink, Alfons G.J.M.

    2017-01-01

    Analysing farmer knowledge of the requirements of finance providers can provide valuable insights to policy makers about ways to improve farmers’ access to finance. This study compares farmer knowledge of the requirements to obtain finance with the actual requirements set by different finance

  3. FINANCING SME FUTURE DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    Viorica CERBUSCA

    2015-04-01

    Full Text Available The paper highlights the problems faced by the SMEs in accessing adequate financing as one of the most significant barriers of the sector. Financial access is critical for SMEs’ growth and development. At the same time, the author emphasize that there is no unique way of financing SMEs. The need depends on the stage of maturity and size of the enterprise. In order to facilitate the SME access to finance it is necessary to adapt the best international practices and to adapt them at the local condition. Article aims to present microfinancing as a tool that could improve the SME access to finance, thus contributing to the economic development of the country by creating new jobs, new products and services

  4. Financing Alternatives Comparison Tool

    Science.gov (United States)

    FACT is a financial analysis tool that helps identify the most cost-effective method to fund a wastewater or drinking water management project. It produces a comprehensive analysis that compares various financing options.

  5. Interacting agents in finance

    NARCIS (Netherlands)

    Hommes, C.; Durlauf, S.N.; Blume, L.E.

    2008-01-01

    Interacting agents in finance represent a behavioural, agent-based approach in which financial markets are viewed as complex adaptive systems consisting of many boundedly rational agents interacting through simple heterogeneous investment strategies, constantly adapting their behaviour in response

  6. Clean Energy Finance Tool

    Science.gov (United States)

    State and local governments interested in developing a financing program can use this Excel tool to support energy efficiency and clean energy improvements for large numbers of buildings within their jurisdiction.

  7. To finance the transition

    International Nuclear Information System (INIS)

    Regnier, Yannick; Maciel, Guillaume; Zeroual, Bouchra; Leca, Christel; Guillou, Maelle; Mossalgue, Marc; Raguet, Alex; Sabot, Guillaume; Coton, Patrice; Olesen, Gunnar Boye; Friggens, Sam; Pouyet, Regis; Blanc, Nicolas; Laurent, Pierre; Ruedinger, Andreas

    2013-01-01

    A set of brief articles illustrates the emergence of innovating and operational financing tools aimed at supporting energy transition in France and in Europe. As far as France is concerned, different examples are evoked: raising local savings, crowd-funding for renewable energies, citizen investment, cooperation between industries, communities and citizens, a semi-public company with citizen participation, the case of the Nancy urban community, a joint experience by a local public company and an investment fund. As far as Europe is concerned, the following topics or examples are evoked: local policies as lever for European financing, the Danish example of citizen-based financing, crowd-funding in the UK, the European emergence of cooperatives. As far as banks and institutions are concerned, the following topics are addressed: tools implemented by the Caisse des Depots for energy transition, the roles of banks and of public institutions in the financing of energy transition

  8. Implementation of lean construction techniques for minimizing the risks effect on project construction time

    Directory of Open Access Journals (Sweden)

    Usama Hamed Issa

    2013-12-01

    Full Text Available The construction projects involve various risk factors which have various impacts on time objective that may lead to time-overrun. This study suggests and applies a new technique for minimizing risk factors effect on time using lean construction principles. The lean construction is implemented in this study using the last planner system through execution of an industrial project in Egypt. Evaluating the effect of using the new tool is described in terms of two measurements: Percent Expected Time-overrun (PET and Percent Plan Completed (PPC. The most important risk factors are identified and assessed, while PET is quantified at the project start and during the project execution using a model for time-overrun quantification. The results showed that total project time is reduced by 15.57% due to decreasing PET values, while PPC values improved. This is due to minimizing and mitigating the effect of most of the risk factors in this project due to implementing lean construction techniques. The results proved that the quantification model is suitable for evaluating the effect of using lean construction techniques. In addition, the results showed that average value of PET due to factors affected by lean techniques represents 67% from PET values due to all minimized risk factors.

  9. Risk theory

    CERN Document Server

    Schmidli, Hanspeter

    2017-01-01

    This book provides an overview of classical actuarial techniques, including material that is not readily accessible elsewhere such as the Ammeter risk model and the Markov-modulated risk model. Other topics covered include utility theory, credibility theory, claims reserving and ruin theory. The author treats both theoretical and practical aspects and also discusses links to Solvency II. Written by one of the leading experts in the field, these lecture notes serve as a valuable introduction to some of the most frequently used methods in non-life insurance. They will be of particular interest to graduate students, researchers and practitioners in insurance, finance and risk management.

  10. Finance and Economic Development

    OpenAIRE

    Panizza, Ugo

    2012-01-01

    Published by Palgrave Macmillan This chapter reviews the literature on finance and economic development. It starts with a description of the roles of finance, a definition of financial efficiency, and a discussion of whether countries may have financial sectors that are ‘too large’ compared to the size of the domestic economy. Next, the author describes several indicators of financial development and reviews the literature on the relationship between financial development and economic growth....

  11. Financing investments in renewable energy: the impacts of policy design

    International Nuclear Information System (INIS)

    Wiser, Ryan H.; Pickle, Steven J.

    1998-01-01

    The costs of electric power projects utilising renewable energy technologies (RETs) are highly sensitive to financing terms. Consequently, as the electricity industry is restructured and new renewables policies are created, it is important for policymakers to consider the impacts of renewables policy design on RET financing. This paper reviews the power plant financing process for renewable energy projects, estimates the impact of financing terms on levelised energy costs, and provides insights to policymakers on the important nexus between renewables policy design and financing. We review five case studies of renewable energy policies, and find that one of the key reasons that RET policies are not more effective is that project development and financing processes are frequently ignored or misunderstood when designing and implementing renewable energy policies. The case studies specifically show that policies that do no provide long-term stability or that have negative secondary impacts on investment decisions will increase financing costs, sometimes dramatically reducing the effectiveness of the program. Within U.S. electricity restructuring proceedings, new renewable energy policies are being created, and restructuring itself is changing the way RETs are financed. As these new policies are created and implemented, it is essential that policymakers acknowledge the financing difficulties faced by renewables developer and pay special attention to the impacts of renewables policy design on financing. As shown in this paper, a renewables policy that is carefully designed can reduce renewable energy costs dramatically by providing revenue certainty that will, in turn, reduce financing risk premiums. (Author)

  12. Three essays in mathematical finance

    Science.gov (United States)

    Wang, Ruming

    This dissertation uses mathematical techniques to solve three problems in mathematical finance. The first two problems are on model-independent pricing and hedging of financial derivatives. We use asymptotic expansions to express derivative prices and implied volatilities. Then just by using the first few terms in the expansions, we get simple and accurate formulas, which can also help us find connections between different products. The last problem is on optimal trading strategies in a limit order book. Under a very general setup, we solve explicitly for a dynamic decision problem involving choosing between limit order and market order.

  13. Structure of financing investments in the energy sector

    Directory of Open Access Journals (Sweden)

    Kowal Barbara

    2017-01-01

    The article shows how the financing structure of the companies from the fuel and energy sector, listed on the Warsaw Stock Exchange, has evolved over the years. The authors also estimated the cost of equity. The results were compared with the chosen mining companies in Poland. Companies from the energy sector have lower investment risk than companies from the fuel sector. Looking at the profitability of investments it should be emphasized that the financing by outside capital is more advantageous than equity financing.

  14. Financing of radioactive waste disposal

    International Nuclear Information System (INIS)

    Reich, J.

    1989-01-01

    Waste disposal is modelled as a financial calculus. In this connection the particularity is not primarily the dimension to be expected of financial requirement but above all the uncertainty of financial requirement as well as the ecological, socio-economic and especially also the temporal dimension of the Nuclear Waste Disposal project (disposal of spent fuel elements from light-water reactors with and without reprocessing, decommissioning = safe containment and disposal of nuclear power plants, permanent isolation of radioactive waste from the biosphere, intermediate storage). Based on the above mentioned factors the author analyses alternative approaches of financing or financial planning. He points out the decisive significance of the perception of risks or the evaluation of risks by involved or affected persons - i.e. the social acceptance of planned and designed waste disposal concepts - for the achievement and assessment of alternative solutions. With the help of an acceptance-specific risk measure developed on the basis of a mathematical chaos theory he illustrates, in a model, the social influence on the financing of nuclear waste disposal. (orig./HP) [de

  15. Private sector finance for adaptation

    NARCIS (Netherlands)

    Atteridge, A.; Pauw, W.P.; Terpstra, P.; Bedini, F.; Bosi, L; Costella, C.

    2016-01-01

    An emphasis on private finance has emerged in climate finance discussions, particularly in the context of international climate change negotiations. This is partly because the overall volume of finance needed to support adaptation in developing countries is beyond what many expect public finance to

  16. Exploring Higher Education Financing Options

    Science.gov (United States)

    Nkrumah-Young, Kofi K.; Powell, Philip

    2011-01-01

    Higher education can be financed privately, financed by governments, or shared. Given that the benefits of education accrue to the individual and the state, many governments opt for shared financing. This article examines the underpinnings of different options for financing higher education and develops a model to compare conditions to choices and…

  17. Traditional finance : behavioral finance distinction in the context of expected utility and prospect theories

    OpenAIRE

    Tekin, Bilgehan

    2016-01-01

    Traditional finance has developed based on two fundamental assumptions, including the expected utility theory and rational choice or decision. However, this hypothesis has been criticized heavily by put forward that are not realistic enough. The basis of behavioral finance theory is based on the “prospect theory”. According to this theory individuals cannot act fully rational, they install more sense to loses than at the same amount of profit and they exhibit risk and loss aversion behaviour....

  18. Describing Older Adults' Awareness of Fall Risk Using Situation Awareness Research Techniques: A Pilot Study.

    Science.gov (United States)

    Azzarello, Jo; Hall, Beth

    2016-07-01

    The purpose of the current study was to evaluate efficacy of techniques adapted from situation awareness research for describing how older adults perceive and understand fall risk factors in the context of daily routine. Eleven older adults watched a video of an older woman performing daily activities. Thirteen intrinsic, extrinsic, and behavioral fall risks were embedded throughout the scenario. The video was periodically frozen/blanked from view while participants answered questions about their understanding of the situation and associated story elements. Participants perceived a variety of fall risk factors but did not necessarily interpret them as indicating fall risk. Many fall risks held non-fall meaning for participants (e.g., newspapers on the floor meant the woman liked to read). Although four participants readily identified a fall risk situation, seven did not until they were explicitly asked to consider safety. Study techniques were effective for describing situation awareness of fall risk and several suggestions for improvement are described. [Res Gerontol Nurs. 2016; 9(4):161-166.]. Copyright 2016, SLACK Incorporated.

  19. Science Shaping Sustainable Finance

    Science.gov (United States)

    Rodriguez Osuna, V.; Vorosmarty, C. J.; Koehler, D.; Klop, P.; Spengler, J.; Buonocore, J.; Cak, A. D.; Tessler, Z. D.; Corsi, F.; Green, P. A.; Sánchez, R.

    2017-12-01

    Sustainable investment is confronting a period of rapid growth and fundamental change. However, the methods used to evaluate corporate sustainability are failing to keep pace with this new reality. In contrast to the 1990s when corporate data on pollution or occupational health were not available in the public domain, today's investors can take advantage of rich data streams, owing to voluntary corporate disclosures of their business practices. Yet, the data companies declare are hardly standardized, difficult to verify, and thus run the risk of creating unreliable assertions, a form of "green-washing". A partnership comprising a pension fund, an asset manager and two research universities has created a science-based approach to quantify context and place it into a decision-making framework for investors. We have tested this framework on US$2.5 billion of assets held by a large European pension fund with an initial focus on four domains—water, climate change, human health and food security. Our standardized metrics enable coherent comparison of individual company and portfolios over time. To place a company's impact on water systems or climate change into context requires geographically co-locating company operations, combining these with estimates of industrial emissions or mitigation potential, baseline Earth system science data and geopolitical and demographic statistics. Recent developments regarding the Paris Accord are a warning that progress toward a sustainable future requires rethinking the roles that the public and private sectors can play in effecting meaningful change. The finance sector, if given the proper guideposts, could rapidly transform fraught public policy challenges like climate adaptation or the global loss of biodiversity into business opportunities. By utilizing a science-based yardstick to evaluate and compare companies on the basis of their impacts, attention could be drawn to companies that are verifiably contributing to sustainability.

  20. Scapula kinematics of pull-up techniques: Avoiding impingement risk with training changes.

    Science.gov (United States)

    Prinold, Joe A I; Bull, Anthony M J

    2016-08-01

    Overhead athletic activities and scapula dyskinesia are linked with shoulder pathology; pull-ups are a common training method for some overhead sports. Different pull-up techniques exist: anecdotally some are easier to perform, and others linked to greater incidences of pathology. This study aims to quantify scapular kinematics and external forces for three pull-up techniques, thus discussing potential injury implications. An observational study was performed with eleven participants (age=26.8±2.4 years) who regularly perform pull-ups. The upward motions of three pull-up techniques were analysed: palms facing anterior, palms facing posterior and wide-grip. A skin-fixed scapula tracking technique with attached retro-reflective markers was used. High intra-participant repeatability was observed: mean coefficients of multiple correlations of 0.87-1.00 in humerothoracic rotations and 0.77-0.90 for scapulothoracic rotations. Standard deviations of hand force was low: kinematics were observed between the pull-up techniques. The reverse technique has extreme glenohumeral internal-external rotation and large deviation from the scapula plane. The wide technique has a reduced range of pro/retraction in the same HT plane of elevation and 90° of arm abduction with 45° external rotation was observed. All these factors suggest increased sub-acromial impingement risk. The scapula tracking technique showed high repeatability. High arm elevation during pull-ups reduces sub-acromial space and increases pressure, increasing the risk of impingement injury. Wide and reverse pull-ups demonstrate kinematics patterns linked with increased impingement risk. Weight-assisted front pull-ups require further investigation and could be recommended for weaker participants. Copyright © 2015 Sports Medicine Australia. Published by Elsevier Ltd. All rights reserved.

  1. 城市轨道交通工程公私合作融资项目风险分析与管理%Risk Analysis and Management on PPP Project of Urban Mass Transit Financing Mode

    Institute of Scientific and Technical Information of China (English)

    盛雪艳; 王建波

    2011-01-01

    公私合作(PPP)模式有效解决了政府部门在轨道交通建设方面资金不足的问题,但因其组织结构复杂、时间跨度长、牵扯面广而使潜在风险巨大.对PPP项目融资过程中的风险进行了分析,对其如何分担、管理进行了阐述.通过分析风险管理的概念、过程和框架,以及相应的风险防范与管理对策,为PPP模式在城市轨道交通中的应用提供有益的帮助.%PPP is a new project co-operation model, an effective solution to the government departments which ofter racer of insufficient funds in mass transit construction. However, because of the complexity, long time-span and wide range of the organizational structure, the potential risks are great. Therefore, the study on PPP model risks in project financing as well as their distribution and management is extremely important. This article analyzes the risks involved in project finance, then explaines how to share and manage the risks. By analyzing the concept of risk management, processe and framework, the corresponding prevention and management measures, this paper provides a useful reference for the application of PPP model in urban rail transit.

  2. Changing project finance climate; Project finance wo meguru kankyo henka

    Energy Technology Data Exchange (ETDEWEB)

    Madono, S. [The Export-Import Bank of Japan, Tokyo (Japan)

    1998-03-01

    Development of conditions under which project financing (PF) functions is described. PF, a method with which funds are procured for a project on the security of the assets of and the cash flow involving the project, established its position as a popular financial means. Into the 1990, however, PF underwent a complete change, when it came to be actively employed as a means for the procurement of money for what is called `infrastructure building project for invigorating the private sector` in the developing countries. PF has now come to be utilized for the financing of projects in various fields besides the field of resources exploitation. In particular, PF is now utilized in schemes such as BOT (build, operate, transfer) in public enterprises, for instance, electric power utilities in developing countries. The gravest problem found in the private sector invigorating type PF is that the sponsor, operator, exporter, and lender on their respective levels are experiencing rising risks because of intensified competition in the presence of a great number of projects. Such risks involve the exchange rate, the completion of work, and the relations between the borrower and operator. 2 figs.

  3. Railway Crossing Risk Area Detection Using Linear Regression and Terrain Drop Compensation Techniques

    Science.gov (United States)

    Chen, Wen-Yuan; Wang, Mei; Fu, Zhou-Xing

    2014-01-01

    Most railway accidents happen at railway crossings. Therefore, how to detect humans or objects present in the risk area of a railway crossing and thus prevent accidents are important tasks. In this paper, three strategies are used to detect the risk area of a railway crossing: (1) we use a terrain drop compensation (TDC) technique to solve the problem of the concavity of railway crossings; (2) we use a linear regression technique to predict the position and length of an object from image processing; (3) we have developed a novel strategy called calculating local maximum Y-coordinate object points (CLMYOP) to obtain the ground points of the object. In addition, image preprocessing is also applied to filter out the noise and successfully improve the object detection. From the experimental results, it is demonstrated that our scheme is an effective and corrective method for the detection of railway crossing risk areas. PMID:24936948

  4. Railway Crossing Risk Area Detection Using Linear Regression and Terrain Drop Compensation Techniques

    Directory of Open Access Journals (Sweden)

    Wen-Yuan Chen

    2014-06-01

    Full Text Available Most railway accidents happen at railway crossings. Therefore, how to detect humans or objects present in the risk area of a railway crossing and thus prevent accidents are important tasks. In this paper, three strategies are used to detect the risk area of a railway crossing: (1 we use a terrain drop compensation (TDC technique to solve the problem of the concavity of railway crossings; (2 we use a linear regression technique to predict the position and length of an object from image processing; (3 we have developed a novel strategy called calculating local maximum Y-coordinate object points (CLMYOP to obtain the ground points of the object. In addition, image preprocessing is also applied to filter out the noise and successfully improve the object detection. From the experimental results, it is demonstrated that our scheme is an effective and corrective method for the detection of railway crossing risk areas.

  5. Guidebook to financing CDM projects

    Energy Technology Data Exchange (ETDEWEB)

    Kamel, S.

    2007-07-01

    One of the challenges facing Clean Development Mechanism (CDM) projects today is their limited ability to secure financing for the underlying greenhouse gas emission reduction activities, particularly in the least developed countries. Among the key reasons for this is the fact that most financial intermediaries in the CDM host countries have limited or no knowledge of the CDM Modalities and Procedures. Moreover, approaches, tools and skills for CDM project appraisal are lacking or are asymmetrical to the skills in comparable institutions in developed countries. Consequently, developing country financial institutions are unable to properly evaluate the risks and rewards associated with investing or lending to developers undertaking CDM projects, and therefore have, by-and-large, refrained from financing these projects. In addition, some potential project proponents lack experience in structuring arrangements for financing a project. This Guidebook - commissioned by the UNEP Risoe Centre as part of the activities of the Capacity Development for CDM (CD4CDM) project (http://www.cd4cdm.org) - addresses these barriers by providing information aimed at both developing country financial institutions and at CDM project proponents. It should be noted that while the Guidebook was developed particularly with the CDM in mind, most sections will also be relevant for Joint Implementation (JI) project activities. For more detailed information on JI modalities and procedures please consult: http://ji.unfccc.int The purpose of this Guidebook is two-fold: 1) To guide project developers on obtaining financing for the implementation of activities eligible under the CDM; and 2) To demonstrate to developing country financial institutions typical approaches and methods for appraising the viability of CDM projects and for optimally integrating carbon revenue into overall project financing. The target audiences for the Guidebook are therefore, primarily: 1) CDM project proponents in

  6. Financing renewable energy: Obstacles and solutions

    Energy Technology Data Exchange (ETDEWEB)

    Brown, M.H.

    1994-06-01

    The majority of renewable energy technology projects now being developed use long term project financing to raise capital. The financial community scrutinizes renewables more closely than some conventionally fueled electric generation facilities because it perceives renewables as risky and expensive. Renewables pay for this perceived risk through higher interest charges and other more restrictive loan covenants. Risks that are not eliminated in the power sales agreement or through some other means generally result in higher project costs during financing. In part, this situation is a product of the private placement market and project finance process in which renewable energy facilities must function. The project finance process attracts banks and institutional lenders as well as equity investors (often pension funds) who do not want to place their capital at great risk. Energy project finance exists on the basis of a secure revenue stream and a thorough understanding of electric generation technology. Renewables, like all energy projects, operating in uncertain regulatory environments are often difficult to finance. In the uncertain regulatory environment in which renewables now operate, investors and lenders are nervous about challenges to existing contracts between independent power producers and utilities. Challenges to existing contracts could foretell challenges to contracts in the future. Investors and lenders now look to state regulatory environments as an indicator of project risk. Renewable energy technology evolves quickly. Yet, often the information about technological evolution is not available to those who invest in the energy projects. Or, those who have invested in new renewable energy technology in the past have lost money and are nervous about doing so in the future - even though technology may have improved. Inadequate or unfavorable information is a barrier to the development of renewables.

  7. First Approximations of Prescribed Fire Risks Relative to Other Management Techniques Used on Private Lands.

    Directory of Open Access Journals (Sweden)

    Dirac Twidwell

    Full Text Available Fire is widely recognized as a critical ecological and evolutionary driver that needs to be at the forefront of land management actions if conservation targets are to be met. However, the prevailing view is that prescribed fire is riskier than other land management techniques. Perceived risks associated with the application of fire limits its use and reduces agency support for prescribed burning in the private sector. As a result, considerably less cost-share support is given for prescribed fire compared to mechanical techniques. This study tests the general perception that fire is a riskier technique relative to other land management options. Due to the lack of data available to directly test this notion, we use a combination of approaches including 1 a comparison of fatalities resulting from different occupations that are proxies for techniques employed in land management, 2 a comparison of fatalities resulting from wildland fire versus prescribed fire, and 3 an exploration of causal factors responsible for wildland fire-related fatalities. This approach establishes a first approximation of the relative risk of fatality to private citizens using prescribed fire compared to other management techniques that are readily used in ecosystem management. Our data do not support using risks of landowner fatalities as justification for the use of alternative land management techniques, such as mechanical (machine-related equipment, over prescribed fire. Vehicles and heavy machinery are consistently leading reasons for fatalities within occupations selected as proxies for management techniques employed by ranchers and agricultural producers, and also constitute a large proportion of fatalities among firefighters. Our study provides the foundation for agencies to establish data-driven decisions regarding the degree of support they provide for prescribed burning on private lands.

  8. Risk stratification in cardiovascular disease primary prevention - scoring systems, novel markers, and imaging techniques.

    LENUS (Irish Health Repository)

    Zannad, Faiez

    2012-04-01

    The aim of this paper is to review and discuss current methods of risk stratification for cardiovascular disease (CVD) prevention, emerging biomarkers, and imaging techniques, and their relative merits and limitations. This report is based on discussions that took place among experts in the area during a special CardioVascular Clinical Trialists workshop organized by the European Society of Cardiology Working Group on Cardiovascular Pharmacology and Drug Therapy in September 2009. Classical risk factors such as blood pressure and low-density lipoprotein cholesterol levels remain the cornerstone of risk estimation in primary prevention but their use as a guide to management is limited by several factors: (i) thresholds for drug treatment vary with the available evidence for cost-effectiveness and benefit-to-risk ratios; (ii) assessment may be imprecise; (iii) residual risk may remain, even with effective control of dyslipidemia and hypertension. Novel measures include C-reactive protein, lipoprotein-associated phospholipase A(2) , genetic markers, and markers of subclinical organ damage, for which there are varying levels of evidence. High-resolution ultrasound and magnetic resonance imaging to assess carotid atherosclerotic lesions have potential but require further validation, standardization, and proof of clinical usefulness in the general population. In conclusion, classical risk scoring systems are available and inexpensive but have a number of limitations. Novel risk markers and imaging techniques may have a place in drug development and clinical trial design. However, their additional value above and beyond classical risk factors has yet to be determined for risk-guided therapy in CVD prevention.

  9. Debt Financing and Thin-Capitalization: Case Study in Slovenia

    Directory of Open Access Journals (Sweden)

    Lidija Hauptman

    2014-03-01

    Full Text Available Since each form of financing provides a different level of security and risk, companies are often faced with a dilemma, which equity to debt ratio to choose in financial structure. In order to avoid overexploitation of certain types of debt financing, tax legislation defines a thin capitalization rule. In this paper we present, how the relationship between equity and debt financing has changed in the period 1997–2012 and how the thin capitalization rules affected this relationship in the selected parent companies in Slovenia. The analysis reveals that the proportion of debt financing increased before and after the introduction of thin capitalization rules throughout the period.

  10. The problems of financing a nuclear programme in developing countries

    International Nuclear Information System (INIS)

    Fiancette, G.; Penz, P.

    2000-01-01

    In the free market and deregulation framework financing of nuclear power in developing countries requires solutions different from those applied in the seventies and eighties. The paper presents the financial specificity of nuclear power, project finance concept and the market risk. (author)

  11. Achieving improved financing for low-income producers in ...

    African Journals Online (AJOL)

    For the poor with relatively fewer assets, improved access to finance allows them to manage risk and smooth consumption; finance technological and capital improvements and thereby raise productivity; acquire working capital to obtain inputs in a timely way; and take advantage of market opportunities that contribute to ...

  12. Financing tourist activity

    Directory of Open Access Journals (Sweden)

    Vujović Slavoljub

    2014-01-01

    Full Text Available This paper researches which of the possible financing models (self-financing, loan, mutual fund, issuing securities and leasing is the most convenient for tourism financing on the grounds of opinions and views of student population. Taking into account that future social and economic development depends on student population, that in every society intellectual endeavor (science and art exists ever since man exists, that the overall progress of mankind is based on the great intellectual endeavor of former civilizations, as well as the fact that Western Serbia has remarkable natural and anthropogenic characteristics suitable for valorization for the purpose of tourism development, the research questions were formulated and the research was performed. The methods used were: analysis, correlation, deduction and induction. Field research has been of the primary importance and it was based on questionnaires, interviews and in-depth interview. [Projekat Ministarstva nauke Republike Srbije, br. 46001 i br. 47007

  13. Nuclear fuel financing by USA investor-owned utilities

    International Nuclear Information System (INIS)

    Cave, W.F.

    1981-01-01

    Investor-owned utilities in the USA currently have almost 60 nuclear plants in commercial operation and an additional 90 plants under construction or awaiting operating licenses. To understand the specific techniques implemented to finance nuclear fuel and the advantages which they provide to individual companies, the total financing needs of the industry, the traditional pattern which utility external financing has taken, and the varied financial and regulatory bodies whose often conflicting objectives management must attempt to reconcile, must be understood. The aim of this paper is to aid such an understanding. The subject is discussed under the following headings: industry background; regulation and rating agencies; management objectives; financing structure; advantages (low financing cost; regulatory treatment; freer nature of agreement; access to commercial paper market; appropriate financing time-span; rating benefits; accounting treatment); conclusions. (U.K.)

  14. Risk of Epidural Hematoma after Neuraxial Techniques in Thrombocytopenic Parturients : A Report from the Multicenter Perioperative Outcomes Group

    NARCIS (Netherlands)

    Lee, Linden O.; Bateman, Brian T.; Kheterpal, Sachin; Klumpner, Thomas T.; Housey, Michelle; Aziz, Michael F.; Hand, Karen W.; MacEachern, Mark; Goodier, Christopher G.; Bernstein, Jeffrey; Bauer, Melissa E.; Lirk, Philip; Wilczak, Janet; Soto, Roy; Tom, Simon; Cuff, Germaine; Biggs, Daniel A.; Coffman, Traci; Saager, Leif; Levy, Warren J.; Godbold, Michael; Pace, Nathan L.; Wethington, Kevin L.; Paganelli, William C.; Durieux, Marcel E.; Domino, Karen B.; Nair, Bala; Ehrenfeld, Jesse M.; Wanderer, Jonathan P.; Schonberger, Robert B.; Berris, Joshua; Lins, Steven; Coles, Peter; Cummings, Kenneth C.; Maheshwari, Kamal; Berman, Mitchell F.; Wedeven, Christopher; LaGorio, John; Fleishut, Peter M.; Ellis, Terri A.; Molina, Susan; Carl, Curtis; Kadry, Bassam; van Klei, Wilton A A; Pasma, Wietze; Jameson, Leslie C.; Helsten, Daniel L.; Avidan, Michael S.

    BACKGROUND:: Thrombocytopenia has been considered a relative or even absolute contraindication to neuraxial techniques due to the risk of epidural hematoma. There is limited literature to estimate the risk of epidural hematoma in thrombocytopenic parturients. The authors reviewed a large

  15. Laser Scanning Systems and Techniques in Rockfall Source Identification and Risk Assessment: A Critical Review

    Science.gov (United States)

    Fanos, Ali Mutar; Pradhan, Biswajeet

    2018-04-01

    Rockfall poses risk to people, their properties and to transportation ways in mountainous and hilly regions. This catastrophe shows various characteristics such as vast distribution, sudden occurrence, variable magnitude, strong fatalness and randomicity. Therefore, prediction of rockfall phenomenon both spatially and temporally is a challenging task. Digital Terrain model (DTM) is one of the most significant elements in rockfall source identification and risk assessment. Light detection and ranging (LiDAR) is the most advanced effective technique to derive high-resolution and accurate DTM. This paper presents a critical overview of rockfall phenomenon (definition, triggering factors, motion modes and modeling) and LiDAR technique in terms of data pre-processing, DTM generation and the factors that can be obtained from this technique for rockfall source identification and risk assessment. It also reviews the existing methods that are utilized for the evaluation of the rockfall trajectories and their characteristics (frequency, velocity, bouncing height and kinetic energy), probability, susceptibility, hazard and risk. Detail consideration is given on quantitative methodologies in addition to the qualitative ones. Various methods are demonstrated with respect to their application scales (local and regional). Additionally, attention is given to the latest improvement, particularly including the consideration of the intensity of the phenomena and the magnitude of the events at chosen sites.

  16. Personal Finance: Teaching Concepts and Strategies.

    Science.gov (United States)

    Gioia, John

    1989-01-01

    The author describes essential components of a course on personal finance. Concepts to be taught are (1) decision making, (2) income generation, (3) goal setting, (4) budgeting, (5) wise buying, (6) housing, (7) transportation, (8) risk management, and (9) investments. (CH)

  17. Essays in banking and household finance

    NARCIS (Netherlands)

    Diepstraten, Maaike

    2018-01-01

    The thesis consists of four chapters in banking and household finance. The first chapter examines the joint impact of bank size and scope on banks’ exposure to systemic risk. It shows that the dark side of diversification dominates for small banks, whereas the bright side effects of diversification

  18. Structuring and financing power projects in Asia

    International Nuclear Information System (INIS)

    Tay, Paul

    1993-01-01

    The contractual arrangements for the financing and construction of three 660 MW coal fired power plants in Hong Kong are summarized in the form of headings and a diagram. These cover the joint venture arrangement, construction and equipment supply, the operation and offtake contract, coal supply and the financial structure with respect to commercial risk. (UK)

  19. Small finance banks: Challenges

    Directory of Open Access Journals (Sweden)

    Jayadev M

    2017-12-01

    Full Text Available A recent innovation in the Indian banking structure has been the formation of a new banking institution—small finance banks (SFBs. These banks are expected to penetrate into financial inclusion by providing basic banking and credit services with a differentiated banking model to the larger population. In this context the new SFBs have multiple challenges in coming out with a new, differentiated business model. The challenges include building low cost liability portfolio, technology management, and balancing the regulatory compliances. This paper also presents the top of mind views of three senior executives of new small finance banks.

  20. Financing renewables - wind energy

    International Nuclear Information System (INIS)

    Armstrong, J.

    1998-01-01

    This paper describes the status of the wind energy markets world-wide, in Europe and in the UK. It outlines the main methods of financing wind energy installations and discusses why different institutional structures have led to different markets in the UK and in Germany, with some concern about the state of the UK onshore industry. The paper looks ahead to the opening up of the potentially much larger offshore wind resource, concluding that in this area, existing UK development and financing structures are well suited. (Author)

  1. An Evaluation of Risk Factors and Preventive Techniques for Decubitus Ulcers in Selected Nigeria Hospitals

    Directory of Open Access Journals (Sweden)

    Onigbinde A. Teslim

    2012-08-01

    Full Text Available AIM: The aim of this study was to determine if in-patients in some selected Nigeria hospitals are at risk of developing pressure sore and to determine the preventive techniques adopted by Health Care Professionals. METHOD: A questionnaire was used for this study and it was divided into two parts. The part A is a structured questionnaire that took care of socio-demographic data and preventive techniques while part B is the Braden Scale which was used to assess the risk of developing pressure ulcer. Three hundred and eighteen (318 In-patients in five Nigeria purposively selected hospitals in southwest Nigeria volunteered to participate in this study. The statistical method that was employed was descriptive statistics. RESULTS: The result of the study showed that In-patients in the selected hospitals are “at risk” of developing pressure ulcers. Also, General Practitioners (50.47% and nursing staff (49.52% mostly prescribed at least one of the preventive techniques while few (31.23% reported that physiotherapists prescribed at least one of the preventive techniques. However, a considerable number of the patients (35.02% were never informed by any of the health staff on preventive measures. CONCLUSION: It was concluded that In-patients in Nigeria hospitals are “at risk” of developing pressure ulcers and that health care providers in Nigeria are not prescribing adequate preventive techniques to prevent pressure ulcers. [TAF Prev Med Bull 2012; 11(4.000: 415-420

  2. Risk analysis of geothermal power plants using Failure Modes and Effects Analysis (FMEA) technique

    International Nuclear Information System (INIS)

    Feili, Hamid Reza; Akar, Navid; Lotfizadeh, Hossein; Bairampour, Mohammad; Nasiri, Sina

    2013-01-01

    Highlights: • Using Failure Modes and Effects Analysis (FMEA) to find potential failures in geothermal power plants. • We considered 5 major parts of geothermal power plants for risk analysis. • Risk Priority Number (RPN) is calculated for all failure modes. • Corrective actions are recommended to eliminate or decrease the risk of failure modes. - Abstract: Renewable energy plays a key role in the transition toward a low carbon economy and the provision of a secure supply of energy. Geothermal energy is a versatile source as a form of renewable energy that meets popular demand. Since some Geothermal Power Plants (GPPs) face various failures, the requirement of a technique for team engineering to eliminate or decrease potential failures is considerable. Because no specific published record of considering an FMEA applied to GPPs with common failure modes have been found already, in this paper, the utilization of Failure Modes and Effects Analysis (FMEA) as a convenient technique for determining, classifying and analyzing common failures in typical GPPs is considered. As a result, an appropriate risk scoring of occurrence, detection and severity of failure modes and computing the Risk Priority Number (RPN) for detecting high potential failures is achieved. In order to expedite accuracy and ability to analyze the process, XFMEA software is utilized. Moreover, 5 major parts of a GPP is studied to propose a suitable approach for developing GPPs and increasing reliability by recommending corrective actions for each failure mode

  3. New Financing Schemes of Public Infrastructure

    Directory of Open Access Journals (Sweden)

    Ignacio de la Riva

    2017-01-01

    Full Text Available Public works procurements and concessions are traditional legal techniques used to shape the financing of public infrastructure. Fiscal constraints faced by public administrations at the end of the 20th century, and the subsequent increase of private participation in the provision of public goods and services, encouraged the development of new legal schemes allowing a higher degree of private investment in public infrastructure; such as Public Private Partnerships, project finance, securitizations, the shadow toll, turn-key agreements, public leasing and public trusts.

  4. Insurance Accounts: The Cultural Logics of Health Care Financing.

    Science.gov (United States)

    Mulligan, Jessica

    2016-03-01

    The financial exuberance that eventually culminated in the recent world economic crisis also ushered in dramatic shifts in how health care is financed, administered, and imagined. Drawing on research conducted in the mid-2000s at a health insurance company in Puerto Rico, this article shows how health care has been financialized in many ways that include: (1) privatizing public services; (2) engineering new insurance products like high deductible plans and health savings accounts; (3) applying financial techniques to premium payments to yield maximum profitability; (4) a managerial focus on shareholder value; and (5) prioritizing mergers and financial speculation. The article argues that financial techniques obfuscate how much health care costs, foster widespread gaming of reimbursement systems that drives up prices, and "unpool" risk by devolving financial and moral responsibility for health care onto individual consumers. © 2015 by the American Anthropological Association.

  5. Financing nuclear programmes in developing countries

    International Nuclear Information System (INIS)

    McKenzie, N.C.

    1977-01-01

    The following topics are discussed: the implications for a developing nation's economy of acquiring nuclear plants with the attendant high capital cost but low operating cost; political factors and safeguards provisions; turnkey versus non-turnkey contracts; spreading exchange and other risks through multi-national consortia; maximising local content; cash flow considerations; availability of aid or other direct government to government loans; packaging of export finance from different countries; downpayments and local costs; eurodollar markets, bank syndications and bond issues, and domestic markets; available security, central bank or government guarantees; special considerations, barter deals, leasing, and finance for the fuel cycle

  6. Financing nuclear programmes in developing countries

    International Nuclear Information System (INIS)

    McKenzie, N.C.

    1977-01-01

    The paper discusses the following topics: The implications for a developing nation's economy of acquiring nuclear plants with the attendant high capital cost but low operating cost; political factors and safeguards provisions; turnkey versus non-turnkey contracts; spreading exchange and other risks through multi-national consortia; maximizing local content; cash flow considerations; availability of aid or other direct government to government loans; packaging of export finance from different countries; downpayments and local costs; Eurodollar markets, bank syndications and bond issues, domestic markets; available security, central bank or government guarantees; special considerations, barter deals, leasing; and finance for the fuel cycle. (author)

  7. Fuzzy logic for business, finance, and management

    CERN Document Server

    Bojadziev, George

    1997-01-01

    This is an interdisciplinary book for knowledge workers in business, finance, management, and socio-economic sciences. It provides a guide to and techniques for forecasting, decision making, conclusions, and evaluations in an environment involving uncertainty, vagueness, and impression. Traditional modeling techniques do not capture the nature of complex systems especially when humans are involved. Fuzzy logic provides effective tools for dealing with such systems. Emphasis is on applications presented in case studies including Time Forecasting for Project Management, New Product Pricing, Clie

  8. Humanizing Finance by Hedging Property Values

    Directory of Open Access Journals (Sweden)

    Jaume Roig Hernando

    2016-06-01

    Full Text Available The recent financial crisis triggered the greatest recession since the 1930s and had a devastating impact on households’ wealth and on their capacity to reduce their indebtedness. In the aftermath, it became clear that there is significant room for improvement in property risk management. While there has been innovation in the management of corporate finance risk, real estate has lagged behind. Now is the time to expand the range of tools available for hedging households’ risks and, thus, to advance the democratization of finance. Property equity represents the major asset in households’ portfolios in developed and undeveloped countries. The present paper analyzes a set of potential innovations in real estate risk management, such as price level-adjusted mortgages, property derivatives, and home equity value insurance. Financial institutions, households, and governments should work together to improve the performance of the financial instruments available and, thus, to help mitigate the worst impacts of economic cycles.

  9. Incentive Structure of Financing a Project: An Islamic Finance Approach

    OpenAIRE

    Lone, Fayaz Ahmad; Quadir, Abdul

    2017-01-01

    Financing is an important component in any project. Without finance, it is impossible to run any project as it is considered the lifeblood of the business. But due to the presence of predetermined rate of interest, economists have provided alternative approach for financing the project. In this paper a model using Profit and Loss Sharing (PLS) system and comparison of it with the conventional financing model is developed. Thrust in this paper is towards establishing a new theoretical reasonin...

  10. Project financing versus corporate financing under asymmetric information

    OpenAIRE

    Anton Miglo

    2008-01-01

    In recent years financing through the creation of an independent project company or financing by non-recourse debt has become an important part of corporate decisions. Shah and Thakor (JET, 1987) argue that project financing can be optimal when asymmetric information exists between firm's insiders and market participants. In contrast to that paper, we provide an asymmetric information argument for project financing without relying on corporate taxes, costly information production or an assump...

  11. Financing CFM through REDD

    NARCIS (Netherlands)

    Skutsch, Margaret

    2008-01-01

    The Technology and Sustainable Development section of the Clean Technology and Environmental Policy Group, University of Twente, is working on a project financed by Netherlands Development Cooperation entitled “Kyoto: Think Global, Act Local” which will run from 2003 to 2009. The project is

  12. Bitcoin and Islamic Finance

    NARCIS (Netherlands)

    Bergstra, J.A.

    2014-01-01

    It is argued that a Bitcoin-style money-like informational commodity may constitute an effective instrument for the further development of Islamic Finance. The argument involves the following elements: (i) an application of circulation theory to Bitcoin with the objective to establish the

  13. CHIEF OF STAFF FINANCE

    African Journals Online (AJOL)

    The fifth Chief of Staff Division, namely Finance, is the end result of ... 1946 was able to report in 1948 that there had ... the same time however, the Secretary referred ... mended that because 'the existing dual arrange- ... tigate the division of functions in the Department. ... randum discussing the different arguments sur-.

  14. Financing emerging energies

    International Nuclear Information System (INIS)

    Row, J.

    2006-01-01

    This paper discusses the financing of emerging energies in Canada. Transforming energy markets will involve billions of dollars of investment from businesses and residents. Many different types of return on investment can be expected. These benefits will continue to grow over time and provide a permanent i ncome

  15. Campaign Finance: Reporter Guide

    Science.gov (United States)

    Wieder, Ben

    2014-01-01

    Campaign finance might seem like the exclusive province of political reporters, but there are many good reasons why authors should be paying attention--both in races for education positions and in other key races at the local, state, and federal levels with implications for education. Basic math is a necessary skill and familiarity with a…

  16. A dynamic approach merging network theory and credit risk techniques to assess systemic risk in financial networks.

    Science.gov (United States)

    Petrone, Daniele; Latora, Vito

    2018-04-03

    The interconnectedness of financial institutions affects instability and credit crises. To quantify systemic risk we introduce here the PD model, a dynamic model that combines credit risk techniques with a contagion mechanism on the network of exposures among banks. A potential loss distribution is obtained through a multi-period Monte Carlo simulation that considers the probability of default (PD) of the banks and their tendency of defaulting in the same time interval. A contagion process increases the PD of banks exposed toward distressed counterparties. The systemic risk is measured by statistics of the loss distribution, while the contribution of each node is quantified by the new measures PDRank and PDImpact. We illustrate how the model works on the network of the European Global Systemically Important Banks. For a certain range of the banks' capital and of their assets volatility, our results reveal the emergence of a strong contagion regime where lower default correlation between banks corresponds to higher losses. This is the opposite of the diversification benefits postulated by standard credit risk models used by banks and regulators who could therefore underestimate the capital needed to overcome a period of crisis, thereby contributing to the financial system instability.

  17. Financing Strategies for Nuclear Fuel Cycle Facility

    International Nuclear Information System (INIS)

    David Shropshire; Sharon Chandler

    2005-01-01

    To help meet our nation's energy needs, reprocessing of spent nuclear fuel is being considered more and more as a necessary step in a future nuclear fuel cycle, but incorporating this step into the fuel cycle will require considerable investment. This report presents an evaluation of financing scenarios for reprocessing facilities integrated into the nuclear fuel cycle. A range of options, from fully government owned to fully private owned, was evaluated using a DPL (Dynamic Programming Language) 6.0 model, which can systematically optimize outcomes based on user-defined criteria (e.g., lowest life-cycle cost, lowest unit cost). Though all business decisions follow similar logic with regard to financing, reprocessing facilities are an exception due to the range of financing options available. The evaluation concludes that lowest unit costs and lifetime costs follow a fully government-owned financing strategy, due to government forgiveness of debt as sunk costs. Other financing arrangements, however, including regulated utility ownership and a hybrid ownership scheme, led to acceptable costs, below the Nuclear Energy Agency published estimates. Overwhelmingly, uncertainty in annual capacity led to the greatest fluctuations in unit costs necessary for recovery of operating and capital expenditures; the ability to determine annual capacity will be a driving factor in setting unit costs. For private ventures, the costs of capital, especially equity interest rates, dominate the balance sheet; the annual operating costs dominate the government case. It is concluded that to finance the construction and operation of such a facility without government ownership could be feasible with measures taken to mitigate risk, and that factors besides unit costs should be considered (e.g., legal issues, social effects, proliferation concerns) before making a decision on financing strategy

  18. Screening techniques, sustainability and risk adjusted returns. : - A quantitative study on the Swedish equity funds market

    OpenAIRE

    Ögren, Tobias; Forslund, Petter

    2017-01-01

    Previous studies have primarily compared the performance of sustainable equity funds and non-sustainable equity funds. A meta-analysis over 85 different studies in the field concludes that there is no statistically significant difference in risk-adjusted returns when comparing sustainable funds and non-sustainable funds. This study is thus an extension on previous studies where the authors have chosen to test the two most common sustainability screening techniques to test if there is a differ...

  19. Financing of Renewable Energy Projects

    International Nuclear Information System (INIS)

    Santizo, Rodolfo; Berganza, Jose

    2000-01-01

    The paper describes the role of the Banco Centroamericano de Integracion Economica in financing renewable energy projects in Central America. Also decribes the different financing modes to the goverment and private sectors

  20. Finance and the nuclear industry

    International Nuclear Information System (INIS)

    Radtke, G.G.

    1983-01-01

    The subject is discussed under the headings: the energy situation today; energy investment and capital requirements (finding the necessary funds); further possibilities; future financing (project financing); summary. (U.K.)

  1. From Finance Capitalism to Financialization

    DEFF Research Database (Denmark)

    Hansen, Per H.

    2014-01-01

    In this article I interpret 150 years of financial history with a focus on shifts in the role of finance in society. I argue that over time the role of finance has shifted twice from that of servant to that of master of society, and that this process has been driven by sense making through...... narratives that legitimized and shaped these changes. When finance became a master rent seeking, cultural capture and out-of control financial innovation resulted in financial and social instability. Finance as a master was the characteristic of finance capitalism from around 1900......–1931 and of financialization from around 1980 to today. Finance capitalism and financialization were enabled by a dominant narrative that legitimized the power of finance. The shifts in the role of finance happened when crises undermined the meaning of the existing narrative and created for a new narrative able to make sense...

  2. Water Finance Webinars and Forums

    Science.gov (United States)

    The Center hosts a series of water finance forums. These forums bring together communities with drinking water, wastewater, and stormwater project financing needs in an interactive peer-to-peer networking format.

  3. Health care entrepreneurship: financing innovation.

    Science.gov (United States)

    Grazier, Kyle L; Metzler, Bridget

    2006-01-01

    Entrepreneurship is often described as the ability to create new ventures from new or existing concepts, ideas and visions. There has been significant entrepreneurial response to the changes in the scientific and social underpinnings of health care services delivery. However, a growing portion of the economic development driving health care industry expansion is threatened further by longstanding use of financing models that are suboptimal for health care ventures. The delayed pace of entrepreneurial activity in this industry is in part a response to the general economy and markets, but also due to the lack of capital for new health care ventures. The recent dearth of entrepreneurial activities in the health services sector may also due to failure to consider new approaches to partnerships and strategic ventures, despite their mutually beneficial organizational and financing potential. As capital becomes more scarce for innovators, it is imperative that those with new and creative ideas for health and health care improvement consider techniques for capital acquisition that have been successful in other industries and at similar stages of development. The capital and added expertise can allow entrepreneurs to leverage resources, dampen business fluctuations, and strengthen long term prospects.

  4. Optimum cooling of data centers application of risk assessment and mitigation techniques

    CERN Document Server

    Dai, Jun; Das, Diganta; Pecht, Michael G

    2014-01-01

    This book provides data center designers and operators with methods by which to assess and mitigate the risks associated with utilization of optimum cooling solutions. The goal is to provide readers with sufficient knowledge to implement measures such as free air cooling or direct liquid immersion cooling properly, or combination of existing and emerging cooling technologies in data centers, base stations, and server farms. This book also: Discusses various telecommunication infrastructures, with an emphasis on data centers and base stations Covers the most commonly known energy and power management techniques, as well as emerging cooling solutions for data centers Describes the risks to the electronic equipment fitted in these installations and the methods of risk mitigation Devotes  a particular focus to an up-to-date review of the emerging cooling methods (such as free air cooling and direct liquid immersion cooling) and tools and best practices for designers, technology developers, installation operators...

  5. TRANSPORTATION BOT SCHEMES FOR PUBLIC AND PRIVATE SECTOR FINANCING SCENARIO ANALYSIS

    Directory of Open Access Journals (Sweden)

    Chien-Hung WEI

    2002-01-01

    Full Text Available Transportation Build-Operate-Transfer financing projects have larger payment risks and failure possibilities than other financing projects, and these factors are essential to financing scenarios. The changes of financing scenarios not only affect private sectors' financing process but the conflict between private sectors and banks. This study broadly reviews relevant factors affecting BOT financing strategies, interviews relevant experts and then uses scenario analysis to design a questionnaire to find out the most important factors affecting BOT financing. The findings of this study are four major factors affecting public and private financing scenarios. In this paper, we also propose some suggestions as possible complements to public and private sector financing strategies.

  6. The Challenge of Islamic Finance

    OpenAIRE

    Sheng, Andrew; Singh, Ajit

    2012-01-01

    From its humble beginnings in the 1990s, Islamic finance has become a trillion US dollar industry. The market consensus is that Islamic finance has a bright future due to favourable demographics and rising incomes in the Muslim community. Moreover, despite voices sceptical of an accommodation between Islamic and global finance, leading global banks are buying Islamic bonds and forming subsidiaries specially to conduct Islamic finance business. Special laws have been passed in non-Muslim fi...

  7. FINANCING DECISION AND CORPORATE GOVERNANCE

    OpenAIRE

    ANDREI STANCULESCU; DAN NICOLAE IVANESCU; PETRE BREZEANU

    2011-01-01

    This paper sustains the existence of a biunivocal link between a company’s financing decision and the corporate governance. On the one hand, the financing decision has an impact on corporate performance, which has been confirmed. According to the agency theory, the financing decision will contribute to solving interest conflicts between shareholders and managers. On the other hand, the corporate governance mechanism provides the proper contractual framework for attracting financing resources....

  8. Financing bidders in takeover contests

    NARCIS (Netherlands)

    Vladimirov, V.

    2014-01-01

    This paper studies how bidders' choice of financing for cash bids affects takeover prices. Endogenizing this choice shows that takeover premia are lower than when bidders are not cash-constrained for equity-like financing, but higher for debt financing. Intuitively, unlike debt (which leads to

  9. Financing aspects of nuclear power plant construction under Polish economic conditions

    International Nuclear Information System (INIS)

    Besant-Jones, John E.

    1999-01-01

    Within the framework of the new Polish Energy Law the different issues important far financing a programme to develop nuclear power power in Poland such as: economic competitiveness of nuclear power, financing options for nuclear power projects, managing the various risks for financing nuclear power as well as nuclear and business liability are considered. The importance of policy issues is stressed

  10. The term structure of credit spreads in project finance

    OpenAIRE

    Marco Sorge; Blaise Gadanecz

    2004-01-01

    This paper finds that the term structure of credit spreads in project finance is hump-shaped. This contrasts with other types of debt, where credit risk is shown instead to increase monotonically with maturity ceteris paribus. We emphasize a number of peculiar features of project finance structures that might underlie this finding, such as high leverage decreasing over time, long-term political risk guarantees and the sequential resolution of uncertainty along project advancement stages. Our ...

  11. Finance and Economic Development

    Directory of Open Access Journals (Sweden)

    Ugo Panizza

    2012-03-01

    Full Text Available Published by Palgrave MacmillanThis chapter reviews the literature on finance and economic development. It starts with a description of the roles of finance, a definition of financial efficiency, and a discussion of whether countries may have financial sectors that are ‘too large’ compared to the size of the domestic economy. Next, the author describes several indicators of financial development and reviews the literature on the relationship between financial development and economic growth. In the literature review, he discusses in detail some recent evidence indicating that the marginal contribution of financial development to gross domestic product (GDP growth becomes negative when credit to the private sector reaches 110 per cent of GDP. The chapter concludes with some policy conclusions targeted to developing countries.

  12. Novel methods in computational finance

    CERN Document Server

    Günther, Michael; Maten, E

    2017-01-01

    This book discusses the state-of-the-art and open problems in computational finance. It presents a collection of research outcomes and reviews of the work from the STRIKE project, an FP7 Marie Curie Initial Training Network (ITN) project in which academic partners trained early-stage researchers in close cooperation with a broader range of associated partners, including from the private sector. The aim of the project was to arrive at a deeper understanding of complex (mostly nonlinear) financial models and to develop effective and robust numerical schemes for solving linear and nonlinear problems arising from the mathematical theory of pricing financial derivatives and related financial products. This was accomplished by means of financial modelling, mathematical analysis and numerical simulations, optimal control techniques and validation of models. In recent years the computational complexity of mathematical models employed in financial mathematics has witnessed tremendous growth. Advanced numerical techni...

  13. Assisted reproductive techniques and the risk of anorectal malformations: a German case-control study.

    Science.gov (United States)

    Zwink, Nadine; Jenetzky, Ekkehart; Schmiedeke, Eberhard; Schmidt, Dominik; Märzheuser, Stefanie; Grasshoff-Derr, Sabine; Holland-Cunz, Stefan; Weih, Sandra; Hosie, Stuart; Reifferscheid, Peter; Ameis, Helen; Kujath, Christina; Rissmann, Anke; Obermayr, Florian; Schwarzer, Nicole; Bartels, Enrika; Reutter, Heiko; Brenner, Hermann

    2012-09-15

    The use of assisted reproductive techniques (ART) for treatment of infertility is increasing rapidly worldwide. However, various health effects have been reported including a higher risk of congenital malformations. Therefore, we assessed the risk of anorectal malformations (ARM) after in-vitro fertilization (IVF) and intracytoplasmic sperm injection (ICSI). Data of the German Network for Congenital Uro-REctal malformations (CURE-Net) were compared to nationwide data of the German IVF register and the Federal Statistical Office (DESTATIS). Odds ratios (95% confidence intervals) were determined to quantify associations using multivariable logistic regression accounting for potential confounding or interaction by plurality of births. In total, 295 ARM patients born between 1997 and 2011 in Germany, who were recruited through participating pediatric surgeries from all over Germany and the German self-help organisation SoMA, were included. Controls were all German live-births (n = 10,069,986) born between 1997 and 2010. Overall, 30 cases (10%) and 129,982 controls (1%) were born after IVF or ICSI, which translates to an odds ratio (95% confidence interval) of 8.7 (5.9-12.6) between ART and ARM in bivariate analyses. Separate analyses showed a significantly increased risk for ARM after IVF (OR, 10.9; 95% CI, 6.2-19.0; P risk for ARM among children born after ART. Elevations of risk were seen after both IVF and ICSI. Further, separate analyses of patients with isolated ARM, ARM with associated anomalies and those with a VATER/VACTERL association showed increased risks in each group. An increased risk of ARM was also seen among both singletons and multiple births.

  14. Financing Creative Destruction

    OpenAIRE

    Samaniego, Roberto

    2009-01-01

    This paper uncovers evidence of s potentially important channel linking financial development to growth: the financing of innovations introduced by entrepreneurs. Using internationally comparable data on European countries, entry and exit in research-intensive industries are found to be disproportionately sensitive to the level of financial development. Furthermore, financial development is related to increased R&D spending. The results are robust to several different measures of financial de...

  15. Property Rights and Finance

    OpenAIRE

    Simon Johnson; John McMillan; Christopher Woodruff

    2002-01-01

    Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance? From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available. Where property rights are relatively strong, firms reinvest their profits; where they are relatively weak, entrepreneurs do not want to invest from retained earnings.

  16. The Finance Franchise

    OpenAIRE

    Omarova, Saule; Hockett, Robert

    2018-01-01

    102 Cornell Law Review 1143 (2017) The dominant view of banks and other financial institutions is that they function primarily as intermediaries, managing flows of scarce funds from those who have accumulated them to those who have need of them and can pay for their use. This understanding pervades textbooks, scholarly writings, and policy discussions – yet it is fundamentally false as a description of how a modern financial system works. Finance today is no more primarily “intermediated” tha...

  17. Financing Public Service Broadcasting

    DEFF Research Database (Denmark)

    Berg, Christian Edelvold; Lund, Anker Brink

    2012-01-01

    Broadcasting (PSB) financing regimes in Europe, concluding that Denmark, Finland, Iceland, Norway, and Sweden may still be considered conventional, licence fee PSB countries, but with some interesting differences in relation to competitive and market oriented alternatives of resource provision......Recently several European countries have abolished the traditional public service licence fee system, replacing it with direct public funding. But except for Iceland, the Nordic countries have not followed suit. The article discusses this development within a comparative framework of Public Service...

  18. Management and financing of e-Government projects in India: Does financing strategy add value?

    Directory of Open Access Journals (Sweden)

    Shashank Ojha

    2017-06-01

    Full Text Available How do managers structure e-government projects and address challenges of risks, lack of technical expertise, and mitigation of strategic error for preventing loss of investments? Our aim was to compare the traditional finance approach and the strategy-driven, innovative financing approaches under the PPP model, to examine their managerial value-addition. We found that e-government projects require a carefully crafted structuring strategy and that innovative financing is more suitable in facilitating flexible decision making, building core capabilities, managing and sharing project risks, providing funds needed for growth and innovation, and customising tailor-made project governance strategy. Based on our findings, we develop five theoretical propositions.

  19. Catastrophe Finance: An Emerging Discipline

    Science.gov (United States)

    Elsner, James B.; Burch, R. King; Jagger, Thomas H.

    2009-08-01

    While the recent disasters in the world's financial markets demonstrate that finance theory remains far from perfected, science also faces steep challenges in the quest to predict and manage the effects of natural disasters. Worldwide, as many as half a million people have died in disasters such as earthquakes, tsunamis, and tropical cyclones since the turn of the 21st century [Wirtz, 2008]. Further, natural disasters can lead to extreme financial losses, and independent financial collapses can be exacerbated by natural disasters. In financial cost, 2008 was the second most expensive year on record for such catastrophes and for financial market declines. These extreme events in the natural and financial realms push the issue of risk management to the fore, expose the deficiencies of existing knowledge and practice, and suggest that progress requires further research and training at the graduate level.

  20. Financing waste to energy plants

    International Nuclear Information System (INIS)

    Woodward, A.

    1991-01-01

    Waste-to-energy projects are going ahead in the U.K., they are being project financed and they will make a valuable contribution to environmentally acceptable waste disposal and clean energy within the U.K. Starting from the premise that project sponsors must compete for funds therefore behoves the project sponsor to adapt his proposal to the needs of the investor rather than the other way around. Some of the major potential suppliers of funds are briefly surveyed. It is concluded that waste-to-energy projects do not fit easily into the business plans of venture capital companies, pension funds and banks. Projects must be reworked so that a more favourable opportunity can be offered to potential funders. Ways of achieving this through improved economics and reductions in risk and uncertainty are examined. (author)

  1. Social security financing.

    Science.gov (United States)

    1980-05-01

    After nearly 2 years of study, the 1979 Advisory Council on Social Security submitted its findings and recommendations in December. In February the Bulletin published the Executive Summary of the Council's report. Because of the continuing wide public interest in the future of social security financing, the Council's detailed findings and recommendations on that subject are published below. The Council unanimously reports that all current and future beneficiaries can count on receiving the payments to which they are entitled. Among the recommendations it calls for are partial financing with nonpayroll-tax revenues. Suggested changes include hospital insurance (HI) financed through portins of personal and corporate income taxes and a part of the HI insurance payroll tax diverted to cash benefits with the balance of this tax repealed. The Council also recommends that the social security cash benefits program be brought into long-run actuarial balance--with a payroll-tax rate increase in the year 2005. It rejects the idea of a value-added tax as being inflationary. Parenthetical remarks represent additional views of the Council members cited.

  2. [Dilemmas of health financing].

    Science.gov (United States)

    Herrera Zárate, M; González Torres, R

    1989-01-01

    The economic crisis had had a profound effect on the finances of health services in Mexico. The expenditure on health has decreased, both in absolute terms and in relation to the national gross product. Funding problems have been aggravated by inequities in budget distribution: social security institutions have been favored; geographical distribution of resources is concentrated in the central areas of the country and in the more developed states, and curative health care has prevailed over preventive medicine. Administrative inefficiency hinders even more the appropriate utilization of resources. Diversification of funding sources has been proposed, through external debt, local funding, and specific health taxing. But these proposals are questionable. The high cost of the debt service has reduced international credits as a source of financing. Resource concentration at the federal level, and the different compromises related to the economic solidarity pact have also diminished the potentiality of local state financing. On the other hand, a special health tax is not viable within the current fiscal framework. The alternatives are a better budget planning, a change in the institutional and regional distribution of resources, and improvement in the administrative mechanisms of funding.

  3. Financing of nuclear projects

    International Nuclear Information System (INIS)

    Diel, R.

    1983-01-01

    Delays in the completion of nuclear power plants aggravate the financing of such ventures because the contractual sums to be paid for interest and amortization are not generated. Moreover, economic feasibility analyses by the banks are rendered ineffective by changes in the underlying data, such as the structure of electricity rates and the supply monopoly held by utilities. The German nuclear power plants at present in operation or under construction were financed mainly through subsidiares of the participating utilities outside the balance sheets of the parent companies. The banks have developed a number of financing concepts to adapt funding to the specific needs of practice. Future nuclear power plants make-up one third of the present capacity of the participating utilities. However, they will require three to four times the previous volume of capital investments. Yet it is certain that the expansion of nuclear power in the Federal Republic of Germany will not be hampered by financial problems. The funding models developed for nuclear power plants have already proved their qualities. However, the problems of nuclear power have not become less. Attention must also be drawn to some weak spots in the financial sector. (orig.) [de

  4. A new technique for fire risk estimation in the wildland urban interface

    Science.gov (United States)

    Dasgupta, S.; Qu, J. J.; Hao, X.

    A novel technique based on the physical variable of pre-ignition energy is proposed for assessing fire risk in the Grassland-Urban-Interface The physical basis lends meaning a site and season independent applicability possibilities for computing spread rates and ignition probabilities features contemporary fire risk indices usually lack The method requires estimates of grass moisture content and temperature A constrained radiative-transfer inversion scheme on MODIS NIR-SWIR reflectances which reduces solution ambiguity is used for grass moisture retrieval while MODIS land surface temperature emissivity products are used for retrieving grass temperature Subpixel urban contamination of the MODIS reflective and thermal signals over a Grassland-Urban-Interface pixel is corrected using periodic estimates of urban influence from high spatial resolution ASTER

  5. Depression in Chinese men undergoing different assisted reproductive technique treatments: prevalence and risk factors.

    Science.gov (United States)

    Li, Li; Zhang, Yuanzhen; Zeng, Dan; Li, Fei; Cui, Dan

    2013-09-01

    To explore the prevalence and risk factors for depression in men undergoing different assisted reproductive technique (ART) treatments in Chinese population. This was a prospective study of 844 men undergoing ART treatments. All men were distributed to four groups, according to they received treatments. The treatments included IUI (intrauterine insemination), IVF(in vitro fertilization), ICSI(intra cytoplasmatic sperm injection) and TESA/PESA (percutaneous epididymal sperm aspiration/testicular sperm aspiration). Their symptoms of depression were measured with use of the Center for Epidemiologic Studies of Depression scale(CES-D). Data were collected about age, BMI, education, duration of marriage, duration of infertility, smoking, type of infertility, infertility causes, history of ejaculation failure, and financial burden of the treatment. We estimated the prevalence of depressive symptom in men undergoing different ART and used logistic regression models to identify risk factors for depression in different groups. The overall prevalence of depression was 13.3 % for men undergoing ART treatments: 14.5 % of IUI group, 12.4 % of IVF group, 19.2 % of ICSI group and 6.2 % of TESA/PESA group. Prevalence of depression among IUI group, IVF group and ICSI group were not significantly different. For IUI group, the factors were found to increase depression risk were treatment financial burden and duration of marriage, to decrease depression risk was age. For IVF group, the risk factors independently associated with depression were both male and female infertility, unexplained infertility, and history of ejaculation failure. In a sample of Chinese men undergoing ART treatments, the prevalence of depression was higher than other country. The risk factors for depression varied in different ART treatments groups. when routine screening to identify the sub-group of vulnerable men which need counselling before ART treatments, we should also consider which pattern of ART

  6. Identifying desertification risk areas using fuzzy membership and geospatial technique - A case study, Kota District, Rajasthan

    Science.gov (United States)

    Dasgupta, Arunima; Sastry, K. L. N.; Dhinwa, P. S.; Rathore, V. S.; Nathawat, M. S.

    2013-08-01

    Desertification risk assessment is important in order to take proper measures for its prevention. Present research intends to identify the areas under risk of desertification along with their severity in terms of degradation in natural parameters. An integrated model with fuzzy membership analysis, fuzzy rule-based inference system and geospatial techniques was adopted, including five specific natural parameters namely slope, soil pH, soil depth, soil texture and NDVI. Individual parameters were classified according to their deviation from mean. Membership of each individual values to be in a certain class was derived using the normal probability density function of that class. Thus if a single class of a single parameter is with mean μ and standard deviation σ, the values falling beyond μ + 2 σ and μ - 2 σ are not representing that class, but a transitional zone between two subsequent classes. These are the most important areas in terms of degradation, as they have the lowest probability to be in a certain class, hence highest probability to be extended or narrowed down in next or previous class respectively. Eventually, these are the values which can be easily altered, under extrogenic influences, hence are identified as risk areas. The overall desertification risk is derived by incorporating the different risk severity of each parameter using fuzzy rule-based interference system in GIS environment. Multicriteria based geo-statistics are applied to locate the areas under different severity of desertification risk. The study revealed that in Kota, various anthropogenic pressures are accelerating land deterioration, coupled with natural erosive forces. Four major sources of desertification in Kota are, namely Gully and Ravine erosion, inappropriate mining practices, growing urbanization and random deforestation.

  7. Equity in Irish health care financing: measurement issues.

    Science.gov (United States)

    Smith, Samantha

    2010-04-01

    This paper employs widely used analytic techniques for measuring equity in health care financing to update Irish results from previous analysis based on data from the late 1980s. Kakwani indices are calculated using household survey data from 1987/88 to 2004/05. Results indicate a marginally progressive financing system overall. However, interpretation of the results for the private sources of health financing is complicated. This problem is not unique to Ireland but it is argued that it may be relatively more important in the context of a complex health financing system, illustrated in this paper by the Irish system. Alternative options for improving the analysis of equity in health care financing are discussed.

  8. Modelling desertification risk in the north-west of Jordan using geospatial and remote sensing techniques

    Directory of Open Access Journals (Sweden)

    Jawad T. Al-Bakri

    2016-03-01

    Full Text Available Remote sensing, climate, and ground data were used within a geographic information system (GIS to map desertification risk in the north-west of Jordan. The approach was based on modelling wind and water erosion and incorporating the results with a map representing the severity of drought. Water erosion was modelled by the universal soil loss equation, while wind erosion was modelled by a dust emission model. The extent of drought was mapped using the evapotranspiration water stress index (EWSI which incorporated actual and potential evapotranspiration. Output maps were assessed within GIS in terms of spatial patterns and the degree of correlation with soil surficial properties. Results showed that both topography and soil explained 75% of the variation in water erosion, while soil explained 25% of the variation in wind erosion, which was mainly controlled by natural factors of topography and wind. Analysis of the EWSI map showed that drought risk was dominating most of the rainfed areas. The combined effects of soil erosion and drought were reflected on the desertification risk map. The adoption of these geospatial and remote sensing techniques is, therefore, recommended to map desertification risk in Jordan and in similar arid environments.

  9. Assisted reproductive techniques and risk of exstrophy-epispadias complex: a German case-control study.

    Science.gov (United States)

    Zwink, Nadine; Jenetzky, Ekkehart; Hirsch, Karin; Reifferscheid, Peter; Schmiedeke, Eberhard; Schmidt, Dominik; Reckin, Sabrina; Obermayr, Florian; Boemers, Thomas M; Stein, Raimund; Reutter, Heiko; Rösch, Wolfgang H; Brenner, Hermann; Ebert, Anne-Karoline

    2013-04-01

    We assessed the risk of exstrophy-epispadias complex in children conceived by in vitro fertilization or intracytoplasmic sperm injection. Data from the German Network for Congenital Uro-REctal malformations were compared to nationwide data from the German In Vitro Fertilization Register and the German Federal Statistical Office. Odds ratios (95% CI) were determined to quantify associations using logistic regression. A total of 123 patients with exstrophy-epispadias complex born in Germany between 1997 and 2011 were recruited through participating departments of pediatric urology and pediatric surgery throughout the country as well as the German self-help organizations Blasenekstrophie/Epispadie e.V. and Kloakenekstrophie. All German live births (10,069,986) between 1997 and 2010 comprised the controls. Overall, 12 subjects (10%) and 129,982 controls (1%) were conceived by in vitro fertilization or intracytoplasmic sperm injection. Conception by assisted reproductive technique was associated with a more than eightfold increased risk of exstrophy-epispadias complex compared to spontaneous conception (OR 8.3, 95% CI 4.6-15.0, p risk of exstrophy-epispadias complex in children conceived by in vitro fertilization (OR 14.0, 95% CI 6.5-30.0, p study provides evidence that assisted reproductive techniques such as in vitro fertilization and intracytoplasmic sperm injection are associated with a markedly increased risk of having a child born with exstrophy-epispadias complex. However, it remains unclear whether this finding may be due to assisted reproduction per se and/or underlying infertility/subfertility etiology or parent characteristics. Copyright © 2013 American Urological Association Education and Research, Inc. Published by Elsevier Inc. All rights reserved.

  10. The Financing of Vocational Education and Training in France. Financing Portrait. CEDEFOP Panorama.

    Science.gov (United States)

    Michelet, Valerie

    This report examines the financing of the two components of France's vocational education and training (VET) system. They are initial vocational training (IVT), which includes upper secondary and short forms of higher education, and continuing vocational training (CVT), which aims to help workers adapt to changes in working techniques and…

  11. Bankability and Debt Financing for Solar Projects in India

    Energy Technology Data Exchange (ETDEWEB)

    None

    2013-02-15

    This report looks at debt financing for solar projects in India from two perspectives: the lender’s point of view and the borrower’s point of view. The lender’s point of view addresses the bankability of solar projects in India by covering all the risks and their respective mitigation strategies. The goal is to help the developer’s understand the steps they need to take to increase their chances of receiving non-recourse financing. From the borrower’s point of view the report covers how the project finances can be structured in an optimum manner. Details are covered on how bridge financing can be used to solve liquidity issues. Also, various sources of financing have been discussed in detail.

  12. Project financing in Latin America: The search for greener pastures

    International Nuclear Information System (INIS)

    Stark, R.D.

    1993-01-01

    This paper addresses the basic requisites for inducing private capital to engage in infrastructure project financing. Part 1 of this paper provides an overview of project financing considerations, such as how pricing of project outputs and the credit history of output purchasers can affect the availability of project financing, and explores the use of ''Revolving Funds'' as a stimulus for private investment. Part 2 discusses several areas in which governments can become pro-active participants in establishing a sound framework for project financing of infrastructure. Part 3 briefly addresses project structuring and the contractual risk allocation process which is central to project financing, and highlights some of the key legal arrangements found in project contracts

  13. Use of the Generating Options for Active Risk Control (GO-ARC) Technique can lead to more robust risk control options.

    Science.gov (United States)

    Card, Alan J; Simsekler, Mecit Can Emre; Clark, Michael; Ward, James R; Clarkson, P John

    2014-01-01

    Risk assessment is widely used to improve patient safety, but healthcare workers are not trained to design robust solutions to the risks they uncover. This leads to an overreliance on the weakest category of risk control recommendations: administrative controls. Increasing the proportion of non-administrative risk control options (NARCOs) generated would enable (though not ensure) the adoption of more robust solutions. Experimentally assess a method for generating stronger risk controls: The Generating Options for Active Risk Control (GO-ARC) Technique. Participants generated risk control options in response to two patient safety scenarios. Scenario 1 (baseline): All participants used current practice (unstructured brainstorming). Scenario 2: Control group used current practice; intervention group used the GO-ARC Technique. To control for individual differences between participants, analysis focused on the change in the proportion of NARCOs for each group. Proportion of NARCOs decreased from 0.18 at baseline to 0.12. Intervention group: Proportion increased from 0.10 at baseline to 0.29 using the GO-ARC Technique. Results were statistically significant. There was no decrease in the number of administrative controls generated by the intervention group. The Generating Options for Active Risk Control (GO-ARC) Technique appears to lead to more robust risk control options.

  14. Relationship finance, market finance and endogenous business cycles

    OpenAIRE

    Deidda, Luca Gabriele; Fattouh, Bassam

    2010-01-01

    This paper develops an overlapping generation model with asymmetric information in the credit market such that the interplay between relationship finance supplied by investors who monitor investment decisions ex-ante and market finance supplied by investors who relay on public information can be the source of endogenous business fluctuations. Monitoring helps reducing the inefficiency caused by moral hazard. However, the incentives of entrepreneurs to demand relationship finance to induce mon...

  15. The development and use of parametric sampling techniques for probabilistic risk assessment

    International Nuclear Information System (INIS)

    Dalrymple, G.J.; Broyd, T.W.

    1987-01-01

    In order to enable evaluation to be made of proposals for the underground disposal of low and intermediate level radioactive wastes in the United Kingdom, the Department of the Environment (DoE) research programme includes development of computer-based methods for use in a multistage assessment process. To test the adequacy of the various methods of data acquisitions and radiological assessment a mock assessment exercise is currently being conducted by the department. This paper outlines the proposed methodology which provides for the use of probabilistic modelling based upon the Atomic Energy of Canada Ltd SYVAC variability analysis approach using new models (SYVAC 'A') and data appropriate to UK conditions for a deep horizontal tunnel repository concept. This chapter describes the choice of a suitable technique for the sampling of data input to the SYVAC 'A' model and techniques for analysing the predictions of dose and risk made by the model. The sensitivity of the model predictions (risk and dose to man) to the input parameters was compared for four different methods. All four methods identified the same geological parameters as the most important. (author)

  16. 25 CFR 170.300 - May tribes use flexible financing to finance IRR transportation projects?

    Science.gov (United States)

    2010-04-01

    ... Financing § 170.300 May tribes use flexible financing to finance IRR transportation projects? Yes. Tribes may use flexible financing in the same manner as States to finance IRR transportation projects, unless... 25 Indians 1 2010-04-01 2010-04-01 false May tribes use flexible financing to finance IRR...

  17. The financing of nuclear power plants

    International Nuclear Information System (INIS)

    2009-01-01

    Many countries have recognised that greater use of nuclear power could play a valuable role in reducing carbon dioxide emissions. However, given the high capital cost and complexity of nuclear power plants, financing their construction often remains a challenge. This is especially true where such financing is left to the private sector in the context of competitive electricity markets. This study examines the financial risks involved in investing in a new nuclear power plant, how these can be mitigated, and how projects can be structured so that residual risks are taken by those best able to manage them. Given that expansion of nuclear power programmes will require strong and sustained government support, the study highlights the role of governments in facilitating and encouraging investment in new nuclear generating capacity

  18. Financing drug discovery for orphan diseases.

    Science.gov (United States)

    Fagnan, David E; Gromatzky, Austin A; Stein, Roger M; Fernandez, Jose-Maria; Lo, Andrew W

    2014-05-01

    Recently proposed 'megafund' financing methods for funding translational medicine and drug development require billions of dollars in capital per megafund to de-risk the drug discovery process enough to issue long-term bonds. Here, we demonstrate that the same financing methods can be applied to orphan drug development but, because of the unique nature of orphan diseases and therapeutics (lower development costs, faster FDA approval times, lower failure rates and lower correlation of failures among disease targets) the amount of capital needed to de-risk such portfolios is much lower in this field. Numerical simulations suggest that an orphan disease megafund of only US$575 million can yield double-digit expected rates of return with only 10-20 projects in the portfolio. Copyright © 2013 The Authors. Published by Elsevier Ltd.. All rights reserved.

  19. Financing drug discovery via dynamic leverage.

    Science.gov (United States)

    Montazerhodjat, Vahid; Frishkopf, John J; Lo, Andrew W

    2016-03-01

    We extend the megafund concept for funding drug discovery to enable dynamic leverage in which the portfolio of candidate therapeutic assets is predominantly financed initially by equity, and debt is introduced gradually as assets mature and begin generating cash flows. Leverage is adjusted so as to maintain an approximately constant level of default risk throughout the life of the fund. Numerical simulations show that applying dynamic leverage to a small portfolio of orphan drug candidates can boost the return on equity almost twofold compared with securitization with a static capital structure. Dynamic leverage can also add significant value to comparable all-equity-financed portfolios, enhancing the return on equity without jeopardizing debt performance or increasing risk to equity investors. Copyright © 2015 The Authors. Published by Elsevier Ltd.. All rights reserved.

  20. F# for quantitative finance

    CERN Document Server

    Astborg, Johan

    2013-01-01

    To develop your confidence in F#, this tutorial will first introduce you to simpler tasks such as curve fitting. You will then advance to more complex tasks such as implementing algorithms for trading semi-automation in a practical scenario-based format.If you are a data analyst or a practitioner in quantitative finance, economics, or mathematics and wish to learn how to use F# as a functional programming language, this book is for you. You should have a basic conceptual understanding of financial concepts and models. Elementary knowledge of the .NET framework would also be helpful.

  1. Project financing knits parts of costly LNG supply chain

    International Nuclear Information System (INIS)

    Minyard, R.J.; Strode, M.O.

    1997-01-01

    The supply and distribution infrastructure of an LNG project requires project sponsors and LNG buyers to make large, interdependent capital investments. For a grassroots project, substantial investments may be necessary for each link in the supply chain: field development; liquefaction plant and storage; ports and utilities; ships; receiving terminal and related facilities; and end-user facilities such as power stations or a gas distribution network. The huge sums required for these projects make their finance ability critical to implementation. Lenders have become increasingly comfortable with LNG as a business and now have achieved a better understanding of the risks associated with it. Raising debt financing for many future LNG projects, however, will present new and increasingly difficult challenges. The challenge of financing these projects will be formidable: political instability, economic uncertainty, and local currency volatility will have to be recognized and mitigated. Described here is the evolution of financing LNG projects, including the Rasgas LNG project financing which broke new ground in this area. The challenges that lie ahead for sponsors seeking to finance future projects selling LNG to emerging markets are also discussed. And the views of leading experts from the field of project finance, specifically solicited for this article, address major issues that must be resolved for successful financing of these projects

  2. Big Data as a Revolutionary Tool in Finance

    Directory of Open Access Journals (Sweden)

    Aureliano Angel Bressan

    2015-08-01

    Full Text Available A data driven culture is arising as a research field and analytic tool in Finance and Management since the advent of structured, semi-structured and unstructured socio-economic and demographic information from social media, mobile devices, blogs and product reviews from consumers. Big Data, the expression that encompasses this revolution, involves the usage of new tools for financial professionals and academic researchers due to the size of data involved, which require more powerful manipulation tools. In this sense, Machine Learning techniques can allow more effective ways to model complex relationships that arise from the interaction of different types of data, regarding issues such as Operational and Reputational Risk, Portfolio Management, Business Intelligence and Predictive Analytics. The following books can be a good start for those interested in this new field.

  3. Innovative financing for HIV response in sub-Saharan Africa.

    Science.gov (United States)

    Atun, Rifat; Silva, Sachin; Ncube, Mthuli; Vassall, Anna

    2016-06-01

    In 2015 around 15 million people living with HIV were receiving antiretroviral treatment (ART) in sub-Saharan Africa. Sustained provision of ART, though both prudent and necessary, creates substantial long-term fiscal obligations for countries affected by HIV/AIDS. As donor assistance for health remains constrained, novel financing mechanisms are needed to augment funding domestic sources. We explore how Innovative Financing has been used to co-finance domestic HIV/AIDS responses. Based on analysis of non-health sectors, we identify innovative financing instruments that could be used in the HIV response. We undertook a systematic review to identify innovative financing instruments used for (1) domestic HIV/AIDS financing in sub-Saharan Africa (2) international health financing and (3) financing in non-health sectors. We analyzed peer-reviewed and grey literature published between 2002 and 2014. We examined the nature and volume of funds mobilized with innovative financing, then in consultation with leading experts, identified instruments that held potential for financing the HIV response. Our analysis revealed three innovative financing instruments in use: Zimbabwe's AIDS Trust Fund (a tax/levy-based instrument), Botswana's National HIV/AIDS Prevention Support (BNAPS) International Bank for Reconstruction and Development (IBRD) Buy-Down (a debt conversion instrument), and Côte d'Ivoire's Debt2Health Debt Swap Agreement (a debt conversion instrument). Zimbabwe's AIDS Trust Fund generated US$ 52.7 million between 2008 and 2011, Botswana's IBRD Buy-Down generated US$ 20 million, and Côte d'Ivoire's Debt2Health Debt Swap Agreement generated US$ 27 million, at least half of which was to be invested in HIV/AIDS programs. Four additional categories of innovative financing instruments met our criteria for future use: (1) remittances and diaspora bonds (2) social and development impact bonds (3) sovereign wealth funds (4) risk and credit guarantees. A limited number of

  4. Innovative financing for HIV response in sub–Saharan Africa

    Science.gov (United States)

    Atun, Rifat; Silva, Sachin; Ncube, Mthuli; Vassall, Anna

    2016-01-01

    funds (4) risk and credit guarantees. Conclusion A limited number of innovative financing instruments contributed a very modest share of funding toward domestic HIV/AIDS programs. Several innovative financing instruments successfully applied in other sectors could be used to augment domestic financing toward HIV/AIDS programmes. PMID:27231543

  5. Laparoscopic cholecystectomy poses physical injury risk to surgeons: analysis of hand technique and standing position.

    Science.gov (United States)

    Youssef, Yassar; Lee, Gyusung; Godinez, Carlos; Sutton, Erica; Klein, Rosemary V; George, Ivan M; Seagull, F Jacob; Park, Adrian

    2011-07-01

    This study compares surgical techniques and surgeon's standing position during laparoscopic cholecystectomy (LC), investigating each with respect to surgeons' learning, performance, and ergonomics. Little homogeneity exists in LC performance and training. Variations in standing position (side-standing technique vs. between-standing technique) and hand technique (one-handed vs. two-handed) exist. Thirty-two LC procedures performed on a virtual reality simulator were video-recorded and analyzed. Each subject performed four different procedures: one-handed/side-standing, one-handed/between-standing, two-handed/side-standing, and two-handed/between-standing. Physical ergonomics were evaluated using Rapid Upper Limb Assessment (RULA). Mental workload assessment was acquired with the National Aeronautics and Space Administration-Task Load Index (NASA-TLX). Virtual reality (VR) simulator-generated performance evaluation and a subjective survey were analyzed. RULA scores were consistently lower (indicating better ergonomics) for the between-standing technique and higher (indicating worse ergonomics) for the side-standing technique, regardless of whether one- or two-handed. Anatomical scores overall showed side-standing to have a detrimental effect on the upper arms and trunk. The NASA-TLX showed significant association between the side-standing position and high physical demand, effort, and frustration (p<0.05). The two-handed technique in the side-standing position required more effort than the one-handed (p<0.05). No difference in operative time or complication rate was demonstrated among the four procedures. The two-handed/between-standing method was chosen as the best procedure to teach and standardize. Laparoscopic cholecystectomy poses a risk of physical injury to the surgeon. As LC is currently commonly performed in the United States, the left side-standing position may lead to increased physical demand and effort, resulting in ergonomically unsound conditions for

  6. Modern Finance, Methodology and the Global Crisis

    OpenAIRE

    Esteban Pérez Caldentey; Matías Vernengo

    2010-01-01

    Modern finance has a conceptually unified theoretical core that includes the efficient market hypothesis (EMH), the relationship between risk and return based on the Capital Asset Pricing Model (CAPM), the Modigliani-Miller theorems (M&M) and the Black-Scholes-Merton approach to option pricing. The core has been instrumental to the growth of the financial services industry, financial innovation, globalization, and deregulation. The significant impact of the core is explained by their success ...

  7. Project finance and international energy development

    International Nuclear Information System (INIS)

    Pollio, G.

    1998-01-01

    This paper explores the preference for and the features unique to project finance, one of the favoured vehicles for funding energy development. Our main focus is on the interests of project sponsors, commercial banks and host governments. Inclusion of the latter reflects the fact host governments are often leading participants in primary energy and energy-related projects; more recently, they have come to use limited recourse structures to finance local infrastructure development. Traditional analyses, whilst providing useful insights into the interests of leading project participants, are incapable of isolation a single motive or set of motives that can comprehensively account for all of the features common to this form of debt. Within an options-theoretic framework, most of these ambiguities are resolved. Risk management, long recognised as one of the primary reasons for choosing project finance over rival debt structures, is affirmed as a key explanatory factor. One the other hand, options pricing theory provides a radically different perspective on how to project finance contributes to the realisation of these objectives. (author)

  8. Some of the unanswered questions in finance

    Directory of Open Access Journals (Sweden)

    Đurić Dragana M.

    2006-01-01

    Full Text Available A very dynamic development of finance in the last 50 years is inter alia probably due to experiments and innovations in this field. Previously theoretical base could not explain and predict movements especially in volatile times. "The new finance" appeared 50 years ago (portfolio theory CAPM, the efficient market theory, M&M theorem and made substantial progress in understanding movements in globalized and internationalized financial markets. However, many questions remain open. The author tries to put emphasis on some of these questions, perfectly aware that these are not the only ones. Unresolved questions are related to company's aims, project's risks, degree of portfolio optimization, importance of liquidity, dividend policy, as well as factors that determine M&A. As the "new finance" is not able to predict and explain volatile movements, a question that should be posed is whether it is appropriate to add some non-economic factors as the behaviorist theory suggests. Although the behaviorist theory is an important part of "new finance", it is unfortunately the only theory able to explain movements in volatile times. In conclusion, many questions still remain unanswered and wait for appropriate theoretical explanations.

  9. Risk of Second Cancers According to Radiation Therapy Technique and Modality in Prostate Cancer Survivors

    Energy Technology Data Exchange (ETDEWEB)

    Berrington de Gonzalez, Amy, E-mail: berringtona@mail.nih.gov [Radiation Epidemiology Branch, Division of Cancer Epidemiology and Genetics, National Cancer Institute, National Institutes of Health, Bethesda, Maryland (United States); Wong, Jeannette; Kleinerman, Ruth; Kim, Clara; Morton, Lindsay [Radiation Epidemiology Branch, Division of Cancer Epidemiology and Genetics, National Cancer Institute, National Institutes of Health, Bethesda, Maryland (United States); Bekelman, Justin E. [Department of Radiation Oncology, Abramson Cancer Center, Perelman School of Medicine, University of Pennsylvania, Philadelphia, Pennsylvania (United States); Center for Clinical Epidemiology and Biostatistics, Department of Biostatistics and Epidemiology, Perelman School of Medicine, University of Pennsylvania, Philadelphia, Pennsylvania (United States); Leonard Davis Institute of Health Economics, University of Pennsylvania, Philadelphia, Pennsylvania (United States)

    2015-02-01

    Purpose: Radiation therapy (RT) techniques for prostate cancer are evolving rapidly, but the impact of these changes on risk of second cancers, which are an uncommon but serious consequence of RT, are uncertain. We conducted a comprehensive assessment of risks of second cancer according to RT technique (>10 MV vs ≤10 MV and 3-dimensional [3D] vs 2D RT) and modality (external beam RT, brachytherapy, and combined modes) in a large cohort of prostate cancer patients. Methods and Materials: The cohort was constructed using the Surveillance Epidemiology and End Results-Medicare database. We included cases of prostate cancer diagnosed in patients 66 to 84 years of age from 1992 to 2004 and followed through 2009. We used Poisson regression analysis to compare rates of second cancer across RT groups with adjustment for age, follow-up, chemotherapy, hormone therapy, and comorbidities. Analyses of second solid cancers were based on the number of 5-year survivors (n=38,733), and analyses of leukemia were based on number of 2-year survivors (n=52,515) to account for the minimum latency period for radiation-related cancer. Results: During an average of 4.4 years' follow-up among 5-year prostate cancer survivors (2DRT = 5.5 years; 3DRT = 3.9 years; and brachytherapy = 2.7 years), 2933 second solid cancers were diagnosed. There were no significant differences in second solid cancer rates overall between 3DRT and 2DRT patients (relative risk [RR] = 1.00, 95% confidence interval [CI]: 0.91-1.09), but second rectal cancer rates were significantly lower after 3DRT (RR = 0.59, 95% CI: 0.40-0.88). Rates of second solid cancers for higher- and lower-energy RT were similar overall (RR = 0.97, 95% CI: 0.89-1.06), as were rates for site-specific cancers. There were significant reductions in colon cancer and leukemia rates in the first decade after brachytherapy compared to those after external beam RT. Conclusions: Advanced treatment planning may have reduced rectal

  10. Research on the Renewable Energy Industry Financing Efficiency Assessment and Mode Selection

    Directory of Open Access Journals (Sweden)

    Xiaohuan Lyu

    2018-01-01

    Full Text Available In recent years, environmental issues are attracting widespread attention by various countries around the world. In this context, the renewable energy industry has become a stimulus point for economic development and has great potential for development. Renewable energy industry financing is difficult due to its characteristics of high risk and long-term investment returns, and relying on existing financing channels make it present a glut of excess capacity. It is key to realize resource optimal allocation, solve overcapacity phenomenon and select the valid financing mode. This paper used Bloomberg New Energy Finance (BNEF data and the data envelopment analysis (DEA method to analyze the financing efficiency different parts of the global renewable energy industry and different ways of financing. It could be found that although the financing efficiency showed a trend of increasing year by year, the financing efficiency of each industry presented generally weak DEA efficiency, the comprehensive financing efficiency of wind power industry was higher. The article also found that the financing efficiency of project financing and Research and Development (R&D were relatively high, and the equity market and venture capital and private equity were less efficient. The results of this paper play an important role in the overall financing status cognizance of the renewable energy industry and give suggestions about valid financing mode choice.

  11. Islamic Public Infrastructure Financing: An Analysis of Alternative Financing Instruments with Application in Developing Countries

    National Research Council Canada - National Science Library

    Islam, Saiful

    2004-01-01

    This project examines the structure of public infrastructure financing in Indonesia and examines whether financing based on Islamic principles is a feasible alternative to current financing mechanisms...

  12. Financing energy development

    International Nuclear Information System (INIS)

    Kariwara, Y.

    1990-01-01

    The 1990s is likely to be a decade of double growth: in energy demand and environmental protection. This leads the author of this paper to ask the pertinent questions of where the money will come from, and in what form, to finance the growth in capacity to produce this energy and the technology required to produce and burn it cleanly. With a focus on Asian energy markets, this paper first illustrates the problem by describing the rapid growth of energy demand in the region. It describes the growth in Japan as well as China and the fast-growing economies of Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand. Energy demand growth rates of almost 5 percent in the 1980s are expected to continue to grow at that rate at least until 2005, doubling today's level of consumption and putting the energy supply system under great strain. Because of the large sums involved, this paper pints out the necessity of inventing new, innovative devices for future fund raising. This will require the participation of institutions such as insurance companies and regional banks that have little experience in the energy field. This paper suggests that these and the established players in energy finance will have recourse to two new approaches: Build-Operate-Transfer and Trustee Borrowing schemes

  13. Nuclear financing in Spain

    International Nuclear Information System (INIS)

    Urrutia, C.G.-T.

    1975-04-01

    The basic objectives of the Spanish National Energy Plan are summarized as (1) To obtain maximum guarantees for continuity of supplies, (2) Reduce the cost of energy supplies to the maximum possible degree, (3) Reduce the difference in the balance of payments due to importation of primary energy sources, (4) Pro-mote the rational use of energy with the aim of moderating the growth rates in demand without affecting economic development (5) Reduce to an economical minimum the effect on the environment of energy-producing installations, and (6) Contribute to the technological development of the country and promote research in the energy field. To fulfil these objectives, the following forecasts are made: With the Gross National Product increasing at a rate of 5% or 6%, the demand on primary energy sources in 1985 will be 173 or 194 million e.c.t. (equivalent coal tons), i.e. annual growth rates of energy consumption of 6% and 7.2% respectively, compared with growths during the last decade of 9.2%. It is projected that generation of electrical energy from nuclear sources will grow to attain in a share of approximately 60% by 1985, i.e. an installed nuclear power level of 23.8.GW. The cost of the Spanish National Energy Plan, particularly the cost and financing of the nuclear program, is reviewed. Finally, the growing need for self-financing is stressed. (B.P.)

  14. Financing wind energy projects

    International Nuclear Information System (INIS)

    Blom, P.

    1996-01-01

    Triodos Bank has more than 10 years of experience with developing and financing wind projects in the Netherlands. Over 50 Megawatt has been installed with direct involvement of the bank. The experience is both as a bank and as a venture capital fund. In this contribution the perspective will be more from a venture capital point of view than as a bank. The bank's activities in the wind energy sector started in 1986 by forming a joint venture with an engineering bureau, experienced i wind energy but not yet in developing wind projects. From 1989 onwards the joint venture started to build wind farms, both as a private company and in a joint venture with utilities. The European Investment Bank became involved with a long-term debt finance facility (15 years, fixed interest loan). The main difficulties were long-term commitments from landowners (Dike authorities) and utilities with regard to power contracts. The development got really stuck when utilities refused to pay a fair price anymore. Also, site development became more and more difficult. Even the poor technical performance improved drastically and did not frighten developers and banks too much. (author)

  15. Asset Pricing Implications of Firms' Financing Constraints

    OpenAIRE

    Gomes, Joao F; Yaron, Amir; Zhang, Lu

    2002-01-01

    We incorporate costly external finance in a production based asset pricing model and investigate whether financing frictions are quantitatively important for pricing a cross-section of expected returns. We show that the common assumptions about the nature of the financing frictions are captured by a simple ‘financing cost’ function, equal to the product of the financing premium and the amount of external finance. This approach provides a tractable framework to examine the role of financing fr...

  16. Islamic Financing in Mitigating Access to Financing Problems of SMEs in Malaysia: A Survey Analysis

    Directory of Open Access Journals (Sweden)

    Razali Haron

    2017-01-01

    Full Text Available The SMEs worldwide face the biggest problem in accessing financial assistance. By surveying selected SMEs in Malaysia, this study found similar cases as they are also facing the same problem because of a lack of collateral. Investigating the feasibility of Islamic financing schemes in providing financial aids to SMEs, this study found that several Islamic financial schemes are preferred by SMEs depending on the risk profile of SMEs. These Islamic financial schemes can build a firm liaison with SMEs in realizing the Maqasid al Shari’ah and simultaneously offer paths to better distribute wealth and prosperity among SMEs and the funders as well. This study contributes significantly to the literature as it provides insights to the nature of the SMEs and the bridge built between the SMEs and the Islamic financing schemes as to realize the Islamic social financing aim as a whole.

  17. APPLIED BEHAVIORAL FINANCE IN A POST-CRISIS ENVIRONMENT: EMOTIONAL FINANCE

    Directory of Open Access Journals (Sweden)

    ADRIAN MITROI

    2014-05-01

    Full Text Available In the pursuit of understanding the behavior of the market player, the basic argument relays on the supposition that the risk appetite increases exactly at the worst moment - when the capacity to assume additional risk decreases significantly. People view a sample randomly drawn from a population as highly representative and cvasi similar to the population in all its essential characteristics. They expect any two samples drawn from a particular population to be more similar to one another and to the population than is statistically justifiable. This behavior is different from the tenets of classic finance theory. The gap between from theory to the practice of Behavioral Finance (BiFi- nickname has direct application to the investment management practice. Students of Behavioral Finance can develop skills to be employed in their practices for their clients. Behavioral Finance can teach about mental, emotional, psychological and social biases that lead to mistakes and biases o market efficiency, pricing anomalies and other market dynamics and risk – return investment outcomes.

  18. Financing responsibility for nuclear waste disposal

    International Nuclear Information System (INIS)

    2004-01-01

    The basic premise for financing arrangements for the disposal of nuclear waste is that the nuclear industry - not the taxpayer - must bear the costs. Present regulations, however, are imperfect in this regard. The Inquiry therefore proposes extending the financial liability of the nuclear industry and introducing new fee-setting arrangements. It is proposed that a new law be enacted to regulate these changes. The present financing system is regulated in the 'Financing Act' 1. Under this Act, the licensed owner and operator of a nuclear reactor is required to pay an annual fee and provide guarantees to the State. Four companies are reactor owners. These companies are wholly or partly owned by other companies according to various arrangements. Each reactor owner is responsible for its own dismantling costs and for its share of allocated common costs of disposal and related measures. If there is insufficient money in the funds, the nuclear industry will still be liable. The basic premise of the Inquiry is that the financing system should be designed so as to minimise the risk that the State (and taxpayers) will need to step in and pay. Although the nuclear industry is intended to have full liability for payment, in practice it does not. This is because the formal full liability for payment in the nuclear industry rests with the reactor companies and not where the industry's long-term ability to pay is to be found. Essentially, the present arrangements mean that: - Companies that cannot be expected to have any long-term ability to pay have unlimited liability, and - Companies that can be expected to have an ability to pay have very limited liability. The Inquiry therefore proposes that ability to pay and liability are brought into line by a formal assumption by owning companies of the sort of liability for payment that now rests solely with the reactor companies. This means that the owning company in each group that is best suited to bear the liability for payment

  19. FLOOD RISK ASSESSMENT IN RIVER TIMIS BASIN - THE CARANSEBES - LUGOJ SECTOR- USING GIS TECHNIQUE

    Directory of Open Access Journals (Sweden)

    MIHAI VALENTIN HERBEI

    2012-11-01

    Full Text Available Flood risk assessment in Timis River basin - the Caransebes -Lugoj sector- using GIS technique. Over time freshets, thus floods constituted and constitute a particularly important issue that requires attention. In many cases, flood damages are extensive to the environment, to the economy and also socially. The purpose of this paper is to identify flood-prone areas between Caransebes and Lugoj, land that is part of the Timis river basin. This paper is based on a theoretical model in which we considered the building elements of the flood produced on the Timis river in April 2005 (levels and flows. to represent the zones flood – prone, we used the numerical model of the terrain, created for the abovementioned area. On this model , according to levels measured at hydrometric stations, were defined those flood prone areas. The Timis river hydrographic basin includes a varied terrain (mountains, hills and plains, with pronounced differences in altitude and massiveness, resulting from tectonic movements that have affected the region, this fact has affected water flow processes, both directly through fragmentation and slope, and indirectly, by creating the vertical climate, vegetation and soils zones. Using GIS technology to study hydrological phenomena and their impact on the geographic area are of particular importance due to the complexity of these techniques, which enables detailed analysis and analytical precision as well as an increased speed of the analysis. Creating theoretical models that give scale to the hydrological phenomena, in this case representing the flood areas, is of great practical importance because based on these models the areas can be defined and viewed, having the possibility of taking measures to prevent environmental effects on the natural and / or anthropogenic environment. In the studied area review of the flood of 2005, were represented flood areas, therefore, according with the researches, several villages, located in

  20. Present and future of crowdfunding as source of entrepreneurial financing

    OpenAIRE

    Peñarroya Romero, Iván

    2017-01-01

    Treball Final de Grau en Finances i Comptabilitat. Codi: FC1049. Curs acadèmic: 2016/2017 New financing techniques have emerged due to the recently experienced deep crisis. In a changing technological environment any individual with an innovative business idea and an achievable entrepreneurial project can easily undertake it without resorting to traditional banking. As a result of the new Fintech technology, a word stemming from a contraction of the words “finance” and “technology”, it may...

  1. Sensitivity Analysis Of Financing Demand In Syariah Banking

    Directory of Open Access Journals (Sweden)

    DR. HJ. ROSYETTI

    2017-11-01

    Full Text Available This study aims to analyze the Sensitivity of Demand Financing in syariah banking with a focus on the elasticity of financing demand income elasticity and cross elasticity. The type of data used in this study is secondary data quantitative and time series obtained from the publication of BPS BI and OJK. The data analysis technique begins by estimating multiple linear regression equations using the Eviews Application further measuring the sensitivity using elasticity. The research variables consist of revenue gross domestic product and conventional bank interest rate as independent variables and demand for financing as a dependent variable. The results obtained for the results gross domestic product and interest rate of conventional banks simultaneously affect the demand for financing in Islamic banking with a significant level of 5 obtained probability value F statistic amp945 005. Partially revenue share and gross domestic product have a significant effect on demand for financing. While the variable interest rate of conventional banks partially does not have a significant effect on demand for financing in Islamic banking. The ability of the three independent variables to explain the dependent variable of 99.06 the rest of 0.04 influenced by other factors outside this study. The sensitive value of demand for financing in syariah banking during the observation period was 3.94 amp400P 1 so that it can be said that demand for financing in syariah banking is elastic. The elasticity of income demand for financing in syariah banking during the observation period of 3.08 amp400I 1 is categorized as luxuries goods. The cross elasticity value of financing demand in syariah banking during the observation period is 0.52 or positive amp400C 0 it can be categorized that the interest rate of a conventional bank is a substitute of profit sharing.

  2. PUBLIC FINANCE SUSTAINABILITY IN ROMANIA. RECENT DEVELOPMENTS

    Directory of Open Access Journals (Sweden)

    Mura Petru-Ovidiu

    2015-07-01

    Full Text Available The main objective of this paper is to evaluate the sustainability of public finance in Romania and to explore the fiscal threats Romania might face in the future. A sound fiscal policy implies avoiding excessive liabilities of the government, but at the same time delivering the proper public goods and services, including the necessary safety net in times of crisis. An unsustainable fiscal position negatively impacts on macroeconomic stability; moreover, if public finances are perceived to be unsustainable in the long run, the reaction of the international financial markets could generate a fiscal crisis, which might surprise the fiscal planners. The main findings of the paper are the following: i according to the multidimensional approach of the European Commission, in the short run, it seems that Romania is free from fiscal stress, there is a low risk in the medium term, and in the long run the risk becomes medium; ii a potential medium-term fiscal sustainability risk derives from the accumulation of losses and arrears in the business and companies sectors in which the state is a majority shareholder; iii Romania records one of the lowest budget revenues to GDP ratios in EU, while the Romanian tax system is characterized by a poor tax collection, inefficient administration and excessive bureaucracy; iv the structure of public spending in Romania is characterized by the predominance of wage spending and social assistance, while the poor state of the public pension system is an important vulnerability of the public finance position; v overall, the degree of tax compliance in Romania was only 55.8% in 2013, and according to the calculations made by the Fiscal Council, tax evasion represented 16.2% of GDP in 2013. All these aspects make up a grim picture of sustainability of public finances, which has to be considered by the public decision makers regarding future fiscal policy actions.

  3. FINANCING CAPACITY, AN INDICATOR OF SELF FINANCING FOR COMPANIES

    Directory of Open Access Journals (Sweden)

    Teodor Hada

    2013-12-01

    Full Text Available In the introduction of this paper the research objectives are presented on a case study, the research method, as well as the literature in the field and the novelty of this study. Furthermore, several aspects on the source of information for determining intermediate management balances are covered. In the third part of the study the indicator of self-financing capacity of companies is determined. The correlation between the self-financing capacity and term debts are shown in the fourth part and the fifth part of this study presents some aspects regarding global self-financing, maintaining self-financing, net self-financing, and finally the results of the study are presented.

  4. The evolution of project financing in the geothermal industry

    International Nuclear Information System (INIS)

    Cardenas, G.S.; Miller, D.M.

    1990-01-01

    Sound underlying economics and beneficial contractual relationships are the fundamentals of any project financing. Given these essential elements, the successful transaction must properly allocate the costs, benefits and risks to the appropriate participants in the most efficient manner. In this paper the authors examine four instances in which project financing offered optimal solutions to this problem in a series of transactions for the successive development of the 70 MW Ormesa Geothermal Energy Complex in the Imperial Valley of California

  5. Safety evaluation for the LMFBR plant using probabilistic risk assessment techniques

    International Nuclear Information System (INIS)

    Kani, Y.; Aizawa, K.

    1987-01-01

    This paper presents an application of probabilistic risk assessment techniques to a typical loop-type liquid metal fast breeder reactor (LMFBR) plant in the detailed design stage. A comprehensive systems analysis has been performed to identify event sequences leading to core damage and provide insights into the importance of accident contributors. While traditional event tree/fault tree modeling was used for the analysis, this study involved a thorough investigation of initiating events and of support system faults. The qualification of accident sequences has been conducted by combining the fault trees based on the event trees and obtaining sequence cut sets with the use of the SETS code. This study also attempted to quantify the potential for operator recovery actions in the course of each accident sequence. (author)

  6. Hardship financing of healthcare among rural poor in Orissa, India.

    Science.gov (United States)

    Binnendijk, Erika; Koren, Ruth; Dror, David M

    2012-01-27

    This study examines health-related "hardship financing" in order to get better insights on how poor households finance their out-of-pocket healthcare costs. We define hardship financing as having to borrow money with interest or to sell assets to pay out-of-pocket healthcare costs. Using survey data of 5,383 low-income households in Orissa, one of the poorest states of India, we investigate factors influencing the risk of hardship financing with the use of a logistic regression. Overall, about 25% of the households (that had any healthcare cost) reported hardship financing during the year preceding the survey. Among households that experienced a hospitalization, this percentage was nearly 40%, but even among households with outpatient or maternity-related care around 25% experienced hardship financing.Hardship financing is explained not merely by the wealth of the household (measured by assets) or how much is spent out-of-pocket on healthcare costs, but also by when the payment occurs, its frequency and its duration (e.g. more severe in cases of chronic illnesses). The location where a household resides remains a major predictor of the likelihood to have hardship financing despite all other household features included in the model. Rural poor households are subjected to considerable and protracted financial hardship due to the indirect and longer-term deleterious effects of how they cope with out-of-pocket healthcare costs. The social network that households can access influences exposure to hardship financing. Our findings point to the need to develop a policy solution that would limit that exposure both in quantum and in time. We therefore conclude that policy interventions aiming to ensure health-related financial protection would have to demonstrate that they have reduced the frequency and the volume of hardship financing.

  7. Hardship financing of healthcare among rural poor in Orissa, India

    Directory of Open Access Journals (Sweden)

    Binnendijk Erika

    2012-01-01

    Full Text Available Abstract Background This study examines health-related "hardship financing" in order to get better insights on how poor households finance their out-of-pocket healthcare costs. We define hardship financing as having to borrow money with interest or to sell assets to pay out-of-pocket healthcare costs. Methods Using survey data of 5,383 low-income households in Orissa, one of the poorest states of India, we investigate factors influencing the risk of hardship financing with the use of a logistic regression. Results Overall, about 25% of the households (that had any healthcare cost reported hardship financing during the year preceding the survey. Among households that experienced a hospitalization, this percentage was nearly 40%, but even among households with outpatient or maternity-related care around 25% experienced hardship financing. Hardship financing is explained not merely by the wealth of the household (measured by assets or how much is spent out-of-pocket on healthcare costs, but also by when the payment occurs, its frequency and its duration (e.g. more severe in cases of chronic illnesses. The location where a household resides remains a major predictor of the likelihood to have hardship financing despite all other household features included in the model. Conclusions Rural poor households are subjected to considerable and protracted financial hardship due to the indirect and longer-term deleterious effects of how they cope with out-of-pocket healthcare costs. The social network that households can access influences exposure to hardship financing. Our findings point to the need to develop a policy solution that would limit that exposure both in quantum and in time. We therefore conclude that policy interventions aiming to ensure health-related financial protection would have to demonstrate that they have reduced the frequency and the volume of hardship financing.

  8. Financing low carbon energy access in Africa

    International Nuclear Information System (INIS)

    Gujba, Haruna; Thorne, Steve; Mulugetta, Yacob; Rai, Kavita; Sokona, Youba

    2012-01-01

    Modern energy access in Africa is critical to meeting a wide range of developmental challenges including poverty reduction and the Millennium Development Goals (MDGs). Despite having a huge amount and variety of energy resources, modern energy access in the continent is abysmal, especially Sub-Saharan Africa. Only about 31% of the Sub-Saharan African population have access to electricity while traditional biomass energy accounts for over 80% of energy consumption in many Sub-Saharan African countries. With energy use per capita among the lowest in the world, there is no doubt that Africa will need to increase its energy consumption to drive economic growth and human development. Africa also faces a severe threat from global climate change with vulnerabilities in several key areas or sectors in the continent including agriculture, water supply, energy, etc. Low carbon development provides opportunities for African countries to improve and expand access to modern energy services while also building low-emission and climate-resilient economies. However, access to finance from different sources will be critical in achieving these objectives. This paper sets out to explore the financial instruments available for low carbon energy access in Africa including the opportunities, markets and risks in low carbon energy investments in the continent. - Highlights: ► Access to finance will be critical to achieving low carbon energy access in Africa. ► Domestic finance will be important in leveraging private finance. ► Private sector participation in modern and clean energy in Africa is still low. ► Many financing mechanisms exist for low carbon energy access in Africa. ► The right institutional frameworks are critical to achieving low carbon energy access in Africa.

  9. PREMISES FOR A MODEL OF DECISION – MAKING ON THE FINANCING OF A PROJECT

    Directory of Open Access Journals (Sweden)

    Popovici Ioana

    2010-07-01

    Full Text Available The classical theory of finance is based on the premises of rationality and maximizing profits that accompany economic decision-making. Complementarily, the modern theory of behavioral finance studies the effect of emotional and psychological factors of decision- maker on the choice of financing sources for economic activities. In opposition with the classical perspective, the contemporary theory of finance brings up to the stage various aspects of decision making, including elements of strategic behavior towards risk. All these contradictory elements are used as premises for modeling the decision making process of financing a project.

  10. Financing electricity expansion

    International Nuclear Information System (INIS)

    Hyman, L.S.

    1994-01-01

    Expansion of electricity supply is associated with economic development. The installation and enlargement of power systems in developing countries entails a huge financial burden, however. Energy consumers in such countries must pay not only for supplies but for the cost of raising the capital for expansion on the international markets. Estimates are presented for the capital expenditure for electricity supply over the period 1990 to 2020 for the major world regions, using approximations for the cost of plant and capital and for the returns earned. These data lead to the conclusion that the five regions with the lowest per capita incomes are those which will need the major part of the capital expenditure and the highest percentage of external finance. (6 tables) (UK)

  11. Romanian SMEs Financing Options:

    Directory of Open Access Journals (Sweden)

    Ioan E. Nistor

    2013-11-01

    Full Text Available One of the most pressing problems faced by micro, small and medium sized enterprises (henceforth SMEs in Europe is the access to sufficient funds to sustain their long term growth. Romanian SMEs make no exception. In this context the present paper focuses on analyzing the extent to which external funding sources have contributed to the value added created by the Romanian SMEs between 2007 and 2011.The investigation’s results indicate the existence of a causal link between some forms of external financing (namely bank loans, leasing, factoring, guarantee products and European funds and the value added created by the Romanian micro, small and medium sized enterprises in the aforementioned period.

  12. Does literacy improve finance?

    Science.gov (United States)

    Poon, Martha; Olen, Helaine

    2015-04-01

    When economists ask questions about basic financial principles, most ordinary people answer incorrectly. Economic experts call this condition "financial illiteracy," which suggests that poor financial outcomes are due to a personal deficit of reading-related skills. The analogy to reading is compelling because it suggests that we can teach our way out of population-wide financial failure. In this comment, we explain why the idea of literacy appeals to policy makers in the advanced industrial nations. But we also show that the narrow skill set laid out by economists does not satisfy the politically inclusive definition of literacy that literacy studies fought for. We identify several channels through which people engage with ideas about finance and demonstrate that not all forms of literacy will lead people to the educational content prescribed by academic economists. We argue that truly financial literate people can defy the demands of financial theory and financial institutions. © The Author(s) 2015.

  13. Financing children's vaccines.

    Science.gov (United States)

    Nelson, E Anthony S; Sack, David; Wolfson, Lara; Walker, Damian G; Seng, Lim Fong; Steele, Duncan

    2009-11-20

    A 2006 Commonwealth Association of Paediatric Gastroenterology and Nutrition workshop on financing children's vaccines highlighted the potential for vaccines to control diarrhoea and other diseases as well as spur economic development through better health. Clear communication of vaccination value to decision-makers is required, together with sustainable funding mechanisms. GAVI and partners have made great progress providing funding for vaccines for children in the poorest countries but other solutions may be required to achieve the same gains in middle- and high-income countries. World Health Organization has a wealth of freely available country-level data on immunisation that academics and advocates can use to communicate the economic and health benefits of vaccines to decision-makers.

  14. Financing wind projects

    International Nuclear Information System (INIS)

    Manson, J.

    2006-01-01

    This presentation reviewed some of the partnership opportunities available from GE Energy. GE Energy's ecomagination commitment has promised to double research investment, make customers true partners and reduce greenhouse gases (GHGs). GE Energy's renewable energy team provides a broad range of financial products, and has recently funded 30 wind farms and 2 large solar projects. The company has a diverse portfolio of technology providers and wind regimes, and is increasing their investment in technology. GE Energy recognizes that the wind industry is growing rapidly and has received increased regulatory support that is backed by strong policy and public support. It is expected that Canada will have 3006 wind projects either planned or under construction by 2007. According to GE Energy, successful wind financing is dependent on the location of the site and its wind resources, as well as on the wind developer's power sales agreement. The success of a wind project is also determined by clear financing goals. Site-specific data is needed to determine the quality of wind resource, and off-site data can also be used to provide validation. Proximity to load centres will help to minimize capital costs. Power sales agreements should be based on the project's realistic net capacity factor as well as on the cost of the turbines. The economics of many wind farms is driven by the size of the turbines used. Public consultations are also needed to ensure the success of wind power projects. It was concluded that a good partner will have staying power in the wind power industry, and will understand the time-lines and needs that are peculiar to wind energy developers. refs., tabs., figs

  15. Recurrent tricuspid insufficiency: is the surgical repair technique a risk factor?

    Science.gov (United States)

    Kara, Ibrahim; Koksal, Cengiz; Cakalagaoglu, Canturk; Sahin, Muslum; Yanartas, Mehmet; Ay, Yasin; Demir, Serdar

    2013-01-01

    This study compares the medium-term results of De Vega, modified De Vega, and ring annuloplasty techniques for the correction of tricuspid insufficiency and investigates the risk factors for recurrent grades 3 and 4 tricuspid insufficiency after repair. In our clinic, 93 patients with functional tricuspid insufficiency underwent surgical tricuspid repair from May 2007 through October 2010. The study was retrospective, and all the data pertaining to the patients were retrieved from hospital records. Functional capacity, recurrent tricuspid insufficiency, and risk factors aggravating the insufficiency were analyzed for each patient. In the medium term (25.4 ± 10.3 mo), the rates of grades 3 and 4 tricuspid insufficiency in the De Vega, modified De Vega, and ring annuloplasty groups were 31%, 23.1%, and 6.1%, respectively. Logistic regression analysis revealed that chronic obstructive pulmonary disease, left ventricular dysfunction (ejection fraction, tricuspid insufficiency. Medium-term survival was 90.6% for the De Vega group, 96.3% for the modified De Vega group, and 97.1% for the ring annuloplasty group. Ring annuloplasty provided the best relief from recurrent tricuspid insufficiency when compared with DeVega annuloplasty. Modified De Vega annuloplasty might be a suitable alternative to ring annuloplasty when rings are not available.

  16. A Closed-Form Technique for the Reliability and Risk Assessment of Wind Turbine Systems

    Directory of Open Access Journals (Sweden)

    Leonardo Dueñas-Osorio

    2012-06-01

    Full Text Available This paper proposes a closed-form method to evaluate wind turbine system reliability and associated failure consequences. Monte Carlo simulation, a widely used approach for system reliability assessment, usually requires large numbers of computational experiments, while existing analytical methods are limited to simple system event configurations with a focus on average values of reliability metrics. By analyzing a wind turbine system and its components in a combinatorial yet computationally efficient form, the proposed approach provides an entire probability distribution of system failure that contains all possible configurations of component failure and survival events. The approach is also capable of handling unique component attributes such as downtime and repair cost needed for risk estimations, and enables sensitivity analysis for quantifying the criticality of individual components to wind turbine system reliability. Applications of the technique are illustrated by assessing the reliability of a 12-subassembly turbine system. In addition, component downtimes and repair costs of components are embedded in the formulation to compute expected annual wind turbine unavailability and repair cost probabilities, and component importance metrics useful for maintenance planning and research prioritization. Furthermore, this paper introduces a recursive solution to closed-form method and applies this to a 45-component turbine system. The proposed approach proves to be computationally efficient and yields vital reliability information that could be readily used by wind farm stakeholders for decision making and risk management.

  17. Mastering R for quantitative finance

    CERN Document Server

    Berlinger, Edina; Badics, Milán; Banai, Ádám; Daróczi, Gergely; Dömötör, Barbara; Gabler, Gergely; Havran, Dániel; Juhász, Péter; Margitai, István; Márkus, Balázs; Medvegyev, Péter; Molnár, Julia; Szucs, Balázs Árpád; Tuza, Ágnes; Vadász, Tamás; Váradi, Kata; Vidovics-Dancs, Ágnes

    2015-01-01

    This book is intended for those who want to learn how to use R's capabilities to build models in quantitative finance at a more advanced level. If you wish to perfectly take up the rhythm of the chapters, you need to be at an intermediate level in quantitative finance and you also need to have a reasonable knowledge of R.

  18. Accounting & Finance; a Basic Introduction

    NARCIS (Netherlands)

    drs. Ewoud Jansen

    2011-01-01

    The book is about finance and accounting, subjects widely discussed in many other books. What sets this book apart from most others is that it discusses all the basic aspects of finance and accounting in one single textbook. Three areas of interest are discussed: Financial Management; Management

  19. Public Finance Administration. Second Edition.

    Science.gov (United States)

    Reed, B. J.; Swain, John W.

    This book is intended for the nonexpert in finance who has a public administration background. It opens with a broad introduction to public finance administration and how this job is related to public budgeting, the practice of public-sector accounting, and the economic concepts of money and value. Issues surrounding public revenue, its sources,…

  20. Financing bidders in takeover contests

    NARCIS (Netherlands)

    Vladimirov, V.

    2015-01-01

    This paper argues that endogenizing how acquirers finance their cash bids is just as important for understanding bidding in takeovers as endogenizing acquirers' payment method choice. The paper shows that acquirers finance their cash bids with equity only if they lack access to competitive

  1. Paiton II financing locked up

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-04-01

    The 2 x 610 MW Paiton II coal-fired independent power project in Indonesia became a reality last week with the completion of a 1.36 billion dollars commercial financing for the 1.65 billion dollar undertaking. Details of the financing are given. A table lists Indonesia`s independent power projects and their current status.

  2. Clean air and project financing

    International Nuclear Information System (INIS)

    Zimmer, M.J.

    1992-01-01

    This article examines how environmental requirements are challenging the developers ability to secure financing for independent energy projects. The topics addressed in the article include a review of the US Environmental Protection Agency auction rules for acid rain emission allowances, short term and long term market demand, project financing issues, credit value and matching interests

  3. The Possibilities of Strategic Finance

    Science.gov (United States)

    Chaffee, Ellen

    2010-01-01

    Strategic finance is aligning financial decisions--regarding revenues, creating and maintaining institutional assets, and using those assets--with the institution's mission and strategic plan. The concept known as "strategic finance" increasingly is being seen as a useful perspective for helping boards and presidents develop a sustainable…

  4. Family control and financing decisions

    NARCIS (Netherlands)

    Croci, Ettore; Doukas, John A.; Gonenc, Halit

    2011-01-01

    This study uses a comprehensive European dataset to investigate the role of family control in corporate financing decisions during the period 1998-2008. We find that family firms have a preference for debt financing, a non-control-diluting security, and are more reluctant than non-family firms to

  5. Exchange Risk Management Policy

    CERN Document Server

    2005-01-01

    At the Finance Committee of March 2005, following a comment by the CERN Audit Committee, the Chairman invited the Management to prepare a document on exchange risk management policy. The Finance Committee is invited to take note of this document.

  6. Statistics and finance an introduction

    CERN Document Server

    Ruppert, David

    2004-01-01

    This textbook emphasizes the applications of statistics and probability to finance. Students are assumed to have had a prior course in statistics, but no background in finance or economics. The basics of probability and statistics are reviewed and more advanced topics in statistics, such as regression, ARMA and GARCH models, the bootstrap, and nonparametric regression using splines, are introduced as needed. The book covers the classical methods of finance such as portfolio theory, CAPM, and the Black-Scholes formula, and it introduces the somewhat newer area of behavioral finance. Applications and use of MATLAB and SAS software are stressed. The book will serve as a text in courses aimed at advanced undergraduates and masters students in statistics, engineering, and applied mathematics as well as quantitatively oriented MBA students. Those in the finance industry wishing to know more statistics could also use it for self-study. David Ruppert is the Andrew Schultz, Jr. Professor of Engineering, School of Oper...

  7. Capital financing in prospective payment.

    Science.gov (United States)

    Oszustowicz, R J; Dreachslin, J L

    1984-03-01

    In the era of prospective payment, arranging financing for hospital capital projects is expected to become even more complicated than under cost-based reimbursement systems. This article outlines the information needed for a bond issue in the prospective payment environment, defines the roles and duties of several external persons and organizations involved with planning a major capital financing, and provides an overview of the entire process. This article assumes for illustrative purposes that a tax-exempt bond issue is going to be used to finance a facility expansion. This method was chosen since over 70% of all major capital financing for hospitals use the tax-exempt bond as the principal vehicle for attracting the necessary debt to finance a major construction project. The tax-exempt bond issue also requires the most detail in documentation and legal provisions.

  8. Securitization across borders: organizational mimicry in Islamic finance

    NARCIS (Netherlands)

    Bassens, D.; Engelen, E.; Derudder, B.; Witlox, F.

    2013-01-01

    This article discusses the case of securitization in Islamic finance to tease out what is universal and what is specific about this technique. To do this, the article frames the spatial dispersal of securitization as a form of ‘organizational mimicry’, which highlights that techniques always rely

  9. From public to private climate change adaptation finance : Adapting finance or financing adaptation?

    NARCIS (Netherlands)

    Pauw, W.P.

    2017-01-01

    Private financing is the latest mark of the privatisation of global governance. The implementation of international agreements in the fields of environment, climate change and development has always been supported by public finance from developed countries. This tradition is broken by a

  10. Incorporating organizational factors into Probabilistic Risk Assessment (PRA) of complex socio-technical systems: A hybrid technique formalization

    International Nuclear Information System (INIS)

    Mohaghegh, Zahra; Kazemi, Reza; Mosleh, Ali

    2009-01-01

    This paper is a result of a research with the primary purpose of extending Probabilistic Risk Assessment (PRA) modeling frameworks to include the effects of organizational factors as the deeper, more fundamental causes of accidents and incidents. There have been significant improvements in the sophistication of quantitative methods of safety and risk assessment, but the progress on techniques most suitable for organizational safety risk frameworks has been limited. The focus of this paper is on the choice of 'representational schemes' and 'techniques.' A methodology for selecting appropriate candidate techniques and their integration in the form of a 'hybrid' approach is proposed. Then an example is given through an integration of System Dynamics (SD), Bayesian Belief Network (BBN), Event Sequence Diagram (ESD), and Fault Tree (FT) in order to demonstrate the feasibility and value of hybrid techniques. The proposed hybrid approach integrates deterministic and probabilistic modeling perspectives, and provides a flexible risk management tool for complex socio-technical systems. An application of the hybrid technique is provided in the aviation safety domain, focusing on airline maintenance systems. The example demonstrates how the hybrid method can be used to analyze the dynamic effects of organizational factors on system risk

  11. Incorporating organizational factors into Probabilistic Risk Assessment (PRA) of complex socio-technical systems: A hybrid technique formalization

    Energy Technology Data Exchange (ETDEWEB)

    Mohaghegh, Zahra [Center for Risk and Reliability, University of Maryland, College Park, MD 20742 (United States)], E-mail: mohagheg@umd.edu; Kazemi, Reza; Mosleh, Ali [Center for Risk and Reliability, University of Maryland, College Park, MD 20742 (United States)

    2009-05-15

    This paper is a result of a research with the primary purpose of extending Probabilistic Risk Assessment (PRA) modeling frameworks to include the effects of organizational factors as the deeper, more fundamental causes of accidents and incidents. There have been significant improvements in the sophistication of quantitative methods of safety and risk assessment, but the progress on techniques most suitable for organizational safety risk frameworks has been limited. The focus of this paper is on the choice of 'representational schemes' and 'techniques.' A methodology for selecting appropriate candidate techniques and their integration in the form of a 'hybrid' approach is proposed. Then an example is given through an integration of System Dynamics (SD), Bayesian Belief Network (BBN), Event Sequence Diagram (ESD), and Fault Tree (FT) in order to demonstrate the feasibility and value of hybrid techniques. The proposed hybrid approach integrates deterministic and probabilistic modeling perspectives, and provides a flexible risk management tool for complex socio-technical systems. An application of the hybrid technique is provided in the aviation safety domain, focusing on airline maintenance systems. The example demonstrates how the hybrid method can be used to analyze the dynamic effects of organizational factors on system risk.

  12. The taxpayer-shareholder fallacy and private finance initiatives

    NARCIS (Netherlands)

    de Vries, Pieter

    2007-01-01

    There is a growing support for the view that the private sector is at least as efficient as the public sector in managing investment risks of large projects. Governments forget that it is the taxpayer who bears all the risks in a public finance scenario of investments. So, it seems unfounded that

  13. Financing Solar Thermal Power Plants

    Energy Technology Data Exchange (ETDEWEB)

    Kistner, Rainer [National Renewable Energy Lab. (NREL), Golden, CO (United States); Price, Henry W. [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    1999-04-14

    The commercialization of concentrating solar power technology took a major step forward in the mid 1980s and early 1990s with the development of the SEGS plants in California. Over the years they have proven that parabolic trough power technologies are the most cost-effective approach for commercial scale solar power generation in the sunbelt countries of the world. However, the question must be asked why no additional solar power plants have been build following the bankruptcy of the developer of the SEGS projects, LUZ International Limited. Although many believe the SEGS projects were a success as a result of parabolic trough technology they employ, in truth, the SEGS projects were developed simply because they represented an attractive opportunity for investors. Simply stated, no additional projects have been developed because no one has been able to put together a similarly attractive financial package to potential investors. More than $1.2 billion in private capital was raised in debt and equity financing for the nine SEGS plants. Investors and bankers who make these investments are the real clients for solar power technologies. They are not interested in annual solar to electric efficiencies, but in risk, return on investments, and coverage ratios. This paper will take a look at solar power projects from the financier’s perspective. The challenge in moving forward is to attract private investors, commercial lenders, and international development agencies and to find innovative solutions to the difficult issues that investment in the global power market poses for solar power technologies.

  14. Financing Solar Thermal Power Plants

    International Nuclear Information System (INIS)

    Price, Henry W.; Kistner, Rainer

    1999-01-01

    The commercialization of concentrating solar power technology took a major step forward in the mid 1980s and early 1990s with the development of the SEGS plants in California. Over the years they have proven that parabolic trough power technologies are the most cost-effective approach for commercial scale solar power generation in the sunbelt countries of the world. However, the question must be asked why no additional solar power plants have been build following the bankruptcy of the developer of the SEGS projects, LUZ International Limited. Although many believe the SEGS projects were a success as a result of parabolic trough technology they employ, in truth, the SEGS projects were developed simply because they represented an attractive opportunity for investors. Simply stated, no additional projects have been developed because no one has been able to put together a similarly attractive financial package to potential investors. More than $1.2 billion in private capital was raised in debt and equity financing for the nine SEGS plants. Investors and bankers who make these investments are the real clients for solar power technologies. They are not interested in annual solar to electric efficiencies, but in risk, return on investments, and coverage ratios. This paper will take a look at solar power projects from the financier's perspective. The challenge in moving forward is to attract private investors, commercial lenders, and international development agencies and to find innovative solutions to the difficult issues that investment in the global power market poses for solar power technologies

  15. Financing solar thermal power plants

    International Nuclear Information System (INIS)

    Kistner, R.; Price, H.

    1999-01-01

    The commercialization of concentrating solar power technology took a major step forward in the mid 1980s and early 1990s with the development of the SEGS plants in California. Over the years they have proven that parabolic trough power technologies are the most cost-effective approach for commercial scale solar power generation in the sunbelt countries of the world. However, the question must be asked why no additional solar power plants have been built following the bankruptcy of the developer of the SEGS projects, LUZ International Limited. Although many believe the SEGS projects were a success as a result of parabolic trough technology they employ, in truth, the SEGS projects were developed simply because they represented an attractive opportunity for investors. Simply states, no additional projects have been developed because no one has been able to put together a similarly attractive financial package to potential investors. More than $1.2 billion in private capital was raised in debt and equity financing for the nine SEGS plants. Investors and bankers who make these investments are the real clients for solar power technologies. They are not interested in annual solar to electric efficiencies, but in risk, return on investments, and coverage ratios. This paper will take a look at solar power projects form the financier's perspective. The challenge in moving forward is to attract private investors, commercial lenders, and international development agencies and to find innovative solutions to the difficult issues that investment in the global power market poses for solar power technologies

  16. Financing long term liabilities

    International Nuclear Information System (INIS)

    Noviello, Luigi

    2003-01-01

    In the '80 even if there were no precise law disposition in this specific matter, Enel has created a fund for the plants decommissioning and a fund for the irradiated fuel management. A setting aside pluri-annual plan has been defined. Cumulated funds transferred to the Sogin at the date of its constitution amount to about 1500 MLD ITL (750 M Euro). This amount was adequate to complete decommissioning activities within the Safe Store strategy. Following the separation of Sogin from Enel, a funding mechanism has been defined to provide resources for additional costs deriving from the different economic conditions (new discount rate and taxes), from the management costs for the new company, and from the change in strategy (from Safe Store to DECON). A Decree of the Ministry of the Industry, issued on 26 January 2000, states that the above mentioned extra costs for Sogin shall be financed on a levy on the price of the sold kWh. Every year Sogin shall present the program of future activities, with associated costs: on this basis, the national Authority for Electric energy and Gas (the national body which defines tariff policy) shall re-evaluate the global amount to be granted to Sogin and the levy on the price of the kWh due to Sogin for next three years. The re-evaluation will take into account economic efficiency criteria. For the period 2002- 2004 the Authority has defined a global amount of about 362 M euros to be granted to Sogin, corresponding to ∼0,04 cents of Euro per kWh. The same procedure is foreseen by the Decree in order to finance Sogin for additional costs related to the dismantling of nuclear installations now property of ENEA. In this context, a Consortium between ENEA and Sogin has been established. The Authority for the period 2002-2004 has defined a global amount of about 106 M euros to be granted to the Consortium, corresponding to ∼0,015 cents of Euro per kWh. (author)

  17. ALPHA-BETA SEPARATION PORTFOLIO STRATEGIES FOR ISLAMIC FINANCE

    Directory of Open Access Journals (Sweden)

    Valentyn Khokhlov

    2016-11-01

    Full Text Available The purpose of this paper is to develop a mathematical alpha-beta separation model that can be used to create a core-satellite portfolio management strategy that complies with the principles of Islamic finance. Methodology. Core-satellite portfolio construction methodology is used to implement the alpha-beta separation approach, where the core part of the portfolio is managed using the tracking error minimization strategy, and the satellite part of the portfolio is managed using the mean-variance optimization strategy. Results of the portfolio dynamics clearly show that a significant amount of value was created by alpha-beta separation. The typical alpha ranges from 4% to 5.7%. The most aggressive portfolio strategies that allow short positions in the satellite portfolio work best with frequent rebalancing and benefit from the active bets. Smoothing technique that was introduced to decrease the portfolio turnover and stabilize its composition works better when active bets are less efficient, particularly with less frequent rebalancing. The best risk-return combinations are achieved with modest (3% to 10% allocation of the total portfolio to the satellite, and the remaining part (90% to 97% being managed in order to minimize the tracking error. Practical implications. The alpha-beta separation framework suggested in this paper can be used to enhance the portfolio management techniques for the hedge funds that operate under tight restrictions, particularly under the Islamic finance principles. The mathematical models developed in this paper allow practical implementation of the alphabeta separation concept. Originality/value. While the idea of alpha-beta separation existed in hedge fund management before, there was no comprehensive mathematical model under it, so its implementation was based on the ad hoc approach. This paper introduces such a mathematical model and demonstrates how portfolio managers can create value for their clients using it.

  18. Green financing - Are European banks and insurers contributing?

    International Nuclear Information System (INIS)

    Kamelgarn, Yona; Blanc, Dominique

    2015-02-01

    The analysis of the public communication of the 32 largest banking and insurance groups led to the following observations. Awareness of the role of the financial sector in the transition to a low-carbon economy has grown since 2012, and companies are increasingly conducting environmental risk analysis. But these practices are more akin to risk management policies - initiated to limit exposure to the most controversial projects - than to real reallocation strategies contributing to the transition to a low-carbon economy. Information on green financing is developing but focuses more on image than on business activities. The companies in the sample are communicating more on their green financing, and in particular on their contribution to renewable energy projects. But the indicators are very heterogeneous, are not monitored over time and cannot be compared between companies. Generally speaking, banks and insurers have not committed to increase their allocations to green financing and fail to discuss the financing of fossil fuels. Information on environmental and social risk management policies is becoming more structured. Process consists in introducing sector-based policies, setting forth minimum standards below which companies do not invest, notably in the energy sector, as well as developing environmental and social (ES) risk analysis tools for transactions. Analyses theoretically encompass the environmental impact of financed activities, but little information exists on the type of criteria used. These practices, developed initially for project finance, have since been extended to other banking activities and, more recently, to insurance activities. Reporting on the environmental impact of financed products remains rudimentary. Over three-quarters of the companies in the sample acknowledge the environmental responsibility stemming from their business activities, but measures continue to focus on the impact of premises and business travel. While almost all the

  19. Improvement of Bank Risks Management on the Basis of “Monitoring – Identification – Protection” Technique

    Directory of Open Access Journals (Sweden)

    Zabezhaylo Ivan Mikhaylovich

    2014-11-01

    Full Text Available The banking system in contemporary conditions becomes the critically important subsystem of any national economy. To ensure a successful and profitable operation of the bank the effective management of associated risks is necessary. A technique of banking risk management, which includes three functional blocks: monitoring, identification and protection against risks, is proposed in the article. A key element of the proposed method is the stage of optimization of risk management in the context of the particular situation of data analysis and decision making. The two-factor model of optimizing the choice of means of risk management is argued. This model implies two options: to minimize the level of allowable risks when you fix the volume of the resources required for reliable risk management in this particular situation on an acceptable (target, desired level; or to minimize the volume of the resources required for reliable in this situation analyzed risk management when you fixed appropriate risks at an acceptable level. The technique is based on an integrated approach, the basic elements of which are the abilities to work with different types of data, and to use common methods and means of data processing. The proposed method makes it possible to integrate qualitative and quantitative risk management tools in a single process of data analysis and decision making support. The proposed method of banking risk management is a tool to detail the national regulators recommendations by taking into account the specific (context features of a particular financial institution management during its implementation. The technique allows for contextual tools setting, depending on the application field.

  20. EFT (Emotional Freedom Techniques) and Resiliency in Veterans at Risk for PTSD: A Randomized Controlled Trial.

    Science.gov (United States)

    Church, Dawson; Sparks, Terry; Clond, Morgan

    2016-01-01

    Prior research indicates elevated but subclinical posttraumatic stress disorder (PTSD) symptoms as a risk factor for a later diagnosis of PTSD. This study examined the progression of symptoms in 21 subclinical veterans. Participants were randomized into a treatment as usual (TAU) wait-list group and an experimental group, which received TAU plus six sessions of clinical emotional freedom techniques (EFT). Symptoms were assessed using the PCL-M (Posttraumatic Checklist-Military) on which a score of 35 or higher indicates increased risk for PTSD. The mean pretreatment score of participants was 39 ± 8.7, with no significant difference between groups. No change was found in the TAU group during the wait period. Afterward, the TAU group received an identical clinical EFT protocol. Posttreatment groups were combined for analysis. Scores declined to a mean of 25 (-64%, P < .0001). Participants maintained their gains, with mean three-month and six-month follow-up PCL-M scores of 27 (P < .0001). Similar reductions were noted in the depth and breadth of psychological conditions such as anxiety. A Cohen's d = 1.99 indicates a large treatment effect. Reductions in traumatic brain injury symptoms (P = .045) and insomnia (P = .004) were also noted. Symptom improvements were similar to those assessed in studies of PTSD-positive veterans. EFT may thus be protective against an increase in symptoms and a later PTSD diagnosis. As a simple and quickly learned self-help method, EFT may be a clinically useful element of a resiliency program for veterans and active-duty warriors. Copyright © 2016 Elsevier Inc. All rights reserved.

  1. Breast Cancer-Related Arm Lymphedema: Incidence Rates, Diagnostic Techniques, Optimal Management and Risk Reduction Strategies

    Energy Technology Data Exchange (ETDEWEB)

    Shah, Chirag [Department of Radiation Oncology, William Beaumont Hospital, Royal Oak, MI (United States); Vicini, Frank A., E-mail: fvicini@beaumont.edu [Department of Radiation Oncology, William Beaumont Hospital, Royal Oak, MI (United States)

    2011-11-15

    As more women survive breast cancer, long-term toxicities affecting their quality of life, such as lymphedema (LE) of the arm, gain importance. Although numerous studies have attempted to determine incidence rates, identify optimal diagnostic tests, enumerate efficacious treatment strategies and outline risk reduction guidelines for breast cancer-related lymphedema (BCRL), few groups have consistently agreed on any of these issues. As a result, standardized recommendations are still lacking. This review will summarize the latest data addressing all of these concerns in order to provide patients and health care providers with optimal, contemporary recommendations. Published incidence rates for BCRL vary substantially with a range of 2-65% based on surgical technique, axillary sampling method, radiation therapy fields treated, and the use of chemotherapy. Newer clinical assessment tools can potentially identify BCRL in patients with subclinical disease with prospective data suggesting that early diagnosis and management with noninvasive therapy can lead to excellent outcomes. Multiple therapies exist with treatments defined by the severity of BCRL present. Currently, the standard of care for BCRL in patients with significant LE is complex decongestive physiotherapy (CDP). Contemporary data also suggest that a multidisciplinary approach to the management of BCRL should begin prior to definitive treatment for breast cancer employing patient-specific surgical, radiation therapy, and chemotherapy paradigms that limit risks. Further, prospective clinical assessments before and after treatment should be employed to diagnose subclinical disease. In those patients who require aggressive locoregional management, prophylactic therapies and the use of CDP can help reduce the long-term sequelae of BCRL.

  2. Breast Cancer-Related Arm Lymphedema: Incidence Rates, Diagnostic Techniques, Optimal Management and Risk Reduction Strategies

    International Nuclear Information System (INIS)

    Shah, Chirag; Vicini, Frank A.

    2011-01-01

    As more women survive breast cancer, long-term toxicities affecting their quality of life, such as lymphedema (LE) of the arm, gain importance. Although numerous studies have attempted to determine incidence rates, identify optimal diagnostic tests, enumerate efficacious treatment strategies and outline risk reduction guidelines for breast cancer–related lymphedema (BCRL), few groups have consistently agreed on any of these issues. As a result, standardized recommendations are still lacking. This review will summarize the latest data addressing all of these concerns in order to provide patients and health care providers with optimal, contemporary recommendations. Published incidence rates for BCRL vary substantially with a range of 2–65% based on surgical technique, axillary sampling method, radiation therapy fields treated, and the use of chemotherapy. Newer clinical assessment tools can potentially identify BCRL in patients with subclinical disease with prospective data suggesting that early diagnosis and management with noninvasive therapy can lead to excellent outcomes. Multiple therapies exist with treatments defined by the severity of BCRL present. Currently, the standard of care for BCRL in patients with significant LE is complex decongestive physiotherapy (CDP). Contemporary data also suggest that a multidisciplinary approach to the management of BCRL should begin prior to definitive treatment for breast cancer employing patient-specific surgical, radiation therapy, and chemotherapy paradigms that limit risks. Further, prospective clinical assessments before and after treatment should be employed to diagnose subclinical disease. In those patients who require aggressive locoregional management, prophylactic therapies and the use of CDP can help reduce the long-term sequelae of BCRL.

  3. Accuracy of Clinical Techniques for Evaluating Lower Limb Sensorimotor Functions Associated With Increased Fall Risk.

    Science.gov (United States)

    Donaghy, Alex; DeMott, Trina; Allet, Lara; Kim, Hogene; Ashton-Miller, James; Richardson, James K

    2016-04-01

    In prior work, laboratory-based measures of hip motor function and ankle proprioceptive precision were critical to maintaining unipedal stance and fall/fall-related injury risk. However, the optimal clinical evaluation techniques for predicting these measures are unknown. To evaluate the diagnostic accuracy of common clinical maneuvers in predicting laboratory-based measures of frontal plane hip rate of torque development (Hip(RTD)) and ankle proprioceptive thresholds (AnkPRO) associated with increased fall risk. Prospective, observational study. Biomechanical research laboratory. A total of 41 older subjects (aged 69.1 ± 8.3 years), 25 with varying degrees of diabetic distal symmetric polyneuropathy and 16 without. Clinical hip strength was evaluated by manual muscle testing (MMT) and lateral plank time, defined as the number of seconds that the laterally lying subject could lift the hips from the support surface. Foot/ankle evaluation included Achilles reflex and vibratory, proprioceptive, monofilament, and pinprick sensations at the great toe. Hip(RTD), abduction and adduction, using a custom whole-body dynamometer. AnkPRO determined with subjects standing using a foot cradle system and a staircase series of 100 frontal plane rotational stimuli. Pearson correlation coefficients (r) and receiver operator characteristic (ROC) curves revealed that LPT correlated more strongly with Hip(RTD) (r/P = 0.61/1.0°. LPT is a more effective measure of Hip(RTD) than MMT. Similarly, clinical vibratory sense and monofilament testing are effective measures of AnkPRO, whereas clinical proprioceptive sense is not. Copyright © 2016 American Academy of Physical Medicine and Rehabilitation. Published by Elsevier Inc. All rights reserved.

  4. Financing the development of renewable energy projects of territorial interest

    International Nuclear Information System (INIS)

    Regnier, Yannick; Bailleul, Esther; Claustre, Raphael; Bessiere, Patrick; Boumard, Erwan; Peulemeulle, Justine; Causse, Laurent; Coton, Patrice; Djemouai, Nadia; Dubus, Jean-Michel; Duffes, Thomas; Gauduchon, Marie-Veronique; Raguet, Alex; Ghewy, Etienne; Heitz, Philippe; Jedliczka, Marc; Jourdain, Pierre; Julien, Emmanuel; Marcenac, Guillaume; Marillier, Frederic; Massias, Louis; Picot, Roland; Poize, Noemie; Quantin, Jacques; Rabian, Jean; Rocaboy, Dominique; Rumolino, Claudio; Sabin, Patrick; Saultier, Patrick; Tincelin-Salomon, Claire; Trillaud, Nicolas; Vachette, Philippe; Verhaeghe, Laure

    2016-11-01

    This report highlights the relationship between a territorial project (its autonomous strategy) and projects of renewable energy which could and should be developed. It focuses on large projects of electric power production, notably those based on solar and wind energy for which such a territorial anchoring is not as obvious as for the production of heat or gas (heat networks are necessarily local, and biomass production and supply as well). Thus, its outlines how these projects can be a benefit for a territory, the stakes of participation for the different local actors, and discusses how such a participation is to be organised. It describes different aspects of the way a project development phase is to be financed: stakes (financing needs, risks, peculiarities of local financing, project management and governance), financing typologies, development ease and safety, support of development financing (capital-risk tools, intervention of local public companies, advance payments, subsidies). The last part addresses how to locally finance the other project phases (stakes during construction and exploitation, intervention modes by participation, financial tools or loans)

  5. Comparison of Risk Assessment Using HAZOP and ETBA Techniques: Case Study of a Gasoline Refinery Unit in Iran

    Directory of Open Access Journals (Sweden)

    Shirazeh Arghami

    2015-12-01

    Full Text Available Background: Prevention of accidents—a crucial requirement in oil industries—involves hazard recognition, risk assessment, and corrective actions. The purpose of this study was to compare the ETBA and HAZOP techniques for risk assessment in a gasoline refinery unit. Methods: In this case study, data were collected using process flow diagram, walking–talking through method, piping and instrumentation diagram, and direct observations. Worksheets for both techniques were filled on the basis of the risk assessment matrix MIL-STD-882E. Results: The HAZOP method identified 44 deviations attributable to 118 causes. In addition, 11.37% of the identified hazards were associated with unacceptable risk, and 36.36%, with unfavorable risk. The ETBA method detected 10 groups of energy (24 subgroups; 33 hazards were detected, 10.62% of which were associated with unacceptable risk. Conclusion: HAZOP proved to be the more powerful technique for the prediction and identification of hazards. However, ETBA detected certain hazards that were not identifiable using HAZOP. Therefore, a combination of these two methods is desirable for the assessment of hazard risk in process industries.

  6. Private Finance 2 (PF2): Re-inventing the Wheel?

    Science.gov (United States)

    Zawawi, N. A. W. A.; Abdul-Aziz, A. R.; Khamidi, M. F.; Othman, I.; Idrus, A.; Umar, A. A.

    2013-06-01

    The Procurement policy of any government is the most influential factor in determining the efficiency of infrastructure and service provision like roads, water supply and energy. The UK's HM Treasury released its new guidelines on private involvement in infrastructures provision and services towards reforming the popular Private Finance Initiatives (PFI) policy. This new approach, it now refers to as the Private Finance 2 (PF2) is meant to correct the imperfections which have bedeviled the older version-PFI. However, the 'new guidelines' contained nothing really new in the area of private financing and operation of public infrastructures, at best it is akin to 're-inventing the wheel' rather than being 'new'. While dwelling extensively on issues relating to cheaper financing sources, risks transfer, counterpart funding by government and improving public sector procurement skills, this paper argues that some countries in the developing world have long recognised these issues and taken practical steps to correct them.

  7. Financing considerations for international coalbed methane projects - a case history

    International Nuclear Information System (INIS)

    Mize, J.S.

    1990-01-01

    This presentation on financing of international, coalbed methane fueled Cogen projects is intended to provide the reader with some insight into the key steps and issues involved in financing an outside-the-USA project. No claim is made as to whether the strategy employed for the China projects will be suitable for other projects. The presentation is made from the perspective of an entrepreneur seeking a workable financial structure to address the concerns of risk, return, technology transfer to a third world country, and stage-wise development from prefeasibility assessment through complete resource development and gas utilization. The China projects referred to in this paper are not yet fully financed. Final project approvals for financing awaiting a request by the USA group for China to confirm that their 50% funding is available, and that initial funds have been transferred to the USA group's bank account

  8. Private Finance 2 (PF2): Re-inventing the Wheel?

    International Nuclear Information System (INIS)

    Zawawi, N A W A; Khamidi, M F; Othman, I; Umar, A A; Abdul-Aziz, A R; Idrus, A

    2013-01-01

    The Procurement policy of any government is the most influential factor in determining the efficiency of infrastructure and service provision like roads, water supply and energy. The UK's HM Treasury released its new guidelines on private involvement in infrastructures provision and services towards reforming the popular Private Finance Initiatives (PFI) policy. This new approach, it now refers to as the Private Finance 2 (PF2) is meant to correct the imperfections which have bedeviled the older version-PFI. However, the 'new guidelines' contained nothing really new in the area of private financing and operation of public infrastructures, at best it is akin to 're-inventing the wheel' rather than being 'new'. While dwelling extensively on issues relating to cheaper financing sources, risks transfer, counterpart funding by government and improving public sector procurement skills, this paper argues that some countries in the developing world have long recognised these issues and taken practical steps to correct them.

  9. Healthcare financing in Croatia

    Directory of Open Access Journals (Sweden)

    Nevenka Kovač

    2013-12-01

    Full Text Available Healthcare financing system is of crucial importance for the functioning of any healthcare system, especially because there is no country in the world that is able to provide all its residents with access to all the benefits afforded by modern medicine. Lack of resources in general and rising healthcare expenditures are considered a difficult issue to solve in Croatia as well. Since Croatia gained its independence, its healthcare system has undergone a number of reforms, the primary objective of which was to optimize healthcare services to the actual monetary capacity of the Croatian economy. The objectives of the mentioned re - forms were partially achieved. The solutions that have been offered until now, i.e. consolidation measures undertaken in the last 10 years were necessary; however, they have not improved the operating conditions. There is still the issue of the deficit from the previous years, i.e. outstanding payments, the largest in the last decade. Analysis of the performance of healthcare institutions in 2011 shows that the decision makers will have to take up a major challenge of finding a solution to the difficulties the Croatian healthcare system has been struggling with for decades, causing a debt of 7 billion kuna. At the same time, they will need to uphold the basic principles of the Healthcare Act, i.e. to provide access to healthcare and ensure its continuity, comprehensiveness and solidarity, keeping in mind that the National Budget Act and Fiscal Responsibility Act have been adopted.

  10. Behavioural Finance: Theory and Survey

    Directory of Open Access Journals (Sweden)

    Daiva Jurevičienė

    2013-04-01

    Full Text Available The paper analyses the importance of behavioural finance theories in household decision-making process. Behavioural finance theories investigate emotional characteristics to explain subjective factors and irrational anomalies in financial markets. In this regard, behavioural theories and behavioural anomalies in the decision-making process are examined; the application opportunities in the financial market are described. The aim of investigation is to determine the basic features and slopes of behavioural finance in concordance with financial decisions of a household. The survey method was applied to ascertain financial behaviour of literate households.

  11. PUBLIC FINANCING OF HEALTHCARE SERVICES

    Directory of Open Access Journals (Sweden)

    Agnieszka Bem

    2013-10-01

    Full Text Available Healthcare in Poland is mainly financed by public sector entities, among them the National Health Fund (NFZ, state budget and local government budgets. The task of the National Health Fund, as the main payer in the system, is chiefly currently financing the services. The state budget plays a complementary role in the system, and finances selected groups of services, health insurance premiums and investments in healthcare infrastructure. The basic role of the local governments is to ensure access to the services, mostly by performing ownership functions towards healthcare institutions.

  12. Comparison of volatility function technique for risk-neutral densities estimation

    Science.gov (United States)

    Bahaludin, Hafizah; Abdullah, Mimi Hafizah

    2017-08-01

    Volatility function technique by using interpolation approach plays an important role in extracting the risk-neutral density (RND) of options. The aim of this study is to compare the performances of two interpolation approaches namely smoothing spline and fourth order polynomial in extracting the RND. The implied volatility of options with respect to strike prices/delta are interpolated to obtain a well behaved density. The statistical analysis and forecast accuracy are tested using moments of distribution. The difference between the first moment of distribution and the price of underlying asset at maturity is used as an input to analyze forecast accuracy. RNDs are extracted from the Dow Jones Industrial Average (DJIA) index options with a one month constant maturity for the period from January 2011 until December 2015. The empirical results suggest that the estimation of RND using a fourth order polynomial is more appropriate to be used compared to a smoothing spline in which the fourth order polynomial gives the lowest mean square error (MSE). The results can be used to help market participants capture market expectations of the future developments of the underlying asset.

  13. Assessment of improved organ at risk sparing for advanced cervix carcinoma utilizing precision radiotherapy techniques

    Energy Technology Data Exchange (ETDEWEB)

    Georg, D.; Georg, P.; Hillbrand, M.; Poetter, R.; Mock, U. [Dept. of Radiotherapy, Medical Univ. AKH, Vienna (Austria)

    2008-11-15

    Purpose: to evaluate the potential benefit of proton therapy and photon based intensity-modulated radiotherapy in comparison to 3-D conformal photon radiotherapy (3D-CRT) in locally advanced cervix cancer. Patients and methods: in five patients with advanced cervix cancer 3D-CRT (four-field box) was compared with intensity modulated photon (IMXT) and proton therapy (IMPT) as well as proton beam therapy (PT) based on passive scattering. Planning target volumes (PTVs) included primary tumor and pelvic and para-aortic lymph nodes. Dose-volume histograms (DVHs) were analyzed for the PTV and various organs at risk (OARs) (rectal wall, bladder, small bowel, colon, femoral heads, and kidneys). In addition dose conformity, dose inhomogeneity and overall volumes of 50% isodoses were assessed. Results: all plans were comparable concerning PTV parameters. Large differences between photon and proton techniques were seen in volumes of the 50% isodoses and conformity indices. DVH for colon and small bowel were significantly improved with PT and IMPT compared to IMXT, with D{sub mean} reductions of 50-80%. Doses to kidneys and femoral heads could also be substantially reduced with PT and IMPT. Sparing of rectum and bladder was superior with protons as well but less pronounced. Conclusion: proton beam RT has significant potential to improve treatment related side effects in the bowel compared to photon beam RT in patients with advanced cervix carcinoma. (orig.)

  14. Assessment of improved organ at risk sparing for advanced cervix carcinoma utilizing precision radiotherapy techniques

    International Nuclear Information System (INIS)

    Georg, D.; Georg, P.; Hillbrand, M.; Poetter, R.; Mock, U.

    2008-01-01

    Purpose: to evaluate the potential benefit of proton therapy and photon based intensity-modulated radiotherapy in comparison to 3-D conformal photon radiotherapy (3D-CRT) in locally advanced cervix cancer. Patients and methods: in five patients with advanced cervix cancer 3D-CRT (four-field box) was compared with intensity modulated photon (IMXT) and proton therapy (IMPT) as well as proton beam therapy (PT) based on passive scattering. Planning target volumes (PTVs) included primary tumor and pelvic and para-aortic lymph nodes. Dose-volume histograms (DVHs) were analyzed for the PTV and various organs at risk (OARs) (rectal wall, bladder, small bowel, colon, femoral heads, and kidneys). In addition dose conformity, dose inhomogeneity and overall volumes of 50% isodoses were assessed. Results: all plans were comparable concerning PTV parameters. Large differences between photon and proton techniques were seen in volumes of the 50% isodoses and conformity indices. DVH for colon and small bowel were significantly improved with PT and IMPT compared to IMXT, with D mean reductions of 50-80%. Doses to kidneys and femoral heads could also be substantially reduced with PT and IMPT. Sparing of rectum and bladder was superior with protons as well but less pronounced. Conclusion: proton beam RT has significant potential to improve treatment related side effects in the bowel compared to photon beam RT in patients with advanced cervix carcinoma. (orig.)

  15. Application of predictive modelling techniques in industry: from food design up to risk assessment.

    Science.gov (United States)

    Membré, Jeanne-Marie; Lambert, Ronald J W

    2008-11-30

    In this communication, examples of applications of predictive microbiology in industrial contexts (i.e. Nestlé and Unilever) are presented which cover a range of applications in food safety from formulation and process design to consumer safety risk assessment. A tailor-made, private expert system, developed to support safe product/process design assessment is introduced as an example of how predictive models can be deployed for use by non-experts. Its use in conjunction with other tools and software available in the public domain is discussed. Specific applications of predictive microbiology techniques are presented relating to investigations of either growth or limits to growth with respect to product formulation or process conditions. An example of a probabilistic exposure assessment model for chilled food application is provided and its potential added value as a food safety management tool in an industrial context is weighed against its disadvantages. The role of predictive microbiology in the suite of tools available to food industry and some of its advantages and constraints are discussed.

  16. Implications of applying solar industry best practice resource estimation on project financing

    International Nuclear Information System (INIS)

    Pacudan, Romeo

    2016-01-01

    Solar resource estimation risk is one of the main solar PV project risks that influences lender’s decision in providing financing and in determining the cost of capital. More recently, a number of measures have emerged to mitigate this risk. The study focuses on solar industry’s best practice energy resource estimation and assesses its financing implications to the 27 MWp solar PV project study in Brunei Darussalam. The best practice in resource estimation uses multiple data sources through the measure-correlate-predict (MCP) technique as compared with the standard practice that rely solely on modelled data source. The best practice case generates resource data with lower uncertainty and yields superior high-confidence energy production estimate than the standard practice case. Using project financial parameters in Brunei Darussalam for project financing and adopting the international debt-service coverage ratio (DSCR) benchmark rates, the best practice case yields DSCRs that surpass the target rates while those of standard practice case stay below the reference rates. The best practice case could also accommodate higher debt share and have lower levelized cost of electricity (LCOE) while the standard practice case would require a lower debt share but having a higher LCOE. - Highlights: •Best practice solar energy resource estimation uses multiple datasets. •Multiple datasets are combined through measure-correlate-predict technique. •Correlated data have lower uncertainty and yields superior high-confidence energy production. •Best practice case yields debt-service coverage ratios (DSCRs) that surpass the benchmark rates. •Best practice case accommodates high debt share and have low levelized cost of electricity.

  17. Use of nonstatistical techniques for pattern recognition to detect risk groups among liquidators of the Chernobyl NPP accident aftereffects

    International Nuclear Information System (INIS)

    Blinov, N.N.; Guslistyj, V.P.; Misyurev, A.V.; Novitskaya, N.N.; Snigireva, G.P.

    1993-01-01

    Attempt of using of the nonstatistical techniques for pattern recognition to detect the risk groups among liquidators of the Chernobyl NPP accident aftereffects was described. 14 hematologic, biochemical and biophysical blood serum parameters of the group of liquidators of the Chernobyl NPP accident impact as well as the group of donors free of any radiation dose (controlled group) were taken as the diagnostic parameters. Modification of the nonstatistical techniques for pattern recognition based on the assessment calculations were used. The patients were divided into risk group at the truth ∼ 80%

  18. LEASING ARRANGEMENTS AS A FORM OF FINANCING BUSINESS ENTITIES IN REPUBLIC OF MACEDONIA

    Directory of Open Access Journals (Sweden)

    DRAGICA ODZAKLIESKA

    2015-03-01

    Full Text Available In the modern conditions for working, the problems with providing appropriate sources for financing business entities are more emphasized. In fact, the access to the financing sources is one of the limiting factors for the business entities development. If the business entity is able to satisfy completely or on a higher degree its financing needs from its own sources, then it gains significant competitive advantage and possibility for growth, by decreasing the costs for financing and minimizing the risk. But, these sources most often are not sufficient for business financing. In R. Macedonia, most usually used sources for work financing are the bank loans, which is a result mainly to the nonsufficiently developed financial market, and generally, the low degree of the economic development. However, the bank loans are expensive source of financing, which is negatively reflected into the financial result of the business entities. Because of that, the business entities get down to use alternative financing sources, such as: portfolio investments, foreign direct investments, issue of shares and bonds and specific sources of financing ( factoring financing, forfeiting financing, leasing and financing by franchise. In this paper, the accent will be put on the leasing as a specific form for financing the business entities in R. Macedonia. A research for that how much the business entities are acquainted with the advantages of using this financing source, how much the leasing is present as a financing form and if there are limiting factors in its use, will be conducted. At the end, on the basis of the obtained results from the research, some measures and recommendations for higher leasing implementation in the business entities in Republic of Macedonia will be given

  19. Financing of gas production expansion at Taipo

    International Nuclear Information System (INIS)

    Chan, R.T.H.

    1991-01-01

    Financing strategies applied to Phase I and Phase II were quite different. In Phase I, the project was more sophisticated and involved investments in different types of assets: Site acquisition; site formation and foundations; gas-making plants and associated equipment; naptha tanks; naptha pipeline; twin submarine gas pipeline connected to the existing distribution network; and workshop and offices. For Phase II, the tenderers demanded payment in foreign currencies because of their international procurement and their concern over Hong Kong currency at the time of submitting the tender. The Phase II financing package consists of: (1) ECGD facilities with a fixed interest rate at 9.15% p.a.--8 years with repayment in 10 semiannual installments over the last 5 years. (2) Fixed rate bank borrowings at 9% p.a. with repayment at the end of 5 years (use of swaps to obtain long-term money at lower interest rate). (3) Foreign currency deposits to cover exposure in two other currencies. (4) Forward contract to cover repayment installments in Sterling in the last 5 years at much lower rates of exchange. In a nutshell, by using a combination of different financing instruments, HKCG was able to eliminate foreign exchange and interest rate risks and reduce the overall capital cost of the plant

  20. Financing innovative technologies in wind projects

    International Nuclear Information System (INIS)

    Vaughan, C.

    2006-01-01

    Methods of market entry and the financing of new technologies were discussed from the perspective of Clipper Windpower, a wind energy company based in the northeastern United States and Canada. Many new technology companies only consider private equity when seeking financing for new product development. However, financing for projects and products is only the first step to market entry. Wind projects are the financial equivalent of a high yield bond with mechanical risk. Many wind power projects with company equity can also be seen as a long term bond with upside in any given year. It is therefore important for wind developers to seek out strategic buyers for both product development and project development, in addition to finding sources of private equity. Clipper Windpower Inc. has developed a partnership with British Petroleum (BP), who hold an equity interest in the company. Both companies are now partnering on projects with Clipper turbines, and firm orders are in place for 2007 and 2008. As a result of the partnership, Clipper now has increased its financial strength in cash flows, balance sheets, and projected revenue. It was concluded that a successful partnership can increase the scale of wind power development, and bring financial sophistication to smaller companies with limited resources. refs., tabs., figs

  1. Developing financeable projects in Central Europe

    Energy Technology Data Exchange (ETDEWEB)

    Chelberg, R.; Prerad, V. [POWER International, Josefov (Czechoslovakia)

    1995-12-01

    POWER`s engineering and development experience in the Czech Republic creating financeable projects within the power generation industry will be presented. POWER has been involved in the Czech Republic`s privatization process, environmental legislation as well as formation of the regulatory environment. Strategic methods for accomplishing the development of financeable projects often include ownership and financial restructuring of the projects. This is done by utilizing internal cash flows, external debt and equity placement (provided by international financial institutions) by restructuring the facility`s contractual relationships and operations (providing as least cost solution to engineering) and possibly using existing governmental guarantees. In order to make any recommendations on how to come into compliance with the country`s environmental legislation, it is necessary to begin with an analysis of the existing facility. This involves preparation of technical and economic feasibility study, evaluation of technology and preliminary engineering solutions. It further involves restructuring of power sales agreements, heat sales agreements, and fuel supply agreements. The goal is to provide suitable security for the equity and debt financing participants by mitigating risk and creating a single purpose business unit with predictable life and economics.

  2. Financing the UK's renewable energy boom

    International Nuclear Information System (INIS)

    Lindley, D.

    1996-01-01

    The opportunity to invest in and operate renewable energy power projects in the United Kingdom is the result of the financial measures established by the Electricity Act 1989, which created the Non-Fossil Fuel Obligation. In the three different orders specified so far, approximately 1400 MW (declared net capacity) of contracts have been awarded to schemes generating electricity from wind, hydro, landfill gas, sewage gas, waste combustion and other combustion (using forestry wastes and biomass) schemes. The majority of projects that have become operational so far have been financed either on 'balance sheet' or by a combination of non-recourse or limited recourse project loans and investor equity. In order to fulfil the government's goal to have 1500 MW (declared net capacity) of electricity from renewables by 2000 and a total investment of in excess of 1.5 billion pounds will be required. This paper reviews the terms of the Non Fossil Fuel Obligation, gives details of contracts awarded so far, reviews the financing methods used, summarises the project risk and the means of mitigation and provides case histories of several different renewable energy projects financed in the UK. (author) 11 tabs., 10 refs

  3. What physicists should know about finance

    Science.gov (United States)

    Schmidt, Anatoly B.

    2005-05-01

    There has been growing interest in Econophysics, i.e. analysis and modeling of financial time series using the theoretical Physics concepts (scaling, fractals, chaos). Besides the scientific stimuli, this interest is backed by perception that the financial industry is a viable alternative for those physicists who are not able or are not willing to pursue an academic career. However, the times when any Ph.D. in Physics had a chance to find a job on the Wall Street are gone (if they ever existed). Indeed, not every physicist wields the stochastic calculus, non-normal statistical distributions, and the methods of time series analysis. Moreover, now that many universities offer courses in mathematical finance, the applicants for quantitative positions in finance are expected to know such concepts as option pricing, portfolio management, and risk measurement. Here I describe a synthetic course based on my book [1] that outlines both worlds: Econophysics and Mathematical Finance. The course may be offered as elective for senior undergraduate or graduate Physics majors.

  4. Project Investment and Project Financing: A study on Business Case and Financing Models

    OpenAIRE

    Wang, Simiao

    2012-01-01

    Uncertainty is a very significant factor that must be taken into consideration in project front-end phase management. By taking into uncertainty, the planners can to a great extent make sure that the business case could be accurate between specific intervals, hence business case can be based on to make decision. In a highly uncertain environment; the project sponsors should prefer other means to finance the project rather than using debt. Risk management is extremely important in project fina...

  5. Marlim project finance; 'Project finance' de Marlim

    Energy Technology Data Exchange (ETDEWEB)

    D' Almeida, Albino Lopes [PETROBRAS, Rio de Janeiro, RJ (Brazil)

    2004-07-01

    Project Finance is often used worldwide to raise the funds to develop big projects, particularly in the area of power and infra-structure. It is designed to support a singular project and a specific purpose company is created to obtain the financing. The debt payment is secured by the enterprise's cash flow, avoiding real guarantee requirements. The lenders receive the future revenues and the property of the assets to be built. The risks are mitigated by agreements exhaustively negotiated among the parties. One of the most important Project Finances performed in Brazil is the Marlim Project, structured in order to complete the development of the Marlim oil field. This is the biggest Brazilian oil field, producing more than 500,000 barrels a day, almost 35% of the national production. This paper presents the general concepts related to this type of financing and general information about the project, including its structuring, negotiation and closing. The total commitment reaches US$ 1.5 billion obtained in both domestic and international markets through equity, bridge loan, bonds and commercial papers. Its whole life is 10 years, using 2 special purpose companies in its configuration. (author)

  6. Corruption, Growth, and Public Finances

    OpenAIRE

    Vito Tanzi; Hamid R Davoodi

    2000-01-01

    The paper discusses some channels through which corruption affects growth such as the impact of corruption on enterprises, on the allocation of talent, and on investment. It also discusses the impact of corruption on some aspects of public finance.

  7. The financing of nuclear industry

    International Nuclear Information System (INIS)

    Cazauran, B.

    1978-01-01

    Having first recalled the usual financing rules related to the economic activities, the author analyses the applying of those rules in the nuclear field, taking into account the specific characteristics of this industrial branch [fr

  8. Participatory financing for green growth

    International Nuclear Information System (INIS)

    Laville, Dorine; Phantharangsi, Maryvonne; Monnoyer-Smith, Laurence; Demeulenaere, Laurence; Lequeux, Typhaine; Cuny, Alicia

    2017-01-01

    As for the French Ministry of the Environment, participatory financing can be an innovating and mobilising tool to finance projects related to the energy and ecological transition, and as such a financing is promoted by the law on energy transition for a green growth, this publication presents this type of financing. It evokes its legal framework, its different forms (loan to companies, loan to individuals, gift, capital investment), its safe legal framework (definition of different types of status). It outlines how it can be a lever for energy and ecological transition even if green projects are difficult to quantify. It evokes the future introduction of a label, and the introduction of legal and regulatory measures to develop the renewable energy sector

  9. Health, autonomic financing and transferences

    Directory of Open Access Journals (Sweden)

    David Cantarero Prieto

    2002-01-01

    Full Text Available The present paper has as objective to study the whole relative problem to the autonomous communities and regional heath care expenditure financing in Spain. This article has a dual purpose. First, the financing of the current health care attendance is approached in the Spanish regions passing magazine to its possible variants and we observe that the balance of our system is clearly inclined towards the side of the integration in the general pattern of financing («Fiscal Room» with specific conditions («Mixed System». Secondly, we examine the new situation in the mark of health care and its corresponding financing in the new model approved in 2001, in terms of the effects of tax assignment on autonomous communities.

  10. Innovative Financing for Green Infrastructure

    Science.gov (United States)

    provides an overview of financing strategies and highlights a community that leveraged Clean Water State Revolving Fund (CWSRF) resources for a flood mitigation project that provided multiple economic, environmental, and social benefits.

  11. African Journals Online: Finance & Management

    African Journals Online (AJOL)

    Items 1 - 16 of 16 ... The African Journal of Finance and Management is designed to carry articles, ... Operations, Human Resource, Organisational Behaviour, Marketing Services, ... AJMR aims to serve management and business academics.

  12. Innovative finance : strategic research project.

    Science.gov (United States)

    2013-08-01

    Its time to rethink how we fund transportation infrastructure because most transportation : experts agree: theres a transportation funding and financing crisis looming. : Projected revenues from current sources of transportation funding will am...

  13. Financing the nuclear fuel cycle

    International Nuclear Information System (INIS)

    Stephany, M.

    1975-01-01

    While conventional power stations usually have fossil fuel reserves for only a few weeks, nuclear power stations, because of the relatively long time required for uranium processing from ore extraction to the delivery of the fuel elements and their prolonged in-pile time, require fuel reserves for a period of several years. Although the specific fuel costs of nuclear power stations are much lower than those of conventional power stations, this results in consistently higher financial requirements. But the problems involved in financing the nuclear fuel do not only include the aspect of financing the requirements of reactor operators, but also of financing the facilities of the nuclear fuel cycle. As far as the fuel supply is concerned, the true financial requirements greatly exceed the mere purchasing costs because the costs of financing are rather high as a consequence of the long lead times. (orig./UA) [de

  14. Saudi Arabia: Terrorist Financing Issues

    National Research Council Canada - National Science Library

    Blanchard, Christoper M; Prados, Alfred B

    2007-01-01

    According to the U.S. State Department 2007 International Narcotics Control Strategy Report, Saudi donors and unregulated charities have been a major source of financing to extremist and terrorist groups over the past 25 years...

  15. USING THE DELPHI TECHNIQUE TO DEVELOP EFFECTIVENESS INDICATORS FOR SOCIAL MARKETING COMMUNICATION TO REDUCE HEALTH-RISK BEHAVIORS AMONG YOUTH.

    Science.gov (United States)

    Vantamay, Nottakrit

    2015-09-01

    This study aimed to develop effectiveness indicators for social marketing communication to reduce health-risk behaviors among Thai youth by using the Delphi technique. The Delphi technique is a research approach used to gain consensus through a series of two or more rounds of questionnaire surveys where information and results are fed back to panel members between each round and it has been extensively used to generate many indicators relevant to health behaviors. The Delphi technique was conducted in 3 rounds by consulting a panel of 15 experts in the field of social marketing communication for public health campaigns in Thailand. We found forty-nine effectiveness indicators in eight core components reached consensus. These components were: 1) attitude about health-risk behavior reduction, 2) subjective norms, 3) perceived behavioral control, 4) intention to reduce health-risk behaviors, 5) practices for reducing health-risk behaviors, 6) knowledge about the dangers and impact of health-risk behaviors, 7) campaign brand equity, and 8) communication networks. These effectiveness indicators could be applied by health promotion organizations for evaluating the effectiveness of social marketing communication to effectively reduce health-risk behaviors among youth.

  16. Financing universal coverage in Malaysia: a case study.

    Science.gov (United States)

    Chua, Hong Teck; Cheah, Julius Chee Ho

    2012-01-01

    One of the challenges to maintain an agenda for universal coverage and equitable health system is to develop effective structuring and management of health financing. Global experiences with different systems of health financing suggests that a strong public role in health financing is essential for health systems to protect the poor and health systems with the strongest state role are likely the more equitable and achieve better aggregate health outcomes. Using Malaysia as a case study, this paper seeks to evaluate the progress and capacity of a middle income country in terms of health financing for universal coverage, and also to highlight some of the key underlying health systems challenges.The WHO Health Financing Strategy for the Asia Pacific Region (2010-2015) was used as the framework to evaluate the Malaysian healthcare financing system in terms of the provision of universal coverage for the population, and the Malaysian National Health Accounts (2008) provided the latest Malaysian data on health spending. Measuring against the four target indicators outlined, Malaysia fared credibly with total health expenditure close to 5% of its GDP (4.75%), out-of-pocket payment below 40% of total health expenditure (30.7%), comprehensive social safety nets for vulnerable populations, and a tax-based financing system that fundamentally poses as a national risk-pooled scheme for the population.Nonetheless, within a holistic systems framework, the financing component interacts synergistically with other health system spheres. In Malaysia, outmigration of public health workers particularly specialist doctors remains an issue and financing strategies critically needs to incorporate a comprehensive workforce compensation strategy to improve the health workforce skill mix. Health expenditure information is systematically collated, but feedback from the private sector remains a challenge. Service delivery-wise, there is a need to enhance financing capacity to expand preventive

  17. Property Rights, Finance, and Entrepreneurship

    OpenAIRE

    Simon Johnson; John McMillan; Christopher Woodruff

    1999-01-01

    Is investment constrained more by insecure property rights or by limited external finance? For five transition economies in Eastern Europe and the former Soviet Union we find that weak property rights limit the reinvestment of profits in startup ma nufacturing firms. Access to credit does not appear to explain differences in investment. At least in the early stages of post-communist reform, retained earnings appear to have been enough to finance the investments that managers wanted to make.

  18. Wind power: valuation and finance

    International Nuclear Information System (INIS)

    Aastrand, C.; Mose, O.; Sorensen, B.

    1996-01-01

    The past 20 years of wind energy experience in Denmark has primarily been based upon three financing schemes, tailored to individually owned, guild owned and utility owned wind turbines. The merits of and problems with these schemes are discussed, as well as their relations to specific legislation regarding e.g. taxation. It is finally explored, whether new forms of organisation, valuation and financing may be needed. (author)

  19. The financing of innovative firms

    OpenAIRE

    Hall, Bronwyn H.

    2009-01-01

    To what extent are new and/or innovative firms fundamentally different from established firms, and therefore require a different form of financing? The theoretical background for this proposition is presented, and the empirical evidence on its importance is reviewed. Owing to the intangible nature of their investment, asymmetric-information and moral-hazard, these firms are more likely to be financed by equity than debt and behave in some cases as though they are cash-constrained, especially ...

  20. Corporate Finance and Comparative Advantage

    OpenAIRE

    Peter Egger; Christian Keuschnigg

    2009-01-01

    Since innovative firms are often financially constrained, access to external funds is important for the expansion of innovative industries. This paper reports four important results. First, comparative advantage is shaped by factor endowments as well as fundamental determinants of corporate finance. In particular, a larger equity ratio of firms and tough governance standards relax finance constraints and create a comparative advantage in innovative industries. Second, factor price equalizatio...

  1. Development assistance and climate finance

    OpenAIRE

    Arndt, Channing

    2015-01-01

    The distinction between development assistance and climate finance is driven by an optic of compensation largely derived from the 'polluter pays' principle. For practical as well as conceptual reasons, this principle provides a weak basis for climate finance. The distinction also cuts against the need to holistically consider developmental, adaptation, and mitigation policies and naturally focuses on government-to-government flows despite the manifest need to catalyse non-official sources of ...

  2. Financing investments in renewable energy: The role of policy design and restructuring

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, R.; Pickle, S. [Lawrence Berkeley National Lab., CA (United States). Environmental Energy Technologies Div.

    1997-03-01

    The costs of electric power projects utilizing renewable energy technologies are highly sensitive to financing terms. Consequently, as the electricity industry is restructured and new renewables policies are created, it is important for policymakers to consider the impacts of renewables policy design on project financing. This report describes the power plant financing process and provides insights to policymakers on the important nexus between renewables policy design and finance. A cash-flow model is used to estimate the impact of various financing variables on renewable energy costs. Past and current renewable energy policies are then evaluated to demonstrate the influence of policy design on the financing process and on financing costs. The possible impacts of electricity restructuring on power plant financing are discussed and key design issues are identified for three specific renewable energy programs being considered in the restructuring process: (1) surcharge-funded policies; (2) renewables portfolio standards; and (3) green marketing programs. Finally, several policies that are intended to directly reduce financing costs and barriers are analyzed. The authors find that one of the key reasons that renewables policies are not more effective is that project development and financing processes are frequently ignored or misunderstood when designing and implementing renewable energy incentives. A policy that is carefully designed can reduce renewable energy costs dramatically by providing revenue certainty that will, in turn, reduce financing risk premiums.

  3. SOURCES OF FINANCING INDUSTRIAL COMPLEX ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Anzhela Zakhitovna Namitulina

    2016-01-01

    ; scarce resources and limited domestic savings, private investors the opportunity to compensate for the lack of public financial resources to overcome the crisis in investment; risky prospects for attracting investment in the real economy through the securities market; set too high price of credit resources, and for the banks is a high risk of untimely return loans and big enough payback period (for example, in mechanical engineering from 3 to 7 years; the passivity of banks and other credit institutions in the capitalization of financial resources; the low efficiency of investment programs associated with attraction of foreign direct investment; the increased export of capital abroad, estimated at billions of dollarst; the main source of investment in the real sector are own funds of enterprises and organizations (60% of total investments; inadequate legal regulation of investment activities of foreign investors in the Russian economy, which reduces the efficiency of the organization of production and the restructuring of a signifi cant number of companies. Thus, the implementation of reforms in the process of market transformation of the military-industrial complex – it is the policy of the new millennium. The processes of globalization and transformation, especially in the search for new sources of financing and investing MIC enterprises, showed the need to find new ways and convert existing lines of financing business projects of the military-industrial complex. of such transformations for Russia is the cornerstone.Conclusions and Relevance. The practical significance of the work lies in the orientation of the provisions of the conclusions and recommendations of the work on the widespread use of search and adaptation funding sources of military-industrial complex may be used by the legislative and executive authorities of the Russian Federation, the Ministry of Defence in the current activity.

  4. Financing of an integrated nuclear desalination system in developing countries

    International Nuclear Information System (INIS)

    Bouzguenda, N.; Albouy, M.; Nisan, S.

    2007-01-01

    This paper focuses on a case study of financing a project of an integrated nuclear desalination system at la Skhira site in Tunisia. More specifically, it shows the financial characteristics of this project, known as TUNDESAL, the main financing mechanisms that can be used, and the principal actions required to attract the potential investors and lenders. The paper describes the basic requirements for the deployment of nuclear energy in a developing or an emerging country, with no previous experience of nuclear power; the specific financial considerations corresponding to the particular characteristics of nuclear desalination projects: high capital costs, high level of risks and uncertainties related in particular to long construction lead times and social and environmental concerns; the main risks of these projects; the profitability study of the TUNDESAL project: application of the discounted cash flow analysis; the main financing sources for the project; the financing schemes that can be used for project implementation and comparison between these schemes in terms of benefits generated, after covering project costs and repayment of lenders and investors; the main actions to be done for making the project financially attractive in order to gain the confidence of investors and international financial institutions (optimal allocation of project risks and uncertainties, a suitable and flexible energy and water tariffs policy, etc.). The analysis has shown that in particular conditions of Tunisia, the most attractive financial scheme could be the 'project financing + leasing'. (authors)

  5. Improving the availability of trade finance in developing countries: An assessment of remaining gaps

    OpenAIRE

    Auboin, Marc

    2015-01-01

    While conditions in trade finance markets returned to normality in the main routes of trade, the structural difficulties of poor countries in accessing trade finance have not disappeared – and might have been worsened during and after the global financial crisis. In fact, there is a consistent flow of information indicating that trade finance markets have remained characterized by a greater selectivity in risk-taking and flight to “quality” customers. In that environment, the lower end of the...

  6. Liver failure after hepatectomy: A risk assessment using the pre-hepatectomy shear wave elastography technique

    Energy Technology Data Exchange (ETDEWEB)

    Han, Hong, E-mail: han.hong@zs-hospital.sh.cn [Department of Ultrasound, Zhongshan Hospital, Fudan University, No. 180 Fenglin Road, Xuhui District, Shanghai 200032 (China); Hu, Hao; Xu, Ya Dan [Zhongshan Hospital, Fudan University, Shanghai Institute of Medical Imaging, No. 180 Fenglin Road, Xuhui District, Shanghai 200032 (China); Wang, Wen Ping, E-mail: puguang61@126.com [Department of Ultrasound, Zhongshan Hospital, Fudan University, No. 180 Fenglin Road, Xuhui District, Shanghai 200032 (China); Ding, Hong; Lu, Qing [Department of Ultrasound, Zhongshan Hospital, Fudan University, No. 180 Fenglin Road, Xuhui District, Shanghai 200032 (China)

    2017-01-15

    Objective: To determine the efficacy of liver stiffness (LS) measurements utilizing the Shear Wave Elastography (SWE) technique for predicting post-hepatectomy liver failure (PHLF) among patients with hepatocellular carcinoma (HCC). Methods: Data from eighty consecutive patients who were undergoing hepatectomy for HCC were prospectively identified and evaluated with preoperative SWE. The SWE was measured with advanced ultrasound equipment (Philips EPIQ7; Philips Healthcare, Seattle, WA, USA). PHLF classification was defined according to the International Study Group of Liver Surgery Recommendations (ISGLS). Results: SWE was successfully performed in 77 patients. According to the ISGLS criteria, PHLF occurred in 35.1% of patients (27 patients), including 2/25 patients with Grade A/B, respectively. Elevated SWE values (P = 0.002) and histological cirrhosis (P = 0.003) were independent predictors of PHLF according to the multivariate analysis. Patients with SWE values higher than or equal to 6.9 kPa were identified at higher risk of PHLF (area under the curve: 0.843, sensitivity: 77.8% and specificity: 78.0%). Postoperative dynamic course of the median the Model For End-stage Liver Disease (MELD) score showed irregular changes among patients with an SWE >6.9 kPa. Patients with an SWE <6.9 kPa, postoperative dynamic course of the median MELD score gradually decreased. Conclusion: LS measured with SWE is a valid and reliable method for the prediction of PHLF grade A/B among patients with HCC. SWE could become a routine examination for the preoperative evaluation of PHLF.

  7. SABER-School Finance : Data Collection Instrument

    OpenAIRE

    World Bank

    2015-01-01

    The aim of the SABER-school finance initiative is to collect, analyze and disseminate comparable data about education finance systems across countries. SABER-school finance assesses education finance systems along six policy goals: (i) ensuring basic conditions for learning; (ii) monitoring learning conditions and outcomes; (iii) overseeing service delivery; (iv) budgeting with adequate an...

  8. 48 CFR 32.109 - Termination financing.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Termination financing. 32... CONTRACTING REQUIREMENTS CONTRACT FINANCING Non-Commercial Item Purchase Financing 32.109 Termination financing. To encourage contractors to invest their own funds in performance despite the susceptibility of...

  9. 24 CFR 882.405 - Financing.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 882.405 Section 882.405... § 882.405 Financing. (a) Types. Any type of public or private financing may be utilized with the... Contract as security for financing. An Owner may pledge, or offer as security for any loan or obligation...

  10. 7 CFR 3560.71 - Construction financing.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Construction financing. 3560.71 Section 3560.71... Construction financing. (a) Construction financing plan. Prior to loan approval, applicants must submit to the Agency for its concurrence a plan for the construction financing and securing of the loan. (b) Interim...

  11. 48 CFR 12.210 - Contract financing.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Contract financing. 12.210... financing. Customary market practice for some commercial items may include buyer contract financing. The contracting officer may offer Government financing in accordance with the policies and procedures in part 32. ...

  12. 7 CFR 1735.75 - Interim financing.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Interim financing. 1735.75 Section 1735.75... Involving Loan Funds § 1735.75 Interim financing. (a) A borrower may submit a written request for RUS approval of interim financing if it is necessary to close an acquisition before the loan to finance the...

  13. 24 CFR 883.307 - Financing.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 883.307 Section 883.307... § 883.307 Financing. (a) Types of financing. A State Agency that used the Fast Track Procedures formerly in this part must provide permanent financing for any new construction or substantial rehabilitation...

  14. 13 CFR 120.476 - Prohibited financing.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Prohibited financing. 120.476... Business Lending Companies (sblc) § 120.476 Prohibited financing. An SBLC may not make a loan to a small business that has received financing (or a commitment for financing) from an SBIC that is an Associate of...

  15. 7 CFR 1735.17 - Facilities financed.

    Science.gov (United States)

    2010-01-01

    ... Basic Policies § 1735.17 Facilities financed. (a) RUS makes hardship and guaranteed loans to finance the... section. (b) RUS makes concurrent RUS cost-of-money and RTB loans to finance the improvement, expansion... type of loan to finance the following items: (1) Station apparatus (including PBX and key systems) not...

  16. Third party financing of renewable energy sources

    International Nuclear Information System (INIS)

    1994-01-01

    The Institut of Energy Saving and Diversification (IDAE) hosted the third party on financing Renewable Energy Sources in Spain. The main aspects were : 1) Experiences in renewable energy. 2) Financing of small hydro-power projects. 3) Third party financing of biomass projects. 4) Financing of wind energy projects

  17. Analysis of Project Finance | Energy Analysis | NREL

    Science.gov (United States)

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

  18. Third party financing of renewable energy sources

    International Nuclear Information System (INIS)

    IDAE.

    1994-01-01

    IDAE (Institute of Energy Saving and Diversification) Hosted the Third party on financing renewable energy sources. The meeting was articulated into chapters: 1.- Experiences in the renewable energy field. 2.- Third party financing of small hydro-power projects. 3.- Third party financing of biomass projects. 4.- Third party financing of wind energy projects

  19. SABER-School Finance: Data Collection Instrument

    Science.gov (United States)

    King, Elizabeth; Patrinos, Harry; Rogers, Halsey

    2015-01-01

    The aim of the SABER-school finance initiative is to collect, analyze and disseminate comparable data about education finance systems across countries. SABER-school finance assesses education finance systems along six policy goals: (i) ensuring basic conditions for learning; (ii) monitoring learning conditions and outcomes; (iii) overseeing…

  20. Alternative risk financing instruments for swine epidemics

    NARCIS (Netherlands)

    Meuwissen, M.P.M.; Asseldonk, van M.A.P.M.; Huirne, R.B.M.

    2003-01-01

    Swine epidemics can have very large devastating financial consequences. Governments generally bear the direct losses, such as the value of destroyed animals. Consequential losses, such as the losses resulting from empty buildings and movement standstills, are completely borne by the farmers (and